Healthcare Crowdfunding: 4 Reasons Why It Is Ridiculous

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Medical expenses are being crowdfunded by many Americans today. Sometimes their goals are met and sometimes only a few dollars gets raised, but every campaign has something in common: it shouldn’t even have to be done. It’s a viable solution in the current structure of healthcare costs, but times change and maybe so should the American healthcare system. Here’s why.

1. Medical Expenses Are The #1 Issue Behind US Bankruptcies.

More than 2 million Americans file for bankruptcy every year. 1 in 2 American households couldn’t even handle a $2,000 medical emergency with their current finances, yet insurance deductibles for a family can be as high as $7,000. Just one bout of ill health can destroy a household.

2. Without Fame, Most Campaigns Fail.

It took Buzzfeed to run a story about “Success Kid” and his father for their medical crowdfunding campaign to get money. Average families with huge medical expenses have campaigns that go vastly underfunded simply because there is no real investment. Unless there’s some call to fame or a story is so tragic that it touches an emotional center, healthcare funding just doesn’t happen. The average amount that gets raised is just above $1,000 – often not enough to cover expenses.

3. People Pay For Coverage That Doesn’t Cover Them.

With a $7,000 deductible, one trip to the emergency room can force a family toward bankruptcy. People are paying healthcare insurance premiums every month, sometimes through an employer, yet receive no compensation in return for when they need it. Households with low incomes have government guarantees. Households with high incomes don’t care about $7k. It’s the Middle Class, those working hard and living paycheck to paycheck, that carry the brunt of medical costs.

4. It Creates Shame.

It’s already hard enough for Americans to admit they couldn’t “pull up their boot straps” high enough to cover medical costs. Then many suffer the disappointment of not having their costs covered. It’s a double blow and then there’s still the debt with which to contend.

Americans have a unique healthcare system and crowdfunding is a truly innovative workaround for medical debt. The only problem is that most people can’t take advantage of this issue. Until the Middle Class gets some help, it’s fair to stay that the US structure for healthcare is a bit ridiculous.