PHOENIX — Dying in America is expensive.
According to recent data looking at the cost of the last three years of life averaged to $155,000. That cost factors in Medicare, private insurance and out-of-pocket combined.
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Those are just the pre-death costs. Once you start to plan a funeral multiple factors can impact the cost.
"You can have the full bells and whistles of a funeral, a casket, a visitation, embalming ceremony that can run you around $10,000 if you want more extravagant things, you can spend $1,200 on flowers alone," explained Elisa Krcilek, president, Mountain View Funeral Home.
Krcilek admits that planning ahead for your funeral may seem morbid but believes that people should view it the same way they view any other type of financial planning because there are a lot of variables to consider.
Working your way through those big decisions is where some guidance can be helpful.
"Nobody wants to be sold when they walk through a funeral home door. They want to be educated. They want to know their choices. They don't want to assume to be oversold. Nor do they want people to think they're being cheap. They just want to make a choice. And so when you give them enough information to make an educated decision," Krcilek said.
The business of death is booming in America. According to market data research, the US funeral industry alone takes in about $20 billion a year. A number that is likely to grow as more companies join the market.
"Costco comes on scene, and they're like, Wait a minute. We can bring these from China, and we can charge you $1,200 and it's a great casket. And so it's made our casket providers here in the United States say, Wait a minute. Maybe we should come up with a more entry-level, more affordable casket so that that we can compete against," Krcilek said.
The cost of dying isn't just about the funeral though. If you don't have a plan in place the government can tie up the money you worked hard to set aside for your loved ones.
Dave Riley is the head of wealth management at Arcwood Financial. Riley says having a plan is critical for protecting your estate and loved ones.
"Really want to make sure that you have a will power of attorney, if your estate calls for it, you might even look at a revocable living trust," Riley said.
However, financial planning isn't free and can start around a thousand dollars and become more expensive depending on how complex those plans become.
"Depending on your level of wealth, you might look at some advanced planning as well. We do all of the above for our clients, and it's it's ensuring that you're able to take care of your own affairs, so you're not leaving a mess to your kids or loved ones to deal with when you're gone," Riley added.
While it may be a topic most people hope to avoid Riley argues it's best to plan ahead for the inevitable.
"So I'd say the smart thing to do is to be prepared. I was a Boy Scout. That was the motto We lived by. If you have a plan, then it's not something that you're going to have to worry about when you know, it might be more difficult for you if you don't have your health, if you've already lost it, or, you know, maybe we haven't planned appropriately, and things are a mess and scattered everywhere. If you wait till the last minute, it just causes more stress for you in the long term."
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