New research suggests that a growing number of people are turning to borrowing to cover the cost of private healthcare.

According to The Exeter’s Consumer Health and Finance Tracker, 19% of UK adults have used a credit card or personal loan to pay for private medical treatment.

Among those who accessed private healthcare during the previous six months, 40% funded it from their income or savings, while 24% used an insurance policy. A further 19% relied on credit.

Younger adults appear particularly exposed to these costs. The research found that 13% of people aged between 25 and 34 had taken out a loan for healthcare, compared with only 3% of those aged 55 and over.

The findings also revealed a difference between men and women. Around 23% of men had used borrowing to meet private healthcare costs, compared with 15% of women.

For households without an emergency fund, an unexpected illness or injury can create considerable financial pressure. The Exeter found that 21% of UK workers currently save nothing each month, leaving them with fewer options when an unplanned expense arises.

Although 60% of 18- to 34-year-olds had accessed private healthcare during the previous six months, only 13% of UK workers were found to have private health insurance.

Health problems can affect income as well as create additional expenses. During the same period, 19% of men and 16% of women had taken time away from work because of an illness, injury or mental health concern.

The research is an important reminder that financial planning is not limited to mortgages and savings. Suitable protection may provide valuable support when illness or injury affects your health, income or ability to work.

Private medical insurance, income protection and critical illness cover serve different purposes, so the right solution will depend on your circumstances, priorities and budget.

If you would like to review your existing protection—or understand the options available—please get in touch. We can help you consider suitable cover before an unexpected health issue places additional pressure on your finances.

As with all insurance policies, conditions, exclusions and eligibility requirements apply.