Crowdfunding is a platform that helps individuals or organizations finance personal requests for things like business startups to funeral expenses. As rising healthcare costs plague more individuals, some see crowdfunding as a way to help with unexpected or significant medical expenses.
There are some cautions when relying on this platform for help with your medical bills.
Lack of assurance
Although some individuals experience huge success in raising the finances needed for their expenses, it usually requires a planned and well-executed social media strategy to attract enough attention. Even still, there are no guarantees that you will reach your financial goal. Rather than leave your expenses up to chance, consider investing in an affordable insurance policy to lower your medical costs.
Lack of availability
In many cases, using crowdfunding to pay your expenses takes time. Depending on your situation, time is a luxury you cannot afford. Bills that are late can damage your credit, and the stress of trying to work out which bills to pay or which to let go of will take a toll. Insurance policies, whether for medical costs or death and funeral expenses, offer more immediate assistance and financial protection.
Lack of reliability
You may not realize the full extent of your medical care or your condition may require long-term treatment. This could impact your ability to accurately assess how much money you need to pay for your care. Crowdfunding could help with one situation, but you cannot rely on people to feel sympathetic over months or years of ongoing expenses.
Though a creative way to find help with medical bills, avoid using crowdfunding as your primary source of financial support. Consider the value of health insurance or supplemental coverage.