What your plans are for your estate and your circumstances may determine your need for long-term care insurance, according to the Wills, Trusts & Estates Prof Blog discussed it in "Should You Buy Long-Term Care Insurance?"
Medicaid will pay for nursing home care. However, the government will not pay if you have sufficient assets of your own. That means if you were planning on leaving a sizable estate to your children, you will likely be unable to do so if Medicaid pays for your nursing home care.
Another option to consider is to purchase long-term care insurance, which can provide valuable benefits under the right circumstances.
One of the key questions to consider is when you might need the insurance coverage. If you are unlikely to need nursing home care for a long time, then it may be a better idea to save enough money so you can self-insure against the possibility of needing long-term care.
One thing is certain - long-term care insurance policies are complex, and you should seek professional assistance if buying one.
Reference: Wills, Trusts & Estates Prof Blog (Feb. 16, 2017) "Should You Buy Long-Term Care Insurance?"