If you’re getting towards the point of retirement, there’s a good chance that you already know some family members or even some friends who have gone through the difficult situation of needing support from a nursing home and not being able to pay for it. You might have even been approached by insurance agents promoting policies known as long term care insurance in order for these to help support you if you were to trigger a need for additional support. 
However, rising premiums with long term care insurance in conjunction with the rising costs of long term care services can put a financial strain on you or your loved ones if someone you know is in need of long term care support. If you find yourself in this situation and are concerned about how high premiums for LTCI policies have gotten in recent years, you are not alone.
Long term care insurance companies who began issuing policies several decades ago miscalculated the duration of claims and the overall cost of claims. Those higher costs are now being passed on to current policy holders in the form of rate increases. You may need to investigate multiple options, such as Medicaid planning with the support of an experienced estate planning lawyer or the purchase of a whole life insurance policy that has a chronic illness rider to address the majority of long term care protection needs.
You may be able to tap into the power of these policies if you need to move into an LTC facility like a nursing home because you would be eligible to spend your death benefit completely tax free for your care. If you were to pass away sooner than you anticipated, your beneficiaries would receive those policy funds at the time that you pass away. This can be a better way to approach advanced planning issues and the support of a knowledgeable attorney is instrumental in outlining a long-term care plan and Medicaid panning strategy specifically aligned with your needs.
