Created on 01st August 2008
Financial journalist Mark van de Weyer investigates the economic implications of embarking on cosmetic surgery
The rapid growth in cosmetic surgery in the UK has led to the introduction of a wide range of attractive financial deals for those considering treatment. For most people it is a significant financial commitment, particularly as it is not provided by the National Health Service and the treatment will rarely be covered by any private medical insurance.
A recent poll of more than 2,000 people who had recently had cosmetic surgery which was undertaken by the Harley Medical Group for Channel 4 News showed that in order to pay for their treatment more than one person in ten had either worked overtime or taken a second job in the previous year. The same research showed that 21 per cent had obtained a loan from family or friends and around a quarter ran up credit card bills to meet the cost.
For those with private medical insurance it will normally only cover cosmetic surgery when a doctor specifies that the treatment is to sort out a specific health problem. Examples of this could be where the procedure is to put right birth deformities or to correct something that has been caused by illness or in an accident.
Otherwise the individual will be left personally having to fund the treatment and to respond to this the industry has developed a wide range of schemes aimed at easing the financial burden.
MYA (Make Yourself Amazing) which has a national network of consultation centres throughout the UK will offer customers interest free payments and long repayment periods which in some cases will be up to ten years when it can be secured against the value of a house. The repayments can also be varied to fit in at times when they can best be afforded, such as when an annual bonus is likely to be received, and MYA also have schemes designed for students.
Cosmetic Surgery Consultants which specialises in finding a suitable cosmetic surgeon anywhere in the UK will, in certain cases, be prepared to provide loans of up to 100 per cent of the cost of the treatment. Transform Cosmetic Surgery Group will provide loans that are interest free for the first twelve months and will in some cases allow people to borrow up to £15,000 towards the cost of treatment. The Hospital Group which has a network of hospitals and clinics throughout the UK provide loans of up to five years and Surgicare will in certain circumstances allow repayments on loans to be spread over seven years.
The biggest financial worry is if the treatment goes wrong but it is not easy to find suitable insurance. Much of the insurance that is being offered is unregulated which means that it is not covered by the Financial Ombudsman Service in the event of a dispute. The best advice is probably to ensure that the cosmetic surgeon you are proposing to use has its own indemnity cover and undertakes to provide follow up procedures at no additional cost should that sadly prove necessary.
There are almost always significant savings by having cosmetic surgery done overseas and it is estimated that up to 50,000 Britons a year are now doing this. Most go to Europe but a growing number are travelling further afield with South Africa and India being very popular destinations. Surgery Abroad International estimate that the savings for having treatment abroad are usually at least 25 per cent and in certain instances can be as much as 75 per cent. Some companies, including Surgery Abroad International, which specialise in providing treatment overseas also arrange the travel and can sometimes offer financial packages.
This growing market has unfortunately seen the emergence in the UK of small independent advisers offering to find attractive financial deals overseas but so far many of these have been discovered to be recommending unqualified practitioners leading to a large number of problems. Linda Briggs, a cosmetic surgery specialist, strongly recommends against using advisers but to deal directly with the organisation who will be responsible for the treatment.
As in most areas of financial services, there are an array of deals and offers for those wanting cosmetic surgery and, as always, it is important to take care and get advice if necessary.
CSMUK
