Does My Plan Cover Lipo? Plastic Surgery and Health Insurance

By Robert Lewis, InsWeb.com

Don't like the shape of your nose? Want a bigger bust? Think your tummy could use a bit of a tuck? If you're considering going under the knife to spruce up your appearance, don't expect your health insurance company to pick up the tab.

Cosmetic surgery is considered elective, and health insurance companies won't cover the cost of procedures that aren't deemed necessary. And if you're considering paying out-of-pocket for a cosmetic procedure, it could put a serious dent in your checking account.

While some procedures are relatively inexpensive-Botox injections, for instance, cost only a few hundred dollars-the fees associated with most major forms of cosmetic surgery can be staggering. A rhinoplasty will cost you $5,000; a tummy tuck can run $6,000; a silicone breast augmentation could set you back $8,000; and extensive liposuction procedures can easily top $10,000.

But there's one procedure that isn't necessarily excluded: weight loss surgery. Just as nicotine patches are provided to smokers looking to kick the habit, some health insurance companies cover the cost of weight loss surgery for qualified patients.

According to the National Institute of Diabetes and Digestive and Kidney Diseases, gastric bypass surgery costs between $20,000 and $25,000 on average. And while that amount may seem like a lot, with an overweight patient facing monumental obesity-related costs down the road (a single knee replacement tops $30,000), many insurance companies view weight loss surgery as a wise financial investment.

A study by the Federal Reserve Bank of St. Louis found good-looking, slim employees earn 5% more on average than their less attractive counterparts. Researchers from the University of Texas learned that attractive lawyers earn more than their unattractive colleagues, and eye-catching college professors routinely receive the highest reviews from their students. Studies have also shown that attractive bosses are perceived as more credible and more persuasive.

Many professionals see beauty as a way to move up the corporate ladder. Whiter teeth, a bigger bust, a fuller hairline-improving personal appearance is rapidly becoming an invaluable tool for career advancement.

A bright smile and a healthy dose of sex appeal can help an applicant during the interview, too. After variables such as education and experience are taken into account, physical appearance can often make or break an applicant's chances of being hired-especially in fields where employees interact face-to-face with clients. Studies have even proven that good-looking college graduates are more likely to find a job than their less-appealing counterparts.

Maybe a $5,000 facelift could turn out to be a wise financial investment after all?