End of life care costs and statistics show a high cost of care in the last few months of life. The cost of hospital care, palliative care, and hospice care are part of end-of-life costs for most people. In the last month of life, hospital costs can add up to $32,379 and hospice care up to $17,845. In addition to medical care, the average funeral cost ranges from $750 for a cremation with no service to $15,500 for a burial with a service.
Preparing for the end of life for a loved one is an emotional, turbulent time. From preparing funeral arrangements and legacy care to the uncertainty that comes with the end of life, to the specifics of end-of-life planning for veterans, this can be a stressful time for all involved — whether you’re family, a friend, or a caregiver.
What can make an uncertain time even more difficult is not knowing the cost of certain parts of end-of-life care. Without a solid life insurance plan, some families may be left in the dark when it comes to saving for hospice care, hospital costs, burial and interment expenses, and other parts of end-of-life care.
We’ve got you covered with recent statistics on end-of-life care costs, covering all the details you’ll need when planning how much to save for your loved one. Rest assured that though this may be a high-stress time, you can breathe easier by having a term life insurance plan in place that can help ease the financial stress.
End-of-Life Healthcare Statistics
End-of-life healthcare involves all necessary medical procedures and care your loved one may require, including hospital care, hospice, and palliative care. To better help you understand how much these types of care may cost you out-of-pocket, we’ve compiled the following statistics on end-of-life healthcare, including the average costs.
Hospital Care Costs
1. Hospital care costs in the last year of life average $4,731 (National Bureau of Economic Research).
2. In the last month of life, hospital care costs can total up to $32,379 (Arcadia Healthcare Solutions).
3. In the U.S., only 1 percent of hospital care at the end of life is paid for out of pocket (Federal Reserve Bank of Richmond).
4. A 2016 study found that in the 90 days prior to death, Medicare spending at inpatient facilities totaled $5,400 (National Institute of Health).
5. The same study found that 180 days prior to death, Medicare spending at inpatient facilities totaled $3,440 (National Institute of Health).