Assuming Arnie got a quote for a 5 year policy, I'd definitely choose the one year elimination period over a zero/short one. Given the 12% per increment savings, this policy will cost 40% as much per month. DW and I could afford the $100K hit to the nestegg to cover care expenses for this very significant event for a year--it wouldn't be fun, but then the whole situation at that point ain't great, is it? After that, the potential for nestegg exhaustion for the remaining "outside the nursing home" partner would start to be more critical, and we'd need the safety net of insurance.
The premium savings of a long elimination period would be considerable: For example, the premium for a 55 YO buying 5 years of coverage at $200 daily benefit with a 90 day elimination period is $250/month (Federal LTCI program). By taking Arnie's quote, we'd expect the premium to be 36% more for a 0 day elimination period = $340 per month. With a 1 year elimination period, it would be $136 per month. That's a very considerable difference. Sock that $200/month you saved into the diversified retirement portfolio (4% pa real growth) every month for 25 years (when NH care will be a more likely need) and you'll have that $100K sitting there--more than enough to cover NH care for the elimination period. And, in the likely event it's not needed for LTC, it's available for the kids, some charity, etc rather than recarpeting the HQ of an insurance company.
I self insure for every risk I can. I buy insurance only to protect against the calamities that might ruin us. Buying it just to avoid possible discomfort or belt tightening is not cost efficient.