Finance
Making End-of-Life Decisions can raise a lot of questions about cost. How much, on average, does a funeral cost in Illinois? Is cremation a less expensive option? Should I prepay my funeral? Should I take out a Long Term Care insurance policy and what would my monthly premium be? If I am a caregiver for a family member, how expensive is it to hire a relief caregiver so I am taking good care of myself and giving myself a break?
In Illinois the cost of a relief care giver starts on the average at $11 per hour and goes up from there. Make sure to check references and make surprise visits if your loved one lacks the cognitive ability to report improper care or behavior.
According to https://longtermcare.acl.gov/ someone turning age 65 today has almost a 70% chance of needing some type of long-term care (LTC) services. And 20% will need LTC longer than five years.
Costs of nursing home facilities in Illinois typically range from $3,450 to $11,250 per month, with the median cost running about $62,050 per year according to senioradvice.com/nursing-homes/illinois. LTC insurance monthly premiums vary according to the age you are when you take it out, how much of a “deductible” there is when you start using it and how many years of LTC are covered. Some policies have an inflation rider. Once you enroll you will pay the premium until you enter a LTC facility.
The National Association of Funeral Directors (NFDA) put the average cost of a funeral today at $7,045 and this does not include any cemetery fees. This makes the average cost of a funeral likely to be nearer to $10,000 when cemetery costs are added. Funeral costs in Illinois vary by geography, traditions, cemeteries where workers are part of a union and many other factors. In some communities families are choosing to hold the visitation or wake in the church to save money. Some families choose cremation, which is less expensive. Caskets vary greatly in cost.
Some people opt to pre-pay their funeral to protect against inflation. The funeral home offsets their risk by taking out an insurance policy to cover the change in costs between the time the person plans their funeral and when they die. This can be risky if the funeral home goes out of business. Read the fine print.
Having discussions about these topics and sharing them with family members is recommended. These conversations can be difficult but they can also reduce stress and conflict. Putting all this information and related documents in a binder and telling family members where this binder is located is another positive suggestion.