At this point, even novice internet surfers have heard of the term ‘crowdfunding’ before. But for those that have been existing outside of cyberspace, here is a refresher course. Crowdfunding is essentially a way for individuals, organizations, start-ups, and companies to raise money online. Anyone can start a ‘campaign’ to ask for financial assistance or charitable contributions.
Websites like GoFundMe have made it increasingly easy to pander to the public for donations to help pay for a wide variety of situations. While some individuals cast out their pleas to get money for emergency housing or to fund entrepreneurial endeavors, the majority of carefully crafted sagas involve dire medical circumstances. Some more sincere than others.
Medical campaigns account for a third of the donations that flow into GoFundMe’s site on a monthly basis.
And if there is one thing that has become apparent through this growing trend is that Americans, and all human beings for that matter, are suckers for a heartfelt and inspirational storyline.
Unfortunately, elaborate storytelling has proven to be our Achilles heel. It is true that most of the tales on medical crowdfunding sites are very much a reality and are certainly worthy of community outreach. But there are others that have chosen to use the platform to weave fibs in an attempt to commit fraud.
It is rather upsetting that families are having to humble themselves to the point of soliciting the general public to pay for medical expenses. And it is even more disconcerting that these platforms are being used to swindle good samaritans. But how did we get here, and are there alternatives to medical crowdfunding that should be explored before asking for help?
Why Has Medical Crowdfunding Become so Common?
It is no mystery that terminal illnesses and serious injuries are costly and can financially cripple most households.
A survey conducted in 2017 shows that 59% of Americans are one emergency away from financial ruin.
It isn’t just medical bills that are financially fatal, but unpaid time off of work and the daily cost of living makes it nearly impossible to weather a medical emergency.
We have become a population that struggles to adapt to inequities. Stagnant wages are easily outpaced by inflated insurance premiums and the ever-rising cost of healthcare services. Even those that are fortunate enough to have health insurance through their employer may still find it impossible to pay the outlandish insurance deductibles.
Recently, Drew Altman, CEO of the Kaiser Family Foundation, was quoted in Bloomberg saying, “The cost of family health coverage is as much as buying a basic economy car, but buying it every year.”
And it doesn’t seem that relief is any closer to being a reality. In 2019, over 500,000 families are reported to have filed bankruptcy as a result of mounting medical expenses.
By all accounts, it looks as if medical crowdfunding is here to stay. Until legislative solutions arise to cap the cost of prescription drugs and put a cork on how much hospitals and doctors can charge for even the simplest of procedures, people will look for alternatives and rely on one another to get through difficult times.
Is Lawsuit Funding an Alternative to Medical Crowdfunding?
No one really plans on getting injured or being told they have a terminal illness. There must be other viable options for individuals to pay for their medical expenses. For those that have been injured or fallen ill due to the actions of another, there may be help for you.
For personal injury victims, lawsuit funding is an excellent alternative to medical crowdfunding. Pre-settlement loans or post-settlement funding can give you the ability to pay for medical expenses while you wait for your settlement.
It isn’t just medical bills that can become insurmountable. Things like mortgage payments, rent, food, transportation, and childcare costs pile up. If you are injured at no fault of your own you may qualify for lawsuit funding. This simple process can help you stay stress-free while you recover. The best part about non-recourse lawsuit funding is that you only pay back the loan when and if you win.
Some personal injury victims may want to settle their cases quickly just to pay for medical expenses. When you take away the pressure of mounting medical bills, you have more time to refocus your efforts on your case and getting the compensation you deserve.
If you have been injured and need help paying for medical expenses, you may qualify for a pre-settlement loan through Lawsuit Cash 24/7. Applying is easy and some personal injury victims are approved the same day. Apply now or call us toll-free at 866-318-3002.