Agree that the biggest case for Long Term Care Insurance these days is Alzheimer's. Due to family risk, I am in process of obtaining LTCI. You have to evaluate for your own case.
Older policies had higher benefit to premium ratios. Those proved unsustainable for the insurance industry. Not all advisors recognize the change. As a single person, early 50s, I am seeking the newer weaker type of policy anyway because it provides for the case where my mind is shot. If I run short financially in life but my mind is sharp, I can take care of myself by thrift and craftiness. If I get Alzheimer's, the insurance provides the extra money for care so that my relatives can just be responsible for administration, not providing funding or direct care. Since my stash is modest, roughly 450k, I think this provides a reassuring extra security layer for my relatives at a price I can tolerate.
For reference, policy costs generally vary based on waiting period (big cost jump for 30 day wait, savings for 90 day period - I chose 90 days), amount to be paid out monthly in case of need (I chose $3750), and duration of payment (I chose 3 years, if IIRC). In the policy I am applying for, the duration of payment extends longer if you don't draw the max, and goes until policyholder dies or the max payout is done. In other words, my payout max would be 12 mos x 3 years x 3750/mo = $135,000. If only 2500/mo is drawn, for example, the draw would last for 54 months (135,000 / 2500). Any amount used for expenses can be drawn as reimbursement for each month, up to the policy's monthly max.
For reference, we paid $3250 to $4500 per month for two of the best assisted living facilities in a LCOL city for my dad as couple of years ago. Assisted living is different from a nursing home, technically. Like rehab facilities, true nursing homes have more medical care and higher costs than assisted living, but often can get medical insurance to pay. Assisted living is cheaper but is considered a residential cost, meaning it will not be paid for by medical insurance, and therefore must be paid out of pocket or by LTCI. (However, for tax purposes, our accountant said we could consider it be a deductible medical expense.) Nursing home stays often last months where assisted living often lasts 2-3 years. Each of these can be longer, but average cases get cut off at that point because various health conditions pile onto each other and the patient dies. You have to decide whether your goal is to cover average cases or all cases, and whether your stash is sufficient on its own. I chose my LTCI amount to be what would be useful without paying for unneeded care. I wasn't trying to pay everything, because I knew I have other assets. I just shopped for the amount that will get used if I get Alzheimer's, so I can reassure my relatives and ask them to administrate in time of need.
My premium is to be about $700/year. It can only go up if the company raises the premium for every person in the company who has that type of policy. I assume that premiums will get raised, but estimated that the future premium will be no more than double the initial premium. Supposing 25 years of years of premiums and a linear rate of increase, I estimate about $1050/year on average for a total of roughly $26,250 in premiums.
Based on family history, I estimate 30% chance of using it for Alzheimer's. The average case of Alzheimer's pays out around 2.5 years, but due to good underlying health, I could easily exceed that. 30 months x 3750 would be $112,500 of benefits. 30% of that provides expected return of $33,750. I would get a higher average return investing in stocks, but in the case of actual need, the policy is slightly ahead, and the format is much more reassuring to my not-as-Mustachian relatives. In addition, the policy could pay out in various other cases if they occur, such as getting lupus or something to the extent that I can't take care of myself. Make your own estimates of need and calculate for yourself.