The main limitation with our study is that while our average costs have been adjusted for trends in health care expenditures and productivity, they originated with 2000 data, the most recent comprehensive data available. A second limitation is that our key informant interviews were conducted at only one tertiary medical center, precluding generalizability; nevertheless, our findings reinforce previous recommendations (Larkin & Beautrais, 2010). A third limitation is under‐estimating household production in the original Corso study (Corso et al., 2007) and thus in our updated estimates. On the other hand, only 17.5% of suicides in 2013 were in persons aged 65 and above, so that effect is not too large.