I generally consider comprehensive long term care insurance as "Plan A" when it comes to protecting your assets from a future nursing home placement. One benefit of this approach which is often overlooked is the ability to deduct the premium payments for income tax purposes...to a point.
Here are the 2014 income tax deduction limits for long term care insurance premiums:
Age 40 or less: $370
Over 40 but not over 50: $700
Over 50 but not over 60: $1,400
Over 60 but not over 70: $3,720
Over 70: $4,660!