Around 53% of individuals lack medical insurance. This is because only NHS-qualified individuals get health insurance. NHS provides universal healthcare services in the UK. Apart from qualifications, financial issues are one of the major obstacles to having health insurance. The average cost of health insurance in the UK is- (£1,032.84 per year). It is the estimate as per the January 2023 analysis.
Why is healthcare costly in The UK country?
Between the rising costs in the UK healthcare industry, constant developments, and strict eligibility for NHS benefits and insurance, one struggles to pay the bill. Moreover, the advanced use of technologies and hands-on tools makes it nearly impossible to meet the costs. Insurance helps individuals cover the costs but has other sides, too.
Some insurance leaves patients with costly premiums. Not filing in a timely leads to debt or additional liability. Moreover, with high deductible payments, it becomes challenging to pay the premiums in full. It leads to unpaid hospital bills.
It is the reason most individuals ditch costly insurance and seek other ways to finance the costs.
How to pay the bill without an insurance cover?
If you lack insurance and find it nearly impossible to pay the bill, negotiate the deal. The below points may help you negotiate a better deal. It would help you pay the balance.
1) Check your bill carefully for mistakes
It is no big deal. Yes, hospitals commit such mistakes of errors in billing. Thus, always check the billing costs before paying. Make sure you receive the bill for the actual services you leveraged. If you find delinquencies in the bill or are confused regarding the costs, enquire about it immediately. It would help you pay what you owe.
Moreover, compare the costs of the utilities according to the market rate. If you find it too high, hire a medical cost expert. He may help you negotiate the costs and demand a percentage of the relief as a commission. You do not need to pay anything upfront.
2) Do not avoid the billing warnings
One of the worst things to do when in debt is- not responding to the constant hospital emails for bill clearance. Moreover, discussing things with the firm will only help you clear the bills timely.
If your current financial situation does not support the hospital bill costs, the hospital may be in for a negotiation. The negotiation may help you pay far less than you ought to. This may also prevent debt collection agencies from flooding your doors with notices.
3) Check for available discounts
Yes, negotiating hospital bills is possible if you can leverage discounts. They can do this in consideration of prompt payments. You can check the payment plan that you can adhere to comfortably. It would help you pay the costs in instalments.
However, explore the other hospital bills for similar treatment. Check whether the present one charges unnecessarily. Ask for a discount if you find the charges to be unrealistically high. Yes, some efforts can help you save well on hospital bills.
4) Avoid paying hospital bills through credit card
When you get a heavy hospital bill, it feels no less than a lump in the throat. If your savings are lower than the bill you face, a credit card seems a bright option. However, it is not. It may provide you instant relief, but on the other side, it impacts your finances. You may not be ready for a debt trap that it may infest you with.
This is because the interest rate charges may impact the overall financial stability. Usually, the interest rates are high if not leveraging an interest-free period. The final bill with hospital charges may catch you off guard.
Thus, avoid the temptation of paying hospital bills on a credit card. Instead, use affordable options like unsecured bad credit loans may help you. It is because here you always know the total amount you must pay according to the bill.
You may clear the bill with a one-off payment and pay the credit in easy and fixed instalments. The charges do not exceed unless you skip the loan payment. Precisely, it is the best and fastest route to clear the balance.
5) Investigate the state’s billing protection laws
Surprise medical costs occur when you are not prepared or the hospital charges more than the legible amount. Under this, you must seek billing protection laws that may help you provide justice. For example, some countries’ billing protection laws state an individual must pay the in-network hospital rate rather than the out-of-network doctor.
Like, in the UK, the No Surprises Act asks hospitals to provide clear bills, including the actual costs. It must include the costs related to every medical facility used. Moreover, it bans unexpected out-of-the-network providers. You can leverage it for emergency hospital bills or in-hospital expenses, including ambulance charges.
If you believe you have been wronged, visit cms.gov for more information.
6) Tap loans for bad credit
If none of the above helps you negotiate the price of the bill, poor credit loans may help. You may need one because your current financial situation is low with too many debts. Here, a loan for a bad credit history may help clear the dues quickly.
Adhere to the need of the hour and continue the treatment or consultations after hospital release. Thus, here clearing the dues quickly would be the best decision. Check the total savings you have. Analyse whether you can seek help from your loved ones to pay off some.
Usually, finding someone to pay the dues when you need it the most is challenging. Thus, facilities like loans for poor credit with no guarantor requirement may help you here. It is one of the best ways to keep your financial affairs a secret and safeguard your loved one’s life with timely bill clearance. What could be better than independent financial management with just a small cash help?
Bottom line
Being unable to pay an outstanding bill can be extremely expensive. This is especially true when undergoing a tough financial phase. Research your prospects to reduce hospital costs. It would help you lower the overall due payment. Additional financial facilities like unsecured loans may help you cover the rest of the payments without delay. Check options for your finances and the urgency of the situation.
Anna Johnson has more than 11 years of experience in direct lending industry of the UK. She is the Senior Content Editor at 24cashflow where she is leading a large team of loan experts. During her career, she has helped the loan aspirants to use the particular loans in the best way and improve their financial lives and status.
Anna Johnson is known for her in-depth research of the UK loan marketplace, as she has worked with many major lending firms in her career. During her educational phase, she has done a research on ‘Finance Fundamentals for Growing Business’.