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 plenty of 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.
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 is often a better idea to save enough money so you can self-insure against the possibility of needing long-term care.
On the other hand, some long-term care policies have waiting periods that need to be considered. If you are likely to require nursing home care before the end of the waiting period, then an insurance policy will not help you.
One thing is certain. Long-term care insurance policies are complex and costly.
An elder law attorney can advise you before signing a long-term care policy.
Reference: Wills, Trusts & Estates Prof Blog (Feb. 16, 2017) "Should You Buy Long-Term Care Insurance?"