End-of-Life Care

Financial experts regularly give out advice on how to plan for major life milestones, like your kids’ college education and retirement. But what about the cost of dying? Creating a financial plan for the final stages of life may not be fun to think about, but it can save a lot of headache and heartache when you and your family are already going through a tough time. 

 From end of life care to funeral expenses, it's important to be informed about how much it costs to die and how life insurance can provide your family with the necessary financial support. 

A patient enters hospice care when a doctor estimates a life expectancy of six months or less. The goal is to deliver as much quality of life as possible in those final weeks or months. In addition to managing pain and symptoms, hospice care may also include spiritual support. All of these services could take place either at home or at an inpatient center. One report estimates that the final month in hospice care costs an average of $17,845. How much does hospice cost per day? Estimates range from $150 for at-home care to $500 for inpatient care.

Some hospice care costs are covered by Medicare, including medical services and supplies, physical therapy, short-term inpatient care, and inpatient respite care. However, Medicare does not cover things like room and board or any treatments or drugs aimed at curing the disease. It also doesn’t cover emergency expenses like visits to the ER or ambulance rides.

The average funeral cost is between $7,000 and $12,000. That adds a huge financial burden, especially if there’s already been a significant amount of debt accrued from palliative and/or hospice care. Plus, health insurance doesn’t cover any of these end of life expenses.

Here’s a funeral cost breakdown of what typically needs to be paid for:

• Funeral home fee
• Transportation of remains
• Embalming and preparation for viewing or cremation
• Hearse 
• Casket
• Funeral plot
• Flowers
• Memorial service
• Headstone

There can be a lot of price variation depending on the type of services chosen. But suffice it to say, it’s difficult not to spend at least several thousand dollars on final funeral expenses.