Medical emergencies and how savings could be used towards medical expenses
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Medical emergencies and how 
savings could be used towards 
medical expenses
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“Change is always tough. Even for those who see themselves as agents of 
change, the process of starting a new thing can cause times of 
disorientation, uncertainty and insecurity. – Joyce Meyer/em>
Medical emergencies can occur without a moment’s notice. However, the UK 
has an NHS health system which provides free medical care to most UK 
residents, which means that most people will receive treatment for several 
diseases and conditions through the NHS. However, there are instances that 
the NHS cannot provide free treatments as they can be quite expensive; they 
also may refuse to send patients for vital examinations as they determine that 
the patient does not need one, which can sometimes lead to costly mistakes.
Therefore, when treatments or exams are not possible through the NHS, 
many seek alternatives such as private medical care. There are a significant 
number of people who have had experiences that have left them with the 
perspective that the NHS is increasingly failing to meet the medical demand 
through an adequate level of care. According to the Guardian, people feel like 
this because of long waiting times for GP and hospital appointments, staff 
deficiencies and lack of funding by the government. 
However, just 25% are of the perspective that the NHS should receive further 
funding. Supporters of Labour and Tory largely favour NHS founding 
standards, with 94% wanting the NHS to continue to be free for everyone and 
86% wanting funding through taxes.
Moreover, in the UK, the number of people waiting for hospital treatment has increased 
to 6.5 million. A pattern emerged between 2012 and 2019 of the waiting lists constantly 
rising; however, from early 2021, this raised more rapidly. There was an 18-week aim 
for treatment, but unfortunately, this target has been missed since 2016.
In addition, the number of A&E visits since 2012 has surpassed pre-pandemic levels. 
Waiting times of over 4 hours also increased between 2015 and 2020. In March 2022, 
a record 41.3% rise was recorded.
Private Health Care Insurance
Private medical insurance covers, part or all medical expenses if you seek private 
treatment. Health care also enables people to choose how much care they want and 
when they require treatment.
People who prefer not to use the NHS can find it quite costly to seek private treatment, 
particularly for severe illnesses.
Advantages of Private Healthcare Insurance
1. Private health care gives you access to specialist referrals; your GP can make a 
referral to a private specialist for you to receive a second opinion or treatment.
2. Request the scans you want; for instance, if the NHS delays a scan or 
says you do not need one, the coverage you get from paying for health 
care can be used towards it.
3. The waiting time for NHS treatments can take a while as the demand for NHS 
treatment   is high. The insurance can be used to lessen your waiting time for 
treatment if the waiting period is more than six weeks with the NHS.
4. You choose the physician and hospital to suit your requirements which cannot be 
done through the NHS
5. There is a higher possibility of getting a private room than an open ward 
with both men and women.
 
6. Some treatments are not available under the NHS for free as they are too costly 
or not authorised by the National Institute for Health and Clinical Excellence in 
England and Wales (NICE) or the Scottish Medicines Consortium (SMC).
7. Physiotherapy sessions are given faster if you have insurance than through NHS 
treatment.
Disadvantages of private healthcare Insurance
1. The NHS might give you better treatment for severe diseases such as cancer, 
heart disease or stroke and is likely to prioritise treatment for people with these 
conditions. Private healthcare insurance does not always cover more severe 
illnesses, whereas NHS covers many diseases for free.
2. Private medical insurance is costly, and the price will continue to increase. An 
average family premium (two adults with two kids under 10) can range from £700 to 
£1,800 per year. Premiums increase each year as you get older, which means when 
you are no longer a spring chicken and are elderly and might require more hospital 
treatment due to more illnesses attributed by factors such as old age, it might not be 
affordable for you.
3. Diseases which are chronic in nature are generally not covered. The majority of 
fees do not include coverage for incurable illnesses such as diabetes and certain 
cancers.
4. Private health insurances do not typically cover pre-existing conditions. Some 
health insurance providers may allow you to add this to the policy, which will increase 
the price of coverage further.
5. There is no guarantee that treatment options will be accessible locally. Therefore, 
if you pick a policy with an approved list of experts and hospitals, this may not 
include your preferred consultant or suitable location for your treatment.
Alternative options to having Private health care:
Depending on your financial capacity, you may want to use savings to pay for all or 
part of your medical care; roughly one in five private patients are doing this. Hip and 
knee replacements are typically £10,000 each, and MRI scans range from £500. 
Though you can try to find lower prices and ask your GP to assist you with this.
You can also pay for a private appointment if you are not convinced by your doctor’s 
diagnosis and want a second opinion. After that, your consultant may refer you to 
NHS if further treatment is required.
Why Saving money for medical emergencies is essential?
Building an emergency fund is vital as sometimes medical emergencies can pop out 
of the blue; even whilst you are on holiday, letting your hair down, the unexpected 
medical problem could prop up.
A substantial number of people in the UK go abroad each year for holidays; 23.8 
million trips were made abroad in 2020, 74% less than in 2019 because of the 
coronavirus pandemic. In 2020, UK residents spent £13.8 billion abroad; this was 
78% less than in 2019.
If a medical emergency happens while you are on holiday and you have saved, this 
can be used towards the cost of medical treatment abroad or emergency return 
flights.
The recommended savings account is an instant access account, covering a 
minimum of three months’ worth of expenses to save for potential emergencies. If 
your income is reduced because you are made redundant or suffer a medical 
emergency such as an injury, you will have a few savings to rely on if things get tight.
However, it is crucial to ensure you are financially prepared to put money in a savings 
account before taking the plunge.
Clear up anything that may be outstanding such as:
 Debt attributed to Credit card
 Unauthorised overdraft
 Pay-day loans
 Outstanding mortgage repayments
 Door-door lending or home credit
Long term, it may be less expensive to pay any of the above off before opening an 
emergency saving account; however, if you are not missing mortgage repayments or any 
other form of credit you have is low-cost, short term or well-managed, making this part of 
your emergency fund may be worthwhile.
Although medical treatment can be quite costly and having savings may not be enough to 
cover the total cost of treatment, even if you still need to set up a funding page, if you 
have saved some money, you will not be entirely reliant on donations from and will be 
able to reach the needed amount quicker. Savings are also advantageous to get a 
second opinion. In addition, saving money for emergencies such as medical crises can 
also be beneficial if doctors from NHS are refusing to do the necessary exams you are 
asking for because they want to save money; if you have savings or private healthcare, 
you could use this towards paying for a medical exam.
On the one hand, private healthcare can cost an arm and a leg and does not usually 
cover chronic diseases.
On the other hand, savings can provide a financial cushion to pay for medical exams 
and go towards treatments unavailable through the NHS.
Nevertheless, the NHS is still an invaluable healthcare system as, without it, many 
would have no access to medical care, like in countries like America, where people 
need insurance to receive medical treatment. Ideally, private healthcare or savings 
would be accessed in cases where the NHS cannot provide the treatment required 
because the treatment is too expensive or because they are refusing to carry out 
specific exams such as MRIs.
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Savings