The sad fact is that most Americans simply do not have the savings, funds or investments to cover the medical expenses involved with a major illness or catastrophic health event. These expenses can easily drain rainy day funds, a nest egg, retirement funds, and in severe cases may even result in the loss of property and assets such as a house or a car.
As much as we would like to believe, relying on medical insurance is also not a guarantee. Limits and restrictions can quickly be reached leaving you holding a bag full of partially paid or totally uncovered bills. We all know how devastating a diagnosis for a serious illness, health condition or a severe injury can be – never mind thinking about the financial impact that it can have. And even for the most responsible of us, planning ahead for these events is not always possible.
Fundraising for other conditions (other than cancer fundraising) has become a major need of many people facing unexpected and severe illnesses. Strokes, chronic illness, and severe injuries just to name a few can create lifelong health struggles, and lifelong financial struggles.
But how does fundraising work, and what can you do to maximize success? How do you even go about starting a fund to pay immediate bills or cover future treatments? The following strategies will help you prepare to get the most support possible with the least stress possible. You have enough stress after a bad diagnosis, financial struggle shouldn’t add to that any more than it has to.
Obviously, receiving donations and funds from other sources to cover medical expenses frees up your own finances to pay for day-to-day living costs and other necessities. Ensuring alternative funding can also prevent you from losing your car, house and other valuable assets in order to pay for your short or long-term medical needs.
Crowdfunding and other donations do not necessarily have to be targeted at chronic, life-threatening illnesses or injuries. The funds can also be used to fund elective procedures that are often not covered by medical insurance. This can include reconstructive surgery or In-Vitro-Fertilization (OVF).
The sooner you start fundraising to pay existing medical bills or to save for a future procedure, the better. It is recommended to speak to your treating physician and do some research into the exact costs that will be involved with a medical treatment, procedure or surgery so that you know exactly how much money you will need and the timeline within which you have to raise the funds.
Depending on the urgency of the matter and the amount you need to raise, it is also advisable to employ different fundraising techniques and measures at the same time to provide a greater chance of raising the funds when you need them. There really is no limit to how much money you can raise to pay for immediate as well as future medical expenses if you simply employ a little ingenuity and make use of all the online and digital means at your disposal.