How can I pay for my own medical treatment?

Key takeaways

• Self-pay healthcare, also known as pay-as-you-go healthcare, means you pay for private medical care when you need it rather than having private medical insurance.

• It may give quicker access to treatments than the NHS and you have the freedom to choose a private hospital or private treatment without insurance constraints

• You can set aside funds for potential healthcare costs (self-insurance) or you may be able to take out a loan and set up a payment plan for your treatment

What is self-pay healthcare?

Self-pay healthcare, also known as pay-as-you-go healthcare, means you cover your own private medical expenses rather than having support from an insurance company. This gives you access to private healthcare so you could be seen quicker than on the NHS. You can also have medical treatments not available on the NHS or via private medical insurance.

The services available on a self-pay basis include:

• GP appointments

• Specialist consultations

• Surgeries, such as cataract surgery or a hip replacement

• Diagnostic tests, such as MRI scans, x-rays and ultrasound scans

• Some therapies, such as physiotherapy and mental health support

What are the benefits of self-pay healthcare?

• Avoid long NHS wait times: Self-pay healthcare may allow you to bypass NHS waiting periods, which is important if you need treatment urgently or have a painful condition

• Treatments not covered by the NHS or private health insurance: You can access some treatments and medications not available through the NHS or via insurance, such as cosmetic procedures

• A second opinion or specialist care: Private healthcare payments can get you quicker access to specialist care or a second opinion

• Choice: You have the freedom to choose healthcare providers without network restrictions or the need for pre-approvals

• Savings on insurance premiums: You won’t have a monthly premium to pay and will only pay for medical treatment you have actually had rather than paying in case you need medical treatment

• Treatment for pre-existing conditions: Private medical insurance won’t cover you for a pre-existing medical condition

📣 Did you know?

Around one in six UK adults are currently on an NHS hospital waiting list. Nearly half of them (44%) rated their experience as "poor", according to the Office for National Statistics.

How does self-pay healthcare work?

• You may need a referral letter from your GP to access the right private healthcare support.

• You’ll usually need to pay for your initial consultation at the point of use or to put down a deposit before treatment begins

• Some private healthcare providers allow you to spread the cost. For example, Circle Health Group puts together a fixed-price package that covers any treatment you need as well as follow-up appointments and aftercare. You take out a loan from its finance partner and spread the payments into monthly instalments

Can I self-insure for medical treatment?

Yes, you don’t have to opt for private healthcare provider’s fixed-price package, you can do self-funding instead.

Typically you do this by setting aside part of your income for healthcare expenses (self-insurance).

To self-insure successfully, start by assessing your health risks and typical medical costs. Build a robust emergency fund to cover several months of expenses. Regularly review and adjust your savings to match inflation and changes in your health status.

How much will I pay for private medical treatment?

The cost of self-pay services varies significantly, influenced by factors such as:

• Treatment type

• Provider location

• Treatment duration

Without the bargaining power of large insurers, prices for self-pay patients can be higher.

Some providers, such as Practice Plus Group, list their prices on their website or you can get quote for the cost of your treatment from different providers to compare. At Practice Plus Group:

• A knee replacement costs £13,149

• A hip replacement costs £12,549

Should I pay for my own medical treatment?

Deciding to pay for your own medical treatment requires careful thought. Here are some key considerations:

• Evaluate treatment costs, service availability, and how quickly you can be seen: Compare these to the benefits of private health insurance or the NHS. Consider how these align with your healthcare needs

• Personal circumstances: If you need treatment with long NHS waiting lists or one not covered by insurance, self-paying may be suitable. Additionally, if you can afford upfront costs and seek faster treatment self-pay might be beneficial

• Long-term implications of self-pay: Consider the sustainability of self-payment. Assess the potential financial impact on your savings, particularly for chronic conditions or unexpected medical issues in the future

• Financial strain: Facing unexpected high medical bill could deplete your savings

• A combined approach: You could take out private medical insurance and self-pay for certain treatments. And remember, you still have access to the NHS

How can I compare private health insurance quotes?

Finding a cheaper deal on private health insurance for you and your family members is easier when you compare quotes online. With MoneySuperMarket, all you need to do is tell us a little about yourself and your lifestyle and we’ll do the hard work for you.

By comparing different policies, you can gauge what level of cover suits your needs and budget. Some providers may give you the option of adding eye care insurance to your health insurance or it may be included as standard.

After submitting your details, you'll receive estimates for various insurance plans. An expert will then reach out to discuss your options further, helping you secure the best policy at the most affordable price.