Bitcoin’s Role in Health Insurance – Bitcoin Magazine

by James · October 28, 2022

This is an opinion editorial by Frankie Wallace, a freelance writer from the Pacific Northwest.

Bitcoin is transforming the world of health insurance. Case in point: the use of bitcoin to aggregate health coverage.

There is a strong connection between bitcoin and crowdsourced health insurance. A clear understanding of this relationship is key for those who want to use bitcoin and want to pursue all the health benefits available to them.

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Bitcoin and Crowdsourcing Increase Access to Healthcare

Crowdsourcing helps people pay medical bills. To understand how crowdsourcing works and its relationship with bitcoin, let’s consider an example.

You may incur an expensive medical bill for a procedure used to address a life-threatening condition. The bill puts a huge dent in your budget to the point where you are forced to make significant cuts to pay it off.

With crowdsourcing, you can ask others for help with medical bills. You can set up a page on GoFundMe or a similar crowdsourcing site and share it with people you know. From here, you can get money to help you cover the cost of medical bills.

To date, at least 50 million Americans have helped someone collect a medical bill. On top of that, people are more inclined than ever before to use crowdsourcing to get the medical care they need, exactly when they need it.

Bitcoin is a difference maker when it comes to increasing access to healthcare. It makes it easy for people to contribute to public health insurance. It can also drive the growth of a new healthcare system that makes healthcare affordable and fair for everyone. Bitcoin offers incentives for patient-centered care across America, making this a viable option across the industry.

Why Health Insurance Companies Need Bitcoin and Crowdsourcing

Health insurance wants to be paid on time. At the same time, they want customers to get the best health cover. Thanks to bitcoin, health insurance companies can enjoy the best of both worlds.

Bitcoin is quickly becoming a must for insurance companies as it opens the door to better relationships with customers. For example, insurance companies can accept bitcoin payments from customers who use crowdsourcing to secure money for medical bills. This gives customers the ability to submit payments via bitcoin and other methods. It helps insurance companies stand out from the competition as well.

Allowing clients to pay with bitcoin can help insurance companies protect themselves from cyber attacks and data breaches as well.

Health insurance companies are among the biggest targets for cybercriminals. With bitcoin, these companies can track all payments that come their way. The companies can confirm that these payments are submitted securely. They can ensure that credit chargebacks and other fraudulent means are not used to steal your money.

Bitcoin and Crowdsourcing drive health literacy

People want to get the most out of their health insurance plans. Meanwhile, health insurance companies want to educate their customers about their coverage and what it offers. Together, bitcoin and crowdsourcing are increasing health literacy on a personal and professional level.

In a crowdsourcing campaign, people can learn why someone is looking for help with medical bills. They can gain insight into various medical conditions and the costs associated with them. From here, people can decide if they want to contribute to a crowdsourcing campaign. If so, they can use bitcoin to quickly and easily do so.

Health insurance companies can use crowdsourcing campaigns to understand their customers’ coverage needs. If a health insurance company discovers that clients often use crowdsourcing to get financial help with certain medical costs, it can look to revamp its plans accordingly. Or, if a health insurance company discovers that clients are crowdsourcing medical bills covered by their plans, it can reach out to those individuals as needed.

How to Get Started with Bitcoin and Crowdsourcing for Medical Bills

In many ways, bitcoin fixes crowdsourcing, for medical bills and for other uses. Bitcoin allows people to seamlessly and securely contribute to crowdsourcing campaigns for these bills. In that way, people can use bitcoin payments to help those who need financial help to pay medical costs. They can also ensure that people around the world can get the medical help they need.

If you have medical bills that compromise your budget, a crowdsourcing campaign can be a viable option. By accepting bitcoin as part of your campaign, you are well positioned to gain financial support from a wide range of individuals.

Learn as much as you can about crowdsourcing before setting up a campaign to help fund a medical bill. If you go ahead with a crowdsourcing campaign, be honest with people. Provide relevant information about why you are applying for funding. You can then offer the ability to submit bitcoin payments.

It may be beneficial to contact your health insurance company about accepting bitcoin payments as well. As bitcoin adoption increases, many health insurance companies and their customers may reap the benefits. Look at companies pioneering bitcoin-based crowdsourced health insurance, such as CrowdHealth.