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Further, delaying the purchase of long-term care insurance increases the risk of being denied coverage due to health issues.

So, what can you do? The SECURE 2.0 law of 2022 offers a potential solution by allowing tax-free rollovers from IRAs to pay for long-term care insurance premiums through hybrid policies. These hybrid policies combine life insurance with long-term care benefits, providing both coverage and a death benefit for your heirs. However, there are considerations like penalties for early withdrawals and the likelihood of coverage denial with age. Despite these options, additional funds may still be needed to cover all long-term care costs, so speaking with a financial professional about potential strategies is crucial.