We all know crowdfunding isn’t a new concept, but it is continually changing just like any other digital resource. When hearing the term crowdfunding you might typically jump to entrepreneurs, businesses, artists, nonprofits, and start-ups encouraging specified audiences to make a donation. They’re essentially asking for help to fuel their dream project or to support a cause meaningful to them.
What about Crowdfunding to Help Gram Out?
Crowdfunding is a popular way to raise money for anything from new technology to out-of-pocket medical expenses; however, it may be surprising to hear senior care is now supported through crowdfunding. To be honest, though, nothing is that surprising these days so maybe it’s not.
One thing’s for sure, aging America has become a financial reality for countless families caring for parents and other family members dealing with age-related issues.
Many adult children have made financial sacrifices to cover caregiving expenses, according to caring.com. Roughly half spend more than $5,000 a year on caregiving expenses, 30 percent report spending more than $10,000 a year, and 21 percent don’t even know how much they’re actually spending.
While crowdfunding alone will not solve the average caregiver’s financial challenges, it may be practical for those who find the cost of care slightly out of reach.
That said, it’s important to know that crowdfunding can only be used to pay for private pay senior care. According to aplaceformom.com, income from crowdfunding could potentially disqualify a senior for Medicaid benefits or veteran’s benefits by taking their income above the maximum thresholds.
If you or your loved one is interested in crowdfunding, know that you can impact the success of your campaign. Successful crowdfunding depends on having a compelling appeal and a broad enough reach.
Would you consider crowdfuning for your loved one? What other interesting ways have you seen it put to use? Drop a note; I’d love to hear your thoughts.