Average Cost Of Hospice Care Per Month – Home » Features » The Cost of Caregiving: 48 Facts for Families and Caregivers [2023]
The Cost of End-of-Life Care: 48 Facts for Families and Caregivers [2023] Health care costs and statistics show that care in the final months of life is high. Hospice care, palliative care, and hospital costs are part of the end-of-life costs for many people. In the last month of life, hospital costs may be $32,379 and hospital costs may be $17,845. In addition to medical care, the average cost of a funeral is $750, and it ranges from $15,500 for a non-service burial.
Average Cost Of Hospice Care Per Month
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Preparing for the end of life can be an emotional and tumultuous time for a loved one. From funeral arrangements and elder care to the uncertainties that come with the end of life, it can be a difficult time for everyone involved, whether you’re family, friends or caregivers.
Complicating these uncertain times is the uncertainty of the costs of some aspects of end-of-life care. Without a life insurance plan, some families may struggle to pay for hospital care, hospital expenses, funeral and burial expenses, and other aspects of end-of-life care. From life insurance to final expenses, there are many options to ease the burden.
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We’ve brought you the latest statistics on end-of-life care costs, including all the details you need when planning how much to save for your loved one. Even though these are tough times, rest assured that you can breathe easy by having a life insurance plan that can ease your financial stress.
Make sure your end-of-life care and end-of-life expenses are covered by life insurance. Enter your zip code now for free quotes.
Hospice care includes all medical procedures and care your loved one needs, including hospice, hospice, and palliative care. To better understand how much this care will cost you, we’ve compiled the following statistics, including the average cost of end-of-life care.
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2. Hospital care costs in the last month of life can reach $32,379 (Arcadia Healthcare Solutions).
3. Only 1 percent of hospital care in the United States is paid out of pocket (Richmond Federal Bank).
4. A 2016 study found that inpatient Medicare spending 90 days before death was $5,400 (National Institutes of Health).
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5. That study found that Medicare spending in hospitals 180 days before death was $3,440 (National Institutes of Health).
7. In the last 12 months of life, the United States spends an average of $35,300 on hospital care (Richmond Federal Reserve Bank).
8. Hospitalization costs average $56,300 in the last 3 months of life (Federal Reserve Bank of Richmond).
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10. Hospital costs account for the largest share of health care costs in the last two years of life (Federal Reserve Bank of Richmond).
12. In 2019, 89,600 people with ‘critical illness’ received palliative care support (National Hospice and Palliative Care Organisation).
14. US hospitals could save $6 billion annually if they fully embraced palliative care (Center for Palliative Care Development).
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15. About 68 percent of Medicare spending goes to people with four or more chronic conditions, including standard palliative care.
16. 72 percent of hospitals with 50 or more beds report that they offer palliative care teams to staff (Center for the Advancement of Palliative Care).
17. On average, the total cost of hospitalization for a patient receiving palliative care is $32,643 (National Institutes of Health).
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18. Palliative care referrals result in an estimated $3,000 reduction in direct hospital admission costs (to a palliative care center).
19. Palliative care consults offer a $4,800 admission discount for patients with four or more diagnoses (Center for the Advancement of Palliative Care).
20. Cancer patients receiving palliative care can receive a $4,200 discount on hospital admissions (Center for the Advancement of Palliative Care).
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21. In 2018, 1.55 million Medicare beneficiaries were hospitalized for a day or longer (National Hospice and Palliative Care Organization).
22. Based on claims data, the number of Medicare-certified hospice care facilities increased 13.4 percent from 2014 to 2018, from 4.92 to 4,639 (National Hospice and Palliative Care Organization).
23. About 80 percent of Americans prefer to die at home, but only 20 percent actually do (Stanford University School of Medicine).
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24. Of the 4,300 hospital care facilities in the United States, 63 percent are for-profit (Centers for Disease Control and Prevention).
25. Patients with a first diagnosis of dementia accounted for 25.3 percent of Medicare hospital costs in 2018 (National Hospice and Palliative Care Organization).
27. Hospital costs in the last month of life can reach $17,845 (Arcadia Healthcare Solutions).
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28. Depending on patient characteristics and length of stay, the Medicare hospice benefit can save hospice users from $2,330 to $17,903 (National Hospice and Palliative Care Organization).
29. The average cost per Medicare hospital patient was $12,200 in 2018 (National Institute of Hospice and Palliative Care).
30. 89.8 percent of Medicare spending on hospital care goes to traditional home care providers (National Hospice and Palliative Care Organization).
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Deciding on the funeral, funeral, and burial arrangements is one of the last areas of final preparation. Many families and caregivers wonder how expensive a private funeral can be, so prepare yourself with the funeral and burial cost statistics below and see if life insurance can cover those costs.
31. From 1986 to 2017, funeral costs increased by 227.1 percent, and the cost of all goods (coffins, burials, etc.) increased by 123.4 percent (United States Bureau of Labor Statistics).
32. The average cost of a senior funeral with a viewing and burial in 2019 was $7,640 (National Funeral Directors Association).
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33. If a funeral home is required, the average cost of a senior funeral with burial and viewing increases to $9,135 (National Funeral Directors Association).
34. The average cost of a funeral with viewing and cremation in 2019 was $5,150 (National Funeral Directors Association).
36. A funeral with a memorial service, but not a casket or visitation, averages between $11,500 and $15,500 (FuneralWise).
The Cost Of End Of Life Care: 48 Facts For Families And Caregivers [2023]
37. Cremation with a memorial service, but no trip averages between $400 and $6,000 (funeral wise).
40. On average, the most expensive part of a funeral is the casket, followed by the funeral pyre, vault, and burial site (funeral route).
41. Cremation costs more than cremation due to the quality of the casket and other funeral equipment (the direction of the funeral).
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42. Funeral regulations enforced by the Federal Trade Commission allow funeral providers to charge for basic services that consumers must pay for (United States Federal Trade Commission).
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