Hospice services generally provide adequate care and treatment to terminally-ill patients, aimed at minimizing their pain. Available in the United States since 1970s, Hospice is more a concept of care and is the ideal option for a patient, whose life expectancy is usually less than six months. Hospice care can be offered at home or in a hospital. The costs differ for cancer and non-caner patients and also depend on their age. The average cost of hospice care for hospitalized patients is $2,500.It is covered under various insurance schemes.