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Using A Loan To Pay For Medical Treatment

Aug 17, 2007
With the NHS being severely under funded, more and more people are turning to private medical care in order to get the treatment they need. This might be treatment that can be done for free on the NHS, or elective and cosmetic surgery that you have to pay for. Whatever medical treatment you need, you should consider getting a loan for medical treatment if you cannot afford the costs. Here is some advice about taking out loans for medical treatment.

What is medical financing?

Medical financing is a method of paying for elective treatment through a loan. This loan is similar to any unsecured loan, except that it is designed specifically for medical treatments. Many people have the choice between getting a loan for elective treatment or not having it at all, so this type of loan can really help out.

Better than a credit card

Although smaller procedures might be afforded on a credit card, medical loans have a major advantage over credit cards. Cards have much higher interest rates than a loan, and so it will cost you more and take you longer to pay back. Also, after surgery you might not be able to work for a while, and that credit card could be useful for expenses during this time.

Types of procedures

Medical financing can be used for all manner of procedures, both elective and non-elective. If you find yourself in a long NHS waiting list and are eager to have an operation but dont have medical insurance, then a medical loan could help you get the operation privately. Also, if you want treatment that your medical insurance or NHS will not cover, such as cosmetic surgery, then a loan can also help.

Not all doctors accept financing

Although medical financing is widely accepted, not all doctors will accept this method of payment. That is because doctors negotiate with lenders in order to offer a discounted rate for procedures. Therefore, the doctor will not get the full amount for the operation. Some doctors cannot afford or do not wish to do this, and so do not accept this type of medical financing.

Alternatives to medical loans

Of course, there are alternatives to medical loans. You could get a traditional secured or unsecured loan to pay for your treatment. If you can find a loan with a better rate than medical financing, then it might be a good idea. However, it might not have the advantages or convenience of a medical loan, like not making you start to repay the loan until after your recovery period. Whatever type of loan you choose, make sure that the procedure you are paying for is what you really want, and that you can afford to make the repayments. Also, make sure that the hospital and doctor you use are of a high standard and have all the necessary qualifications to carry out your operation. That way you will keep your health and your financial status intact.
About the Author
Peter Kenny is a writer for The Thrifty Scot Please visit us at Loans and Bad Credit Loans
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