How expensive can medical treatment get?
In India, over 80% of people do not have health insurance. This is because there is a lack of awareness and a lack of financial capability to afford such insurance, among other reasons. Even the 20% of Indians who have health insurance are often unable to pay their medical expenses because even the most comprehensive health insurance plan does not cover all costs associated with medical treatments. Medical treatments can prove to be extremely expensive due to the various stages involved, such as consultancy, admission, medicinal costs, surgery costs, therapy, and scans.
The expenses associated with medical treatment also depend on certain other factors, such as the city in which a person seeks treatment. For instance, medical treatment in Mumbai is likely to be more expensive than medical treatment in Raipur. This is because the cost of living in Mumbai is higher than that of Raipur. Similarly, the type of hospital chosen for the medical treatment is also a consideration that determines the total medical expenses that one might incur. For example, getting medical treatment at an expensive private hospital would cost higher than getting the same treatment at a government hospital that offers subsidized rates. Other factors that affect medical expenses include the type of disease being treated and the extent of treatment required.
COVID-19, for instance, has taught us that medical costs simply cannot be predicted. During the second wave of the pandemic in 2021, the costs of various medical facilities shot up exponentially. Oxygen cylinders were being sold for lakhs of rupees, and many people had to pay lakhs even to use an ambulance. These are astronomical costs that no health insurance plan would cover. Thousands of people have lost their lives over the high costs of medical treatment, especially in the second wave. In such situations, online crowdfunding and fundraising can assist a family in its time of need.
What is crowdfunding?
With the expansion of digitization and growing reliance on the digital economy, online crowdfunding has emerged as a prevalent method of funding expensive medical treatment. The term ‘crowdfunding’ explains the essence of its function, i.e., to attain funds from large groups of people. Therefore, crowdfunding primarily refers to raising funds by inviting donors from all over the country and sometimes from around the world. It is an alternative method that allows individuals who need money to complete a certain objective. The fundraisers often set end goals or targets. People can choose to donate any amount (usually, there is no minimum amount, or there is just a token minimum amount) to help achieve the target.
Various websites on the internet now actively enable crowdfunding due to its growing acceptance and popularity as a way to raise funds. Social media influencers and celebrities now find it easier to pick a cause they relate to or support and often post links to the fundraisers on their social media platforms, such as Instagram stories, to invite donors. All anyone has to do is click on the link, read and understand the cause for which donations are needed. Digital payments have made it even easier to enable crowdfunding in the digital space that India is entering.
How can medical crowdfunding help you?
Medical crowdfunding is a popular, accepted, well-known, reliable alternate method to raise funds for expensive medical treatments such as open-heart surgery, cancer treatments, bone marrow transplants, etc. People from lower socioeconomic classes, who typically don’t have savings for such unforeseen expenses, find it difficult to pay for these treatments on their minimal annual incomes. This is where medical crowdfunding comes to the rescue. Ketto’s medical crowdfunding programme is rated the best in Asia—one of the world’s largest continents.
Keeping in mind the lack of funds that may motivate you to consider crowdfunding via Ketto, starting a crowdfunding campaign on the platform is free—there are no additional costs. The process of initiating an online medical crowdfunding campaign on Ketto is quick and efficient. With zero costs and the least amount of time invested, you can raise the amount you need for your loved one’s medical treatment in a timely manner.
Your next step
This Good Friday, in the spirit of goodness, head to www.ketto.org – Asia’s largest online crowdfunding community with millions of trusted users – to read all about the services we offer and ease your financial burden!
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