Crowdfunding Senior Living
Crowdfunding is a digital age marriage of generosity and global data efficiency, coming together to improve lives. However, many people are not aware that crowdfunding can be used to support seniors and pay for senior care.
Learn more about the factors that promote a successful crowdfunding campaign, how crowdfunding can impact eligibility for public assistance and about the websites that you can use to start your own crowdfunding campaign.
Crowdfunding Private Pay Care
Seniors and their loved ones who have found themselves unable to pay the full cost of private pay senior care may be able to make up some of the gap through crowdfunding. Paying for the majority of senior care costs through crowdfunding is probably not realistic for the average family, but may be especially practical for those who find the cost of care just a little out of reach.
That said, it’s important to remember that crowdfunding for senior living can only be used to pay for private pay senior living or long term care. 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 a senior loved one is interested in crowdfunding, know that you can impact the success of your campaign. Successful crowdfunding depends on both having a compelling appeal and a broad enough reach.
Successful Crowdfunding Senior Living Campaigns
Successful crowdfunding campaigns have compelling headlines, well-written requests for help and a nice photo.
A senior care crowdfunding headline might say, “Help Mom get the care she deserves.” A compelling headline paired with a positive, eye-catching photo will give your appeal the best chance to grab the attention and sympathy of your audience. You can also upload multiple photos in your appeal. Consider including an old black and white photo from when your loved one was young, which may help your campaign by evoking the nostalgic memories of the friends and family you are trying to reach. Remember to tailor your campaign to your circle of friends and family. It’s not unheard of for people to donate to a stranger’s crowdfunding cause, but it’s not what drives the success of campaigns.
If email and social media are some of the primary ways you stay in touch with the people that you know and trust, there is a good chance that crowdfunding may work for you. Crowdfunding campaigns are most successful when many potential donors are reached through social media and email. The greater your circle, the better chance a crowdfunding campaign has. Not a lot of seniors have large social media circles, so consider leveraging the social media contacts of as many loved ones as possible, and ask people to help by sharing your crowdfunding appeal even if they cannot personally donate.
Senior Care Crowdfunding Platforms
Below is a list of 10 established crowdfunding sites that permit personal crowdfunding campaigns and that you can use to seek help paying for senior care.
Different crowdfunding websites tend to appeal to different audiences, so you might consider basing your choice of platform on the tastes of your friends and family.
These websites all tend to have similar fees — typically about 5% of total donations. Sites that advertise themselves as “free” typically charge their donors rather than recipients.
GoFundMe has a 5% fee and is one of the most popular crowdsourcing sites online.
GiveFoward has a 5% fee with a concentration on medical care, memorials and other personal fundraising.
YouCaring has a 5% fee to donors with a medical care and personal fundraising focus.
Fundrazr has a 5% fee and supports a wide variety of causes, although site is especially popular for medical fundraising.
CauseWish has a 4% fee and is dedicated to medical fundraising and care fundraising.
Fundly has a 4.9% fee and all types of fundraising supported: “Raise money for anything.”
GoGetFunding has a 4% fee and is a multipurpose crowdfunding site.
Rally.org has a 5% fee and primarily fundraises for the arts, but can also be used for medical care crowdfunding.
GiveForward has a 5% fee and is a multipurpose crowdfunding source with a medical fundraising focus.
IndieGogo has a 4% fee and is a youth-oriented site that may be helpful in reaching a younger audience.
Have you or a loved one participated in a crowdfunding senior living campaign? What was your experience like?
We Can Help! Our local advisors can help your family make a confident decision about senior living.