A new study by NerdWallet asserts that over 40% of all crowdfunding campaigns are for medical expenses.
Medical and health care campaigns make up the largest segment of crowdfunding at the sites examined. An average of 41% of campaigns were for medical costs, NerdWallet’s analysis of 2015 data from GiveForward, Plumfund, FundRazr and Red Basket shows. And yet, only 11% of medical campaigns were fully funded in 2015, based on the data received.Serious illnesses and diseases, such as cancer, are the most common reasons people cite for launching medical crowdfunding campaigns.
People are treating cancer with online donations.
At GiveForward, about 70% of medical fundraisers are for people recently diagnosed with cancer, according to the site. Most of the campaigns seek to offset out-of-pocket medical expenses as well as costs of living such as lost wages, transportation and childcare, Chapman says. In other cases, caregivers might also need help with living expenses while tending to the needs of a loved one diagnosed with a major illness, he says.