End-of-life costs cheaper in Utah, but expert says to plan ahead
Sep 18, 2023, 3:04 PM | Updated: Sep 19, 2023, 9:52 am
FILE - Tombstones mark graves at the Lincoln Memorial Cemetery in Portsmouth, Va., Tuesday, March 23, 2021. (AP Photo/Steve Helber, File)
Credit: ASSOCIATED PRESS
(AP Photo/Steve Helber, File)
SALT LAKE CITY — Utah’s cost of living is pretty average when compared to the rest of the country, but end-of-life costs are lower in the state than in many other states.
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These costs in Utah average $22,329, according to data analyzed by Forbes. That’s almost $2,000 less than the nationwide average — $24,204.
Financial Advisor Gary Gygi said funeral costs aside, end-of-life medical care bills can rack up quickly.
“Maybe you just lost a loved one, yet you could have tens of thousands, if not hundreds of thousands of dollars, in unexpected healthcare costs,” Gygi said. “And, most people, unless they have really good health insurance, may not be prepared for that at all.”
He said these costs can be a large burden. Gygi recommended saving money specifically for emergencies or getting a life insurance policy.
Devin Oldroyd contributed to this story.
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