Millions of Americans have taken the first steps toward securing their financial future by purchasing a long-term care insurance policy. But a number of factors, including the lack of competition in the market, leave premiums at an all-time high and expected to rise.

Though few Americans are thoroughly prepared, nearly 70% of people will need some form of long-term care during their retirement years, with 20% needing 5+ years of care. Annual private and out-of-pocket spending on long-term care needs top $70 billion, yet only 10% of Americans over 50 own a LTC insurance policy.

Today, the cost of coverage is the top deterrent to increasing LTC insurance use among Americans.

With some knowledge and a little elbow grease, consumers can enter the insurance fray armed with their own cost estimates and realistic premium expectations.

In the slideshow below, we'll look at how premiums rose to such great heights and how you can properly plan for managing premium costs down the road.

Are You Paying Too Much For Long-Term Care? from The Motley Fool