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Crowdfunding may not meet medical debt needs

On Behalf of | Oct 3, 2017 | Blog

Facing an unexpected medical emergency can leave you feeling physically unwell. Additionally, you may also have the added worry of how you could potentially pay for the medical treatment that the health condition may require. Often, many Tennessee residents do not have the personal funds or medical insurance coverage to meet all of their financial needs during this time.

In many instances, the idea of accumulating considerable medical debt can lead individuals to avoiding seeking treatment. This type of action may prove detrimental as a person’s, condition may only worsen over time. As the age of technology continues to connect people across the globe, more and more people turn toward crowdfunding as a means to pay for needed medical treatment.

What is crowdfunding?

Crowdfunding involves creating an account on one of the many popular platforms across the internet and asking for donations for particular causes. Though people may request funds for any type of situation on many platforms, some crowdfunding sites specifically cater to those needing help with medical costs. Once you create an account and present your cause, individuals across the world could potentially make donations.

Why doesn’t everyone do it?

Though it may seem like a no brainer to set up an account to receive money from strangers, this route does not suit everyone’s needs or abilities. For instance, some parties who need assistance with medical costs may not have the technological know-how or access to create an account. Plus, some parties may simply find it outrageous that seeking help from strangers has become a common method for paying for medical expenses, which may highlight the failings of government-provided assistance with such costs.

Additionally, some parties may feel that their particular situations might not garner the necessary sympathy to gain much-needed donations. Because numerous individuals hope to gain enough to pay for their medical care, a possibly unexpected competition could arise that many people may not find appealing.

How else can you handle medical debt?

Unfortunately, medical debt remains prevalent throughout the country. If you do not feel that crowdfunding suits your circumstances or your attempts to gain donations did not go as hoped, you may still face thousands of dollars in medical debt. In such a case, you may want to consider debt relief options such as bankruptcy. Chapter 7 or Chapter 13 could help you address these outstanding balances and get back on a stable financial track.


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