Planning Needed for End-of-Life Expenses

Insurance NewsNet (INN) alerts readers to an often overlooked item when it comes to financial planning. That is, “the cost of dying.” The expenses associated with it are rising just as are other costs of living, especially the cost of late-in-life health care. INN points to particulars such as the following: The average American confronts more than $24,000 in medical and funeral costs at life’s end, made up roughly of $16,000 in medical expenses and $8,000 for funeral costs. These are just averages. Many people will face even higher costs. INN also observers that while most individuals prefer dying at home, only about 25% will do so. Estate and legal fees at life’s end can add thousands more to the tab. INN suggests planning ahead by setting aside funds for these expenses or by utilizing various insurance products that can cover such costs as ways to lessen the financial impact on surviving loved ones. INN also encourages financial advisors to help their clients plan comprehensively, which includes considering the inevitable costs of dying, by exploring all available options for covering those costs. See more details on practical matters to be addressed following a death in our AgeWise Colorado article at https://agewisecolorado.org/blog/when-your-loved-one-dies-in-colorado/.