I investigated options and decided not to get it.
The biggest problem with LTC insurance is that it does not insure you against the very thing that you are hoping to be insured for: an extended nursing home stay (say 5 years or more) at $150K or more per year. The way these work is that you're on the hook for the first 90 days, then they cover either 2 or 3 years of SOME expenses after that, with generally a fixed lifetime cap.
The limitations on the expenses they'll cover, of course, means that when push comes to shove, you'll be fighting the insurance company to get those benefits - at a time in your life when you'll have great difficulty in doing so - and I'm sure the insurance companies are well aware of this. Meanwhile, if you save the insurance payment and invest it, chances are you'll have that money in your stash to spend when the time comes, with no hassle or possibility of being denied.
It's harder to plan for a couple, but for a single person it's easy: stash + home equity. Alternatives to consider are a universal life policy that allows you to draw on the policy amount to cover health care expenses. The average nursing home stay is ~3 years, but if you have family members who needed longer stays for a medical condition that you might be unlucky enough to inherit, you might want to plan accordingly. I have a very strong family history of Alzheimer's with multiple family members needing long term care for more than 5 years, so I personally am planning for 10 years. I heartily agree with the poster who would prefer the one-way first class ticket to Switzerland option in preference, but dementia makes that kind of thing hard to pull off.