Keeping Health Costs Down Through Crowdfunding

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We often hear about crowdfunding success stories when a tech company reaches its goal or there’s a strange idea that gets funded – like new potato salad. What we often don’t talk about is own personal crowdfunding can save a family from bankruptcy.

Take the story of Norm Breyfogle. People know this man because of his incredible work on Batman comic books. What fans may not know is that he suffered a devastating stroke in December 2014. With no health insurance and paralyzed on his dominant left side, he couldn’t work, couldn’t make money, and faced months of medical bills.

His brother Kevin started a crowdfunding campaign on YouCaring. In the first day, they were able to raise $20,000 who brought life to the character of Batman through his art.

Managing healthcare costs doesn’t have to drain a retirement account or require households to have HSAs. With nearly 9 out of 10 people above the age of 65 having at least one chronic illness, people are paying more for the healthcare they need and much of it comes out of their pocket despite the promise of Medicaid.

Crowdfunding changes that. It’s not just the elderly that are using this platform to manage expenses. Baby Boomers, caught between caring for aging parents and children living at home, are turning to crowdfunding just so they can make ends meet.

Of course anyone can try to crowdfund to make ends meet, but it is the story that matters. The best results come from unusual circumstances. There needs to be a conclusion to the story as well, a finite debt, that allows people to taste a victory. People will buy a wheelchair for someone in need. They won’t keep financing debt when there isn’t a plan to get out of it.

From memorial funds to medical debt, many sites are offering free fundraisers that are low in cost, take only 5 minutes to create, and can be used for virtually any cause. Breyfogle is progressing well through his physical therapy and hopes to be back at work doing what he loves in the near future. Crowdfunding made that happen.

What could it do for you?