In case there were any doubts, a new study finds that dying is very expensive.
The paper, by Samuel Marshall, Kathleen M. McGarry and Jonathan S. Skinner, looks at how much people spend on out-of-pocket health care costs in the last year of their lives. This last year of care is generally expected to be quite expensive (it is, after all, the year when people are so ill that they’re on the verge of death).
The study estimated that out-of-pocket health care spending in the last year of life amounted to $11,618 on average, with the 90th percentile equal to $29,335, the 95th percentile $49,907, and the 99th equal to $94,310.
Yes, you read that correctly: Health care spending in the last year of life by the top 1 percent of Americans is nearly twice the annual income of the typical American household.
Won't the statisticians have a field day with this! Spending $94K on haelthcare on the last year of your life?
Time to call Jack!