5 Major Myths About Crowdfunding Healthcare
Crowdfunding has become a popular means to raise medical expenses. Even though the results proved effective, certain myths exist that one should be aware of. Herein we will discuss the crowdfunding myths for healthcare so that you can make wise decisions while crowdfunding medical expenses.
Medical crowdfunding and its operation
Crowdfunding is the process of raising funds from many people across the internet. A project is initiated online through a crowdfunding website, and the people are encouraged to contribute to the cause. Such projects can even include health.
Crowdfunding for medical expenses is a thing of the past. However, the contribution has extended to support cancer treatments, surgeries, etc. Various reasons exist for crowdfunding to gain popularity. Importantly, it serves the people’s intent to serve the needy, helps connect with people who share a common interest, and raises money easily.
Primarily, two means exist to raise money for medical expenses. The first is the traditional means wherein we use loans or credit card payments during an emergency or begin a crowdfunding campaign that helps raise money.
Let us learn about the medical crowdfunding myths.
- Being a patient, I will not be able to raise money alone.
Some people are of the view that asking for help may create a burden for others or think they do not require any help. Such a thought will act as a barrier to receive financial help that will help ease the burden during an emergency. There is nothing wrong depending on others for help. In fact, it strengthens you. Most campaigns on crowdfunding channels have been raised by the patients themselves or by their immediate family members.
- Medical crowdfunding is only for projects involving high risk
Medical crowdfunding is the option when it is impossible to use traditional means such as loans and grants. The projects can include existing treatments, new treatments, and therapies. Not limited people use it to meet everyday expenses such as regular health checkups, dental treatment, etc.
- People with health insurance are not eligible for crowdfunding medical expenses.
Sometimes, the medical expenditure could be high that normal health insurance might fall short, especially during emergencies. The reason is that medical health insurance usually does not cover expenditures during emergencies other than regular consultations and hospital stays.
Even if medical health insurance exists, medicine costs, therapies, additional bills, and food expenditures could add to the expenses that health insurance does not cover. So, crowdfunding is an effective option for people with health insurance to meet additional medical expenses. Thus, it helps during financial crises.
Even if you do not have health insurance, crowdfunding helps raise money for your hospital bills, medical processes, etc. Numerous ways exist to utilize crowdfunding. For instance, you can create a fundraising page on the appropriate crowdfunding website that supports your cause.
- The success rate is not so good
People have a view that the success chances of crowdfunding for health is less, and the option is not very feasible. For instance, some people think that crowdfunding costs are very high and the time required to raise the money is long. All such assumptions are not true. In reality, many people have been successful with crowdfunding their medical expenses.
- Only specific medical fundraisers can be used to raise funding
People assume that only healthcare-focused crowdfunding can be used to make money for medical treatment. However, on the other end, medical campaigns exist that help raises money for any medical research, funeral, or awareness project.
- No one truly wishes to donate to the campaign
It is a false notion that people are generally indifferent to crowdfunding. The results proved positive. People do exist who truly care about suffering people. Many people are willing to donate, including family, friends, loved ones, and even strangers. Hence, it is time not to think about people not giving when asked. In reality, over half of the people who receive emails about crowdfunding campaign donate towards the cause.
We saw the myths concerning crowdfunding healthcare. Before you start a campaign, study well about crowdfunding. While starting a fundraiser, be positive that people will be generous. Helping someone in need is good to feel. Myths cause people not to seek help. Knowing the facts, it is time to begin a fundraising campaign or support it if your require so.