Invest in your looks

By Liz Pulliam Weston

Elective and cosmetic procedures can be real profit centers for the doctors who offer them. But might they be profitable for the consumers who undergo them as well?

That's the question we tried to answer using four common procedures. Our findings: The economic benefits alone may not justify the costs, but the future savings can at least offset some of the expense, in sometimes surprising ways.

Laser eye surgery

Laser eye surgery permanently changes the shape of the cornea, the clear lens covering the eye, and can be used to fix nearsightedness, farsightedness and astigmatism, said John Ciccone, spokesman for the American Society of Cataract and Refractive Surgery.

The average cost of laser eye corrections, about $2,200 per eye in 1999, dropped and then rose in 2006 to $1,950. Costs, however, vary widely depending on the practitioner, region and method used.

Insurance typically doesn't cover the cost, but you may be able to use an employer's flexible spending plan, which allows you to set aside pretax money to pay for the surgery. If you're in the 25% federal tax bracket, that could save you about $975 in taxes.

Laser surgery's popularity has soared in recent years as people have learned they can ditch their glasses or contacts, or at least lessen their dependence on them. As with all surgeries, there are risks; the U.S. Food and Drug Administration has posted a consumer guide on its Web site that describes them.

How much you'll save depends on how much you spend on glasses, contacts and cleaning supplies before the surgery vs. afterward. Assuming you shell out $300 to $500 a year now and don't need glasses or contacts at all after the surgery, you could recoup the cost of your procedure within eight to 13 years.

Laser eye surgery typically doesn't fix vision problems that are related to age, however. As we hit our mid-40s, our eyes have a more difficult time focusing, a condition called presbyopia. (Although there are surgeries designed to correct this problem, they involve implanting an artificial cornea and are considerably more expensive, to the tune of $5,000 per eye.)

So the older you are when you have laser eye surgery, the shorter time you'll have to enjoy life without glasses or contacts -- and again, that's if laser surgery frees you from having those aids, rather than just lessening your dependence on them.

Still, you may decide the lifestyle benefits are worth the cost, regardless of any future savings. One poster on the Your Money message board said he and his wife had the surgery several years ago, and haven't looked back.

"I figure I saved about $300 a year, plus cleaning supplies," wrote surfingnetatwork. "But I tell you, there's nothing like buying nice sunglasses in the store, or waking up in the morning and seeing the alarm clock, or looking out the window while I'm in the shower and seeing everything crisp and clear."

Others say the risks of the surgery, and the fact that there are no guarantees they won't need glasses or contacts afterward, have led them to stick with the vision-correcting methods they already know.

"I've considered surgery at various times over the years and always rejected it," lizzer wrote. "I know most people are very happy with the results, but for me it fails the test both in cost vs. benefit and risk vs. reward. I'm pretty happy with my contacts."

Bottom line: There's no guarantee you'll recoup all the costs of your laser eye surgery with future savings on vision aids, but the lifestyle benefits may still make the procedure worthwhile for those who can, and want to, try it.

Professional teeth whitening

Dentists offer two basic systems for brightening your pearlies: take-home bleach trays and in-office bleaching.

As a purely cosmetic procedure, teeth whitening isn't covered by insurance or employer flexible spending plans. The take-home kits typically cost $300 to $500, according to the American Dental Hygienists Association, and require up to two weeks of nightly (or daily) treatment. The in-office procedures usually cost $500 to $1,000 and use a light or heat to activate the gel that whitens your teeth; most require just one office visit. Touch-ups are often required after a few years.

More costly options for cosmetic improvement include bonding, in which resin is molded onto a tooth, and veneers, in which porcelain facings are adhered to the tooth. Bonding typically costs $300 to $700 per tooth, and veneers usually run $700 to $1,200.

Compare the cost of professional whitening to the cost of over-the-counter remedies -- whitening toothpastes ($3 to $5), whitening gels ($15) and strips ($30 to $50) -- and the drugstore remedies typically come out the winner. But professional whitening gives more dramatic results, according to the American Academy of Cosmetic Dentistry, and offers professional supervision so you don't wind up wearing away your precious enamel in an effort to get too-bright teeth.

Bottom line: It's hard to make a purely economic argument for professional tooth whitening, so stick to the drugstore remedies if you're on a tight budget. If you want maximum whitening, however, go the professional route.

Professional hair removal

Sick of shaving, waxing, threading or otherwise tangling with hairs in all the wrong places? Electrolysis and laser hair removal are two options with varying costs and results.

Electrolysis offers permanent hair removal in which a needle is inserted into a hair follicle. It can be painful and time consuming. Laser hair removal, by contrast, offers hair reduction; some hair may grow back.

Continued: Weight-loss surgery

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