For what its worth, here's an article from the firm we used for our estate planning on Long Term Care Insurance versus Medicaid Asset Protection Trusts. I think the advice given in the closing paragraph is very good. Discuss your situation with someone with experience in the topic. I personally opted to begin paying for LTC insurance offered through my former employer when I was still quite young (on account of a not-so-great family medical history). It was cheap enough that I barely noticed the expense and I appreciate having a much lower premium now than if I had waited.
Long-Term Care Insurance v. Medicaid Asset Protection Trust :: Ulster County, NY Trusts Lawyer Ettinger Law Firm