A record number of U.S. households can claim millionaire status and despite what one may think, they need some long-term care planning says the director of the American Association for Long-Term Care Insurance (AALTCI).
“There were over 8.3 million millionaire households at the end of 2019 with investable assets of $1 million or more,” shares Jesse Slome, director of the long-term care insurance organization. “If they have a need for long-term care one could presume that they have the funds to pay. But, that’s exactly the reason you need to have a discussion with them.”
Slome spoke to long-term care insurance professionals who market both traditional and linked-benefit long-term care insurance policies. “In 2019, 6.71 percent of households achieved millionaire status, which is up from 6.21 percent on 2018 and 5.81 percent in 2017.” The millionaire households were spread across the country.
New Jersey had the highest concentration of millionaire households at 9.76 percent, followed by Maryland at 9.72%. The AALTCI director shared the top-10 states reported recently by Kiplinger’s as follows.
States With Highest Concentration Of Millionaires
New Jersey 9.76%
New Hampshire 8.47%