As more people feel a pinch on their wallets during the economic downturn,having a cosmetic or plastic surgery procedure has become a low priority for many.Since most elective procedures are not covered by health insurance, individuals typically have to pay for the entire surgery out of pocket.If the procedure does not go well or as planned, the patient is often wholly responsible for paying for health and medical costs for recovery, and for any additional surgery that may be necessary to correct the original procedure.
Lloyd’s, the world’s oldest insurance market, has recently unveiled its Beautysure program that covers the costs of corrective surgery for patients who have suffered from complications after going under the knife.The program has been under development for over nine years, and is an addition to an individual’s health insurance policy.It is currently available in Europe for a price of £4,000 for a year, and patients can purchase extended coverage for a small annual fee.
In the United States, individuals still have very few options for covering the costs of surgery and any medical costs associated with recovery and corrective procedures. There are currently no U.S.-based insurance companies that offer a similar program as Beautysure, but some doctors may offer discounted surgery or other options for returning patients.
To attract more patients during the rough economic climate, many U.S.-based surgeons are offering payment plans and layaway programs to help patients pay for their treatment.Patient financing is another option; financing options designed specifically for elective surgery help patients make monthly payments for large balances, and at better interest rates than standard credit cards or personal loans.
Still, some insurance providers are willing to cover the costs of surgery that will improve the patient’s health, and many work with discount health service providers so that patients can pay less than market price for procedures such as LASIK and cosmetic dental procedures.