Savings and loans, the healthy option

Savings and loans are increasingly proving useful as a way to pay for expensive medical treatment, a new survey has found.

Half of those without private medical insurance (PMI) said that they would either use their savings to pay for medical treatment, or take advantage of credit cards or remortgaging options.

The same group would even borrow money from family or friends to save on waiting time, with ten per cent of those questioned even expecting treatment within one week.

The results were uncovered in Standard Life's annual Healthcare survey, which found that many people believe PMI is a good option when it comes to getting the best treatment possible.

Better choice was cited as a reason to go private by 68 per cent of people, while better treatment was seen by 69 per cent as an attraction of PMI.

However Standard Life Healthcare has warned that many people may be unaware of the true costs of healthcare, and has urged them to ensure they have either adequate savings in the bank or comprehensive insurance in order to secure themselves the best possible treatment, in the fastest possible time.