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If you or a loved one has been diagnosed with a chronic illness, you know how quickly medical bills can pile up. The average cost of healthcare per person in the United States rose above $10,000 per year in 2016.
These costs are estimated to reach $15,000 by 2023. Higher costs mean healthcare is less accessible to those who need it and the insured will pay higher premiums. If your insurance doesn’t cover the cost of supplies and equipment, you may find yourself strapped for cash. Consider these three quick tips for raising the funding you need for medical care.
CrowdFunding
Crowdfunding has become a popular way to support rising medical bills for people. Sites like GoFundMe allows people to set up fundraising pools that can be contributed to by anyone in the world. GoFundMe estimates it has helped raise $4 billion to cover medical costs in the United States. Some companies are even partnering with the website to encourage people to seek crowdfunding dollars. Crowdfunding typically works best for public figures or those in the community who are well-known. You’ll need to be diligent about promoting your campaign with friends to gain traction.
Fundraising Events
Consider hosting a fundraising event with all proceeds going to cover your medical bills. Local events like walkathons and yard sales can help people contribute to your cause. A special breakfast or dinner with a surcharge added per plate might also be an option for raising funds. Other ideas for raising funds through events include a karaoke night, bake sale, car wash, game night, or even coupon books for services. All of these ideas involve the community coming together to help you in your time of need.
Sell Your Stuff
Many Americans have plenty of unwanted clothing and electronics laying around their house. You can turn these items into cold hard cash by selling them locally on sites like Facebook Marketplace and Craigslist. Listing items on these sites is free and is a good way to raise money with unwanted items. Beyond this, you may even need to borrow for your future security blanket. If you have a life insurance policy, you may be able to sell your policy to a company for its cash value. Check out this Mason Finance life settlement calculator to see how much your life insurance policy could be worth and decide if that is the right option for you.
Loans & Grants
If push comes to shove, you may need to take out a loan to cover the cost of your medical bills. Many states have programs geared towards helping the medical community and people who can’t afford basic care. Check with local medical centres to see if there is an equipment loan program available to you. Some states even offer grants to those who might need assistance with their medical bills. These grants usually offer a low-cost or free way to pay for your medical needs. Researching the world of medical grants can be time-consuming, so be prepared to sift through lots of information.
