4 Ways Crowdfunding Helps Older Adults Meet Their Financial Needs | Home Care Assistance Grand Rapids

4 Ways Crowdfunding Helps Older Adults Meet Their Financial Needs

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Crowdfunding platforms like GoFundMe, Indiegogo, and Kickstarter are popular because the funds people raise can be used for a variety of purposes. Many seniors have discovered the advantages of crowdfunding as well, using the money to pay for anything from charity to their own at-home care. Birmingham caregivers share 4 reasons why your senior loved one may want to turn to crowdfunding.  

1. Pay for Rising Healthcare Costs

Many seniors skip out on seeing their doctors because they are unable to pay for the visits. Medicare was once believed to be a fix-all program, but it does not cover all medical costs. With the rise in healthcare costs, your loved one may forego treatment because of the out-of-pocket expenses he or she cannot afford. With the help crowdfunding, your loved one could raise money for those expenses and get the healthcare he or she needs, including prescription drugs, medical devices, tests, screenings, and therapy. If your loved one needs a professional Birmingham home caregiver, crowdfunding can help pay for this as well.

2. Reduce Debt

Seniors can find themselves deep in debt due to mortgage payments, student loans, medical expenses, credit card bills, and many other reasons. Living on a fixed income means the interest attached to this debt has a higher chance of increasing. However, crowdfunding is an option your loved one has for raising money to pay off his or her personal debts. This financial relief could help your loved one live a more stable life, instead of stressing about unpaid bills and debt that continues to increase. 

3. Raise Awareness for Important Concerns

Dementia, Alzheimer’s, diabetes, heart disease, and various forms of cancer are health issues your loved one may want to raise awareness for, but he or she may not have the money to do so. However, with a social media campaign, your loved one can raise money online and use it to pay for treatment research and bring awareness to various health conditions. The money raised could go toward hosting community events where family caregivers learn more about the various diseases and illnesses seniors are at a higher risk of developing and how to prevent them. 

4. Build New Careers

Some seniors are looking for a fun post-retirement career, while others have financial concerns that make it necessary to find a new career. In the past, senior entrepreneurs did not receive a great deal of support on new business ventures. However, with crowdfunding, your loved one can attract small donations from random people around the world who believe in his or her new idea or invention. Your loved one could also appeal to investors who are looking for campaigns to fund.

For more information on helping seniors manage their finances, reach out to Home Care Assistance. We are Birmingham’s top choice for seniors who need a live-in or hourly caregiver. Birmingham Home Care Assistance promises a 100% satisfaction guarantee for all of our senior care services, and we never ask our clients to sign long-term contracts. Call 616-243-0835 today to learn more.