My dad took the fingers-in-ears-lalala approach to planning ahead and is now living in a nursing home paid for by Medicaid as he declines into dementia. I neither want to (see "lalalala") nor could care for him (and I do manage his affairs, visit regularly, and advocate for him), but it's still a pretty unpleasant setting to have to witness, much less live in.
My mother (my parents are divorced) has LTCI insurance and is planning to move into a retirement community that offers everything from (fully) independent living to skilled nursing. That (the retirement community) will of course cost a big chunk of change. Yes, my parents were an ant married to a grasshopper. Yes, I am inordinately grateful my mother is such a good planner (I would, in fact, knock myself out to care for her and indeed will if the need arises, but it is good to know she has other resources in place also). I have suggested she consider buying a home in our modest neighborhood with the understanding that I'd help her out as she ages, but she has said that once she sells her current house she doesn't want to deal with home ownership any more, and the retirement community she is contemplating will of course provide many more care options than I could.
As for me, I'm planning on fiscal conservatism. I intend/hope to stay in the home I live in now, which is a modest one-story in a liberal tax-and-spend community (myself included!) with good public services and transport, including services and transport focused particularly on the needs of the elderly/disabled (it is also near major, and good, medical care facilities). I've developed a plan (but not, yet, the budget) to remodel our home in a way that will increase its footprint somewhat but also create a separate apartment that could be occupied by a caregiver, or conversely, me.
I'm interested in LTCI but my sense is that the market is sufficiently ill-defined and/or ill-equipped that it's far from obvious that those of us who are, hopefully, decades from needing to use LTC should purchase policies.
There are new policies called longevity policies that are basically deferred fixed annuities, that one might buy at say age 65 and have kick in at say age 85 (regardless of your health/abilities at that point) that may offer a reasonable alternative to LTCI, but I don't know enough to know one way or the other.