Scott Burns says there are probably better alternatives.
Most seniors don’t have many assets and will end up on Medicaid, if the need arises. You may die before you ever need long-term care. There is always self-insurance, and this:
The continuing care retirement community is another alternative. You can receive guarantees of lifetime care by becoming a member of a continuing care retirement community. These residential communities bundle senior residences, assisted living and nursing care in a single property to provide a continuum of care. You become a member with a substantial initial payment and a monthly payment for a broad package of services. Some of the initial payment may be returned to your estate upon death.