8 Reasons Why Crowdfunding Works for Medical Emergencies

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Medical emergencies don’t come with an invitation. Accidents can happen at any time, and the incredibly high hospital bills can leave you startled. But don’t worry! You can raise money and pay exorbitant hospital expenses through fundraising.

Crowdfunding platforms have become a viable option when it comes to paying steep medical bills. Compared to loans and medical insurance, crowdfunding is a preferred and viable option.

What is crowdfunding?

Crowdfunding is a method of raising funds for expensive medical treatments or other causes like education. You create a campaign to reach thousands of people who voluntarily donate to your cause.

Medical inflation is at its peak, and hospital bills can give you nightmares. Plus, some serious illnesses have exceptionally high treatment costs.

When medical insurance fails to cover the costs, and you don’t want to enter the debt trap, crowdfunding becomes the best option.

Let’s see why crowdfunding is a reliable option to pay off hospital bills and why it works.

Why pay hospital bills through fundraising?

1. Uncertainty of loans and insurance

Taking a loan can help you pay your medical bills. However, the paperwork and formalities take a lot of time, and it won’t be feasible during emergencies. Moreover, you’ll have to pay high interest on loans, which will mess up your finances for a long time.

Even medical insurance providers don’t have a 100% claim settlement ratio. There is often a waiting period. For example, you have to wait for two years after purchasing your policy before making claims.

Considering the above-mentioned pain points, crowdfunding websites emerge as a much better option for medical treatment. These platforms help you reach millions of people to raise funds systematically.

2. No payback liability

You don’t have the liability to pay back the money raised. The contributors treat it as donations and don’t expect their money back. Thus, it prevents you from falling into the debt trap.

A mediclaim rejection compels you to take loans to pay your hospital bills. However, the high interest rates make it difficult to repay them, and a good chunk of your income goes into paying the EMIs. Moreover, you have to keep repaying the amount for years.

3. Crowdfunding is quick and easy

Getting a loan might be time-consuming. Your insurance provider will also not settle your claims immediately. Above all, you won’t have time to wait during medical emergencies.

Crowdfunding is a quick and easy way to raise money for medical emergencies. It takes just five minutes to create a crowdfunding campaign online. Once your campaign is live, you can receive donations to pay your medical bills.

4. Easy withdrawals

Hospitals often ask for advances or partial payments. Crowdfunding websites let you withdraw the funds whenever you need them. You don’t have any waiting period. Furthermore, you can also withdraw your money even if the fundraiser doesn’t meet the goal.

5. People donate when someone is in need

Friends and family members donate during medical emergencies. However, studies show that people donate to strangers too.

After all, humans are social beings. When you see someone in trouble, you will try to help them in your capacity. So, don’t hesitate to seek help when you face a medical emergency. Who knows? It might save the life of your loved one.

These donations also help people save on taxes. That’s also a motivator at times.

6. Crowdfunding websites have a massive reach

You can ask your friends and relatives for help, but that might not raise the required amount in case of severe illnesses. For example, cancer treatment is insanely expensive.

That’s where a crowdfunding India campaign comes to your rescue. You can reach millions of people through these crowdfunding platforms. Additionally, you don’t have to reach them physically. Most of these campaigns are online, so people can donate in the comfort of their homes.

7. Social media boosts visibility

You no longer have to knock on people’s doors or stop them on the streets. Your prospective donors are active on social media. And that’s where you can reach millions of people within seconds.

Social media has increased the visibility of crowdfunding platforms. Some campaigns go viral, making it super easy for the patients to raise funds. Even if your campaign doesn’t go viral, you will reach enough people to raise at least a good part of your medical expenses.

8. The burden of your medical bills gets distributed

Let’s say your hospital bills come up to Rs 5 lakhs. If you ask five people to share the cost, they might be hesitant. After all, Rs 1 lakhs is still a huge amount.

But what if you ask 50,000 people to pay Rs 10 each? They will have no problem paying the money, and they will readily come forward. That’s the magic of crowdfunding.

Your insanely high medical bills get covered without burdening any single person.

How to create a crowdfunding campaign?

You can create an education crowdfunding or fundraiser to cover your medical bills in minutes. Just follow a few simple steps.

Reach out to a crowdfunding website.
Create an account and log in to the portal.
Choose your cause. You’ll get several options like education and healthcare.
Submit a request.
You’ll have to show the required documents as proof.
Share your account details for withdrawal.
Your campaign will be live within minutes.

Final Word

Crowdfunding is increasingly becoming a popular way of raising funds for various issues. Whether it’s a natural disaster or a medical emergency, you will always get amazing responses from fundraiser campaigns. Many students also use crowdfunding for education to fulfil their dreams and aspirations of higher education.

However, when it comes to health, you must not waste time on second thoughts. Start a medical crowdfunding campaign on Ketto and save a precious life.