End-of-life expenses can be a scary topic to talk about. However, it should be done, so everyone is prepared for what is to come. It’s estimated that end-of-life care costs are £145 a day and after-life expenses like funerals make it a costly event to deal with.
There’s a lot to think about surrounding this topic, so we want to ensure you’re fully prepared for the future. This should help you plan and prepare for your end-of-life expenses to make this difficult time a little easier on your family. Continue reading to find out more.
What are the Different End-of-life Expenses?
There are a lot of expenses that will need to be covered when you’re in end-of-life care, so you must know what they are to prevent any costs from being missed. Funeral expenses vary, so reviewing a funeral services price list is essential. This list details costs for items like caskets, transportation, and ceremonies, helping families plan and manage their budgets. The costs that will accrue during end-of-life include:
- Funeral expenses
- Outstanding medical care or treatment
- Medication
- Estate planning costs
- Probate fees
- Death registration fees
- Debt repayment
Who should Cover End-of-life Expenses?
If possible, you should try to cover your own end-of-life expenses to reduce the burden on loved ones after you pass away. Your savings, government benefits and insurance policies should help you cover the costs.
If your savings don’t quite cut it, your family members will have to pick up the bills to ensure you receive the care and funeral you deserve.
Can I keep End-of-life Costs to a Minimum?
While this is a difficult time for you and your loved ones, easing the financial burden with cheaper end-of-life costs can give you some relief. Here’s how to do that:
- Shop around to compare prices for everything
- Pre-plan your funeral to lock in today’s prices and don’t risk increases in the future
- Consider cheaper funeral plans such as cremation over a traditional burial
- Take out life insurance cover for the end-of-life costs
How can I plan for my end-of-life expenses
If you want to feel properly prepared for your end-of-life expenses, here are some of the best ways to do just that:
- Estimate the costs you expect to pay
- Ensure your estate and will documents are easily accessible
- Improve your credit score and take out a loan to pre-pay for your funeral
- Discuss your funeral preferences with loved ones
- Be there for your loved ones and ensure they aren’t struggling with the current circumstances
This is by no means a nice topic and we understand how scary it can be to discuss what happens when you sadly pass away. However, planning ahead protects your estate, your family’s finances and ensures you get the send-off you deserve. Get started today for greater peace of mind.
Beth is Cloudmineinc’s senior health editor and a certified personal trainer. She has over 10 years experience as a science journalist and is the author of two books. She deadlifts over 315 lbs.