Introduction In this study, we aim to refine the value of a statistical life (VSL) framework to align with hospice care’s focus on quality over quantity of life, recognising the necessity for age-sensitive economic assessments.

Methods We developed an adapted VSL model that incorporates patient and family preferences, which may guide resource distribution and policymaking in end-of-life care. Methods include a multidisciplinary analysis that merges economic and humanistic perspectives to advocate for policies that support adequate funding and compassionate care.

Results Results indicate that our adjusted VSL model promotes a more equitable assessment of hospice care, advocating for enhanced patient dignity and comfort.

Conclusions This paper presents a novel, ethically and economically balanced approach to evaluating hospice care, emphasising dignity and comfort in terminal care.