Crowdfunding platforms such as GoFundMe have emerged as a lifeline for individuals grappling with overwhelming medical expenses. They provide an avenue to connect with your community, friends, and even strangers who might empathize with your plight.
While these platforms can offer hope to injured people with mounting healthcare bills, there are alternative options you should consider as well.
Crowdfunding pros and cons
For some, using crowdfunding to cover medical bills after an accident can be a fast way to secure financial assistance. It allows you to tap into the support of your communities and even strangers, fostering a sense of solidarity during challenging circumstances. Furthermore, crowdfunding can help you access treatments or therapies your insurance might not cover. This can be a lifeline if you need specialized care.
However, there are downsides to consider as well. There is no guarantee that your crowdfunding efforts will cover your medical expenses entirely, leading to financial uncertainty. Research has found that only 12% of medical crowdfunding campaigns meet their full goals. Another 16% receive no funding at all.
Success in crowdfunding campaigns often relies on your personal connections and online presence. This system can be disadvantageous to those who lack such resources. Additionally, the emotional toll of relying on the generosity of strangers can be challenging.
Alternative legal options
If your medical bills stem from an accident where someone else was at fault, there might be an alternative to crowdfunding. Pursuing a personal injury claim can compensate you for your expenses. You can receive a settlement for medical bills, lost wages and general pain and suffering.
Unlike crowdfunding, filing a personal injury claim holds the responsible party accountable for their actions. A settlement can provide full compensation for the losses incurred. This legal route ensures that the financial burden of medical bills shifts away from the injured party and toward the at-fault party or their insurer.
While crowdfunding platforms like GoFundMe can be a valuable resource in times of need, a personal injury claim can help you seek full compensation and pursue justice after an accident.