Flemington, NJ -- (SBWIRE) -- 12/04/2013 -- Prestige Wealth Management Group is pleased to announce long-term care insurance statistics amongst affluent individuals. According to new research conducted by Spectrem’s Millionaire Corner, health care costs the top of the list of financial issues among affluent individuals. One of the main concerns is spending their final years in a care facility, as well as facing a major family health challenge. Approximately 50% of the millionaires questioned answered this as their primary concern.
Due to the concern, the American Association for Long-Term Care is creating awareness by designating November as Long-Term Care Awareness Month. The goal of the awareness is to provide information to help individuals determine if purchasing long-term care insurance is the right fit for them.
The American Association for Long-Term Care states “Most contemporary long-term care policies are comprehensive and typically allow the policyholder to receive support and services in a variety of settings, including their home, hospice, nursing home and an assisted living facility. Comprehensive services generally cover skilled nursing care, therapy ranging from physical to speech, and help with personal care.”
According to a 2013 AARP study, middle-class families across the United States are facing a growing burden of health care costs for long-term services. One of the reasons that attributes to this growing burden is that health care spending is growing faster than inflation, as the economy cannot keep up with the changing financial environment. The report stated “Wages have not kept up with increases in health care costs and more middle-class families are struggling to cope with higher health insurance premiums and higher out-of-pocket expenses when they have an illness.” Because individuals are living longer, many experts feel it is essential to purchase long-term health care to prepare for retirement.
About Prestige Wealth Management Group
Prestige Wealth Management Group is a top wealth management firm with offices in Flemington, NJ and Millburn, NJ, that is dedicated to assisting their clients with every aspect of their financial lives. The company is comprised of experienced professionals, including Certified Public Accountants (CPA), CERTIFIED FINANCIAL PLANNERS™, (CFP®), Chartered Financial Analysts (CFA®), Chartered Financial Consultants (ChFC®) and Enrolled Agents (EA) who focus on making their clients’ dreams a reality. Keeping clients focused on their financial goals, Prestige Wealth Management Group advises them through each step of the process. Taking responsibility for their clients’ success, the company provides investment management advice and proactive communication. On the website, visitors will find brochures, newsletters and webcasts to help keep them informed.
To visit the new and improved website or to contact a financial advisor in NJ, visit www.prestigewmg.com.