Skin Forum - sore on left arm

I hope maybe someone can shed some light on this mysterious rash/leision/sore on my left arm.

It appeared about 4 days ago as a simple bug bite. I scratched it, and within less than a day, it turned into a raised red area with small blister-like things. It felt to be "pitted" in the middle while raised elsewhere.

Within 3 days of it appearing as a bug bite, it looked much as it does today (photos below). It is no longer "pitted" in the middle, but nearly all raised to the same level. The blister-like things are weeping a clear fluid much of the times and are scabbed, as seen below (the liquid seems to weep around the scabs and bubbles up). In fact, right this second, it's quite wet from the liquid oozing from a few areas. The entire thing itches like the devil, with the outer edge being the worst, though it itches around the entire thing, out to a good inch. I am not scratching the thing itself, though I will admit I've scratched about an inch away and around it a time or two. It's larger than a nickel, but smaller than a quarter. The skin feels tight, it tingles a bit and as I mentioned, is severely itchy. At times, it also has a "creepy crawly" sort of feel to it under the surface. It appears quite swollen and crusty, as seen in the image.

(The red circle nearby is just the imprint from a band-aid. I washed the area - have tried to keep it clean - and covered it with a first-aid-kit ointment and band-aid for about 10 hours, but it appears to have not helped or perhaps made it worse).

Has anyone come across this, or have any ideas? I've searched the internet up and down and can't find anything like this. My first thought was ringworm, but it doesn't appear to be the same at all.

I'm not sure if I should get it checked out (I do not have insurance, but certainly can get it checked out), if I should be concerned or not.

Thanks! I much appreciate any replies. I'd be more than happy to answer questions for details, if needed.