Could you afford $4500-$6000 a month for 3-5 years with no income coming in except for retirement income?
You are being disingenuous given that most that end up in LTC environment rarely stay more than 6-months. There is no guarantee that people that opt to buy LTC policies now will be able to afford the premiums up to the point that the policy is needed. If one bought a policy 8-10 yrs ago they got a good deal, enough so that many companies writing policies have exited the business and new policies can have significant premium increases.
Those who have little in the way of assets have no means to pay LTC, those say at $1.5-3M can likely afford a policy but may have no need, those with greater assets can self insure.
Like an earlier poster I had a family member that had a LTC policy and suffered from early ALZ. The facility close to home did not provide quality care, so she was brought back home to live at which point LTC refused to pay, although the cost of care was less expensive and higher quality, and cost was paid out of pocket. Some may think that is a stupid economic decision, but a lot more goes into decision making at that point than merely $'s.
My FIL had a LTC policy which he paid for years, suffered acute leukemia and did not make it out of the hospital and did not spend one day in a LTC facility, and, knowing him, was probably pissed he wasted his money. Alternatively, some people may choose to take matters into their own hands when threatened to be taken from their own homes.
LTC is a crap shoot, that is what it is.