8 Myths About Crowdfunding for Medical Expenses
Addiction Recovery Fundraising
Leadership Spotlights
Medical Fundraising
Crowdfunding and peer-to-peer fundraising have become widely known ways to fundraise for charitable causes and people in need. In fact, 41% of people have donated to crowdfunding campaigns that benefit individuals looking to raise support for a particular need. This includes fundraising for medical expenses such as cancer treatment, addiction recovery, and unexpected medical emergencies. Despite its growing popularity, myths about crowdfunding lead many to assume the process is time-consuming, ineffective, or unsafe.
As a fundraising platform built specifically for healthcare expenses, our team at CaringWays® has walked alongside people navigating all sorts of medical challenges. We’ve seen campaigns help people of different backgrounds and in different stages of life. We believe in the power of crowdfunding for medical expenses because we’ve experienced the difference it can make in our own lives. We’ve seen firsthand the impact it’s had on those who start a CaringWays® campaign.
If you’re a patient in need or someone looking to help a loved one during a medical crisis, we wanted to address a few myths that keep people from starting a medical crowdfunding campaign.
Here are eight common myths that keep people from starting a crowdfunding campaign for medical expenses:
Many times people don’t want to ask for help because they don’t want to burden others or believe they don’t need financial help. This stigma can keep patients from receiving support that could help them avoid many of the financial burdens that can come with an unexpected medical emergency.
The reality is that relying on others is often one of the best ways to find the strength you need to make it through the journey. At CaringWays®, some of our most successful campaigns were started by the patient or someone in their immediate family.
Because crowdfunding has become such a popular way to raise money, it’s easy to believe that people have become indifferent towards them. While people may not give, the truth is that the real power of crowdfunding for medical expenses is found in the people who know and care about the patient. There are potentially hundreds of people willing to donate when you consider co-workers, family, friends, neighbors, and communities within your church or school.
If you’re tempted to believe people won’t give if asked, think again. In fact, over half of people who receive an email about a crowdfunding campaign make a donation.
According to recent studies, fewer than 50% percent of Americans can afford a last-minute, $1,000 emergency. When you combine this with the fact that the average unexpected medical expense is approximately $3,500, every dollar you raise helps.
Your medical journey doesn’t need to be life-threatening to ask for help. At CaringWays®, we’ve helped patients raise funds for medical expenses such as surgeries, expensive treatments or medical supplies, and more. We also have a specific way to help people looking to raise financial support for addiction recovery that ensures donor intent.
The idea of receiving funds through a third-party platform can give some people pause before starting a campaign.
At CaringWays®, we are intentional about making medical fundraising more secure and giving people confidence that the money raised through a campaign is legitimate. Our campaign platform maintains the highest standards of privacy and security, helping you reduce compliance burdens and keep payments safe and funds get loaded onto our controlled spend CareCard to ensure donor intent.
Whether you’re a patient or CareChampion, your time is valuable. Since medical emergencies often occur unexpectedly, it’s important to help patients receive support as quickly as possible.
The CaringWays® team can work with you to set up your campaign in a few simple and easy steps. A campaign can be set up within minutes, offering a valuable tool for raising funds and supporting your loved one.
Most of the work involved in crowdfunding for medical expenses happens before you start your campaign. It also takes time to monitor your campaign and share updates with supporters and potential donors. However, most campaigns only require 30 minutes to 1 hour of attention per week.
Our team at CaringWays® is here to help make managing your campaign as easy as possible. After starting a campaign, our team will share updates on your fundraising progress and notify you if contributions have stalled.
One of the pitfalls of crowdfunding can be that money raised on other fundraising platforms isn’t automatically directed toward medical bills and costs. This is one of the things that makes CaringWays® different than other crowdfunding platforms. When people give to a CaringWays® campaign, supporters are guaranteed that their donations will be used to pay for medical bills, treatment, or other health-related expenses.
You might think that raising financial support for medical expenses won’t help your loved one that much, especially if they have health insurance. This couldn’t be further from the truth. Even if the patient can cover their healthcare deductibles, there are dozens of everyday costs that pop up after a diagnosis. In addition to financial support, CaringWays® campaigns often provide a level of hope and encouragement to patients during a time of great need. In essence, starting a campaign is a tangible way to let the patient know they’re not alone on the journey. This is the critical role CareChampions can play in a loved one’s life.
One of our goals at CaringWays® is to change the way people think about crowdfunding for medical expenses. We believe CareFunding is a more appropriate phrase. Our team is committed to doing everything we can to transform medical fundraising and help patients obtain necessary financial support.
If you’re interested in learning more about CaringWays®, connect with our team. We also partner with businesses and nonprofits to provide a dedicated fundraising platform employees can use to support one another during a medical crisis.
