About 55 million Indians were pushed into poverty by patient-care costs in a single year, according to a study from the Public Health Foundation of India. It is no surprise that taking medical loans and borrowing a huge amount of money from friends and family is one of the biggest factors in keeping people in debt and ultimately pushing them into poverty.
“We have already spent more than 38 lakhs to date. Every day, we spend over Rs 7,000 and we fear soon we will be unable to pay even a penny on our own.”
This was Anil Sharma, the father of a 24-year-old who was fighting for his life from COVID. Not having seen a paycheck in months, Anil kept falling into a debt trap as he kept borrowing money for his son’s treatment from friends and family.
“If it were up to me to save my son’s life, I would have continued to sink deeper into debt. But I can’t. I’ve already borrowed so much money for his previous treatments, I’ve no other way to help my child anymore,” said Anil.
On Ketto, Anil set up a fundraiser to pay for his son’s hospitalization and post-hospitalization costs. He was able to raise more than 21 lakh which not only helped his son get back on his feet but also helped him reduce his debt.
Crowdfunding is when someone raises funds for a specific purpose from many people, typically through a website like Ketto.
People who are underinsured or lack insurance entirely, may sell possessions or go into debt or bankruptcy to pay for costs associated with care.
Over the past few years, crowdfunding has gained a lot of attention due to such reasons.
As per Statista, the total transaction value of crowdfunding is projected to reach $9.4m in 2021 in India.
With crowdfunding, you can rest assured knowing all your medical expenses are covered. It eliminates competitive interest rates, bad credit scores, and repayment plans individualized to your needs.
Consequently, you can raise money for medical treatment and provide the best care for your loved ones without worrying about the increasing medical bills or medical loans.
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