In a recent phenomenon, the number of medical practitioners who have incorporated cosmetic surgery into their practice has spiraled upward at an increasingly amazing rate. In record numbers, OB-GYN's and general practitioners are adding cosmetic procedures to their ever-growing list of patient care services.
Traditionally inundated with the red tape and difficulties of dealing with insurance companies and filing claims on their patients' behalf, medical practitioners are turning to the cash producing cosmetic procedures. They are generally not abandoning their core practice, only adding to the menu of medical services provided.
Since most health insurance policies do not cover aesthetic procedures, patients must pay up front for any medically unnecessary work. Thus, the physician can charge higher fees and gets paid immediately with no complications from the insurance company. Certainly, these are obvious benefits to a doctor expanding his/her core practice to include cosmetics.
General practitioners are required to take a class on the cosmetic procedure of choice before using it on patients. It is alarming that after the completion of a five hour training course in Botox, the general practitioner is deemed qualified to start working on patients immediately without having demonstrated adequate proficiency with the procedure.
In clear contrast, a board-certified cosmetic surgeon must perform extensive training in plastic and reconstructive surgery of the face and body to be certified by The American Board of Plastic Surgery. This is one sub-specialty of the American Board of Medical Specialists for which doctors must meet strict and extensive educational and exam criteria to be a board certified plastic surgeon. It is the first thing you should look for when considering a surgeon.
In recent years, OB/GYN doctors are regularly performing breast augmentation and tummy tucks, dermatologists performing liposuction, and ENT (ear, nose and throat) doctors performing extensive Rhinoplasty and facial surgeries. A clear delineation should be made that in many cases, these surgeons are board certified in their field of specialty ... not in plastic surgery.
Many physicians adding plastic surgery to their practice offerings volunteer that they are "board certified" in an effort to reassure patients. You should be aware that they probably are certified but likely only in their field. Always, check with the ABMS to see if your surgeon is certified by the American Board of Plastic Surgery. Call the ABMS toll free number or check with them online.
OB-GYN's performing liposuctions and Botox alongside PAP smears is somewhat disconcerting. Is the physician really making the patient's health and safety a top priority? Or is it their financial bottom lines that are the focus? Board-certified plastic surgeons perform a variety of cosmetic procedures with regularity, and in doing so, they have gained the immense advantage of experience and familiarity. Certification is an invaluable tool to the consumer to judge the best provider for their surgeries.
Alongside board-certification, consumers should look for a plastic surgeon whose top priorities are health and safety, as well as natural looking beautiful surgical results. Patient testimonials, before and after pictures, and comfort level at a consultation are all indicators of a reputable and qualified physician.
The NHS recognises through various initiatives, such as ?Improving Working Lives?, the importance of the work life balance. General Practices also need to encourage a GP to work for them, and will usually bend over backwards to accommodate the right doctor.
Perhaps it will not be a surprise to learn that 25% of all doctors work part time, with 50% of female doctors preferring reduced hours.
So, whether you are already or are planning to work part time for family reasons to help with childcare or simply deciding to slow down a bit in your fifties, a lot of factors are in your favour.
But what about the impact on your pension planning in general and your NHS Pension in particular?
Let's remind ourselves of a few facts:
?A GP's NHS Pension is based on the lifetime earnings, not simply the superannuable income the year before retirement.
?Broadly speaking if you work ? time it will take 4 calendar years for 3 years reckonable service to count for your pension.
?Any hospital years will be counted as GP years if to your advantage.
?There have been significant increases to the types of income that count as superannuable.
?Uplifts in pension calculations for 2003-2006 are substantial.
Pension A-Day
The changes to the general rules on pensions took effect from 6th April 2006. These changes are large and fundamental:
?There will be a fund size limit of ?1.5 million, regardless of the type of plan you have ? i.e. NHS ? Added years - Personal Pension ? Additional Voluntary Contributions etc.
?If you are projected to exceed this limit you may need to take action to protect your fund from a tax penalty.
One of the first steps is to calculate whether you will have an A-Day problem. If your NHS Pension is likely to be ?65,000 pa or over and you are retiring this year, you may exceed the ?1.5m limit (it's possible to exceed the limit even if your pension is below that amount).
The Whole Picture
When it comes to planning for your retirement, you should make sure you are looking at your whole situation, including wills and estate planning, and assessing how much money you'll need when you give up work. Most of our clients simply want to know whether or not their money will last them for the rest of their lives.
When calculating how much pension you'll have you should remember to take account of:
?Proceeds of practice sale or downsizing ?Lump sums and investments ?Inheritances ?State Pensions
Measurement
Retirement planning is not just about pension policies. On many occasions a new client will learn that they will pay 40% tax in retirement. This may be because they have had no real measurement to plan effectively, and have simply amassed a number of policies.
What action should a part time GP take to plan ahead?
?Obtain your NHS Pension projection from the NHS Pension Agency
?Obtain your State Pension projection from the post office (BR19)
?Request private pension arrangements projections
?Assess your investment wealth from Isas and Peps etc
?Use a detailed expenditure template to work out what you really need
?Even then, will you spend less after age 75?
?Create a strategy that you can revisit every year and use it to measure where you are compared to where you want to be
Summary
Planning ahead is one of the most important elements of retirement planning. Take the time to get your personal strategy on course, and then it'll simply be a case of reviewing the plan on an annual basis.
Both Abigail Aaronson & Ray Prince are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Abigail Aaronson has sinced written about articles on various topics from Breast Enlargements, Tummy Tucks Before and After and Rhinoplasty. For men and women in can provide beautiful results for breast enhancement, tummy tuck, and liposuction. Always. Abigail Aaronson's top article generates over 201000 views. to your Favourites.
Ray Prince has sinced written about articles on various topics from Finances, Babies and Property Guide. Ray Prince is an Independent Financial Planner with Rutherford Wilkinson plc, and helps UK Resident Doctors and Dentists get the best deals on mortgages, protection and investments, as well as helping them achieve their financial objectives. Just visit. Ray Prince's top article generates over 33100 views. to your Favourites.