Crowdfunding: An Alternative to Health Insurance
By: Taqdees & Chiara
Published On: December 29, 2020
Medical costs are rising every year. It is becoming difficult for individuals to cover medical costs. Let’s look at two solutions for covering medical costs and their effectiveness.
What is Crowdfunding?
What is Health Insurance?
Health insurance is an insurance product that covers the medical expenses of an insured individual. It is a healthcare product that comes with different terms and conditions.
Why is Crowdfunding better?
Health insurance is expensive, which makes payment a struggle for many. It is also an added burden for families with low-income. Most families can’t afford health insurance. As a matter of fact, families with low incomes need medical funds the most. This is where the idea of crowdfunding steps in.
An individual in need of medical funds can begin with crowdfunding in no-time, the only payback crowdfunding requires is a thank you, which makes it cost-effective and easy. The experience of an individual starting a fundraiser does not begin with paying, like in insurance. Learn more about prices and fee for crowdfunding on ImpactGuru.
While claiming insurance money can take days, which is a very long time for someone suffering from a medical emergency, crowdfunding with ImpactGuru facilitates flexible withdrawal of funds on the go.
Flexibility and convenience
Health insurance cost is subjective to an individual’s health. Since the illness in an individual increases with age, insurance money also increases. Therefore there is a significant amount difference when you purchase health insurance at 30 as compared to 50. Insurance also doesn’t cover any pre-existing illness present in an individual. Thus, it may seem like a product that covers your medical charges but in reality, it is filled with many terms and conditions.
Crowdfunding is simple and straightforward. It is the most transparent mode of fundraising. Everything that one needs to know about the process is crystal clear. It also offers authenticity and transparency for donors.
Read Frequently Asked Questions about crowdfunding.
Covering The Funds Required
Health insurance has something called a Co-Play clause, which only offers to pay so much of your medical bills. It does not cover the entire medical cost.
When you start a crowdfunding campaign, it shows the amount required to raise and the time frame in which it is needed.
Health insurance as a whole is a costly service for most middle-class families to purchase. Medical emergencies are unexpected, crowdfunding helps share the financial burden of families who are unable to cover these expenses.