My mother had a policy and was "indexed to inflation" which was a joke.  She was in assisted living, not even a nursing home and it barely covered the cost of that.  She was in a nursing home for a couple months before she died and what LTC paid didn't come close to covering what the nursing home got.  

In her case it worked out because her only being in assisted living for close to three years, but I'd never even consider a policy.