When a medical emergency happens, it has a significant financial impact. This is where Health Insurance comes in handy. However, given today's ambiguity, such as COVID-19, the cost estimate on the treatment has grown increasingly complex. Therefore, people have resorted to crowdsourcing sites for financial help.

These platforms intend to assist you in reaching out to more people and gaining financial assistance to support your or a loved one's treatment. Medical treatment in India is more expensive than you can estimate. Hence, crowdfunding is an excellent way to raise funds.

What are the different crowdfunding?

There are numerous types of crowdfunding, only three of which are commonly used to seek financial assistance for medical purposes:

Peer-to-peer lending

Here, you seek assistance from your peers to understand that the funds get repaid in the future. This is like traditional bank borrowing, except that you borrow from several donors.

With incentives

You donate to a cause or project to raise funds in this setting. However, there is an expectation of receiving a non-monetary reward later.

Through donations

These people donate small amounts to meet the larger funding goal of a specific charitable project while receiving no monetary or material return.

How is crowdfunding impacting medical treatments?

Crowdfunding is doing more than just raising money for the needy. Some of its contributions are:

Increasing funder involvement

Crowdfunding supports and magnifies economic sharing systems at the local, national, and global levels by removing institutional barriers and encouraging active participation. Crowdfunding collectively alters the financial landscape and empowers new society segments to contribute to the sector.

As a result, medical crowdfunding takes benefit of globalisation and captures new funding that does not exist otherwise than redirecting funds through a different financing channel.

Raising awareness of health issues

Traditional funding sources sometimes overlook rare diseases in the health sector. Crowdfunding lets you fill these specific funding gaps. As a result, this funding method fills gaps in health research agendas by funding niche or high-risk health science fields. According to experts, crowdfunding effectively brings scientists and donors together to fund early-stage clinical trials for rare and neglected diseases.

Increased social participation

The most effective initiators provide frequent project updates, respond to funder inquiries, and use social media to their advantage. Funders also use social media to stay updated on how the project progresses, offer input wherever possible, and monitor the project's practices. Furthermore, social networks form a community around various projects, quickly spreading awareness. This lets you establish credibility with new contributors.

Transparency and social engagement are compelling in the health sector because funders frequently have a personal connection with people, issues, or businesses being financed. This inherent connection promotes transparency and accountability in the crowdfunding relationship.

Based on the mentioned aspects, medical crowdfunding certainly seems to be changing the face of India's medical sector and treatments.