Well, in a sea of condoning individuals, I'll be the voice of the opposition.
Tattoos are somewhat of a growing trend these days.. That and "exotic" body piercing. Personally, as long as the tattoo is tasteful, not offensive and easily hidden if absolute need be, then what really is the issue? While some designs are far too overdone, that does not mean that it cannot have meaning to a person. We do not tell people to hide self-disfigurement scars on the job, nor do places condone tattoos of wedding rings and other procedures so why should someone hide a bit of general ink? It all falls into the "Self inflicted" category, be it ink, piercing or otherwise. Body modification has been going on for 1000's of years, and it will be around for thousands more.
Those of you on the "You cant get job X if you have tattoos!" You're full of it. You CAN get these jobs, and once you have them, an employer cannot fire you for having them. However - I do acknowledge that some people are judgmental about these kinds of things and some employers will find some reason to get rid of you other than "Because you have a tattoo" and they do - but most people are on the same page when it comes to the anti-discrimination laws and stances.
The main reason employers are all over these kinds of things is over health and safety. I can see why an employer would prohibit piercings and excessive jewellery as it could get caught in machinery, fall into food and packaging ECT. But ink is under the skin, and cannot flake off or get caught on anything.
While there are thousands of reasons for and against this form of art - the way I look at it is: Don't rush out and get something because it's the "cool" thing to do. Don't settle for something you're not going to be 100% satisfied with for life, and for the love of life - don't put something on your body that you would not want visible 24/7 in any situation!
But moving on to the original question... Cost can vary depending on who does it. A lot of artists charge by the hour, and the average is about 100$. Do not settle for someone who will do it dirt cheap, as these people are usually unlicensed and use sub-standard equipment. But don't go to high either - odds are you have a budget, and you don't want to be taking out a loan on ink. For a bit of an average, ink costs about 50-60$ a square inch.
The best thing to do is meet with the artist, ask to see previous work,(most respectable artists will have a list of clients that can be contacted regarding their work), ask to see licences, qualifications, and certificates and ask around. It might not seem like the most natural thing to do, but call the health board in your area and ask about the shop. Most will readily answer questions.
As for risks and other things, a lot of people are allergic to ink. Tattoo ink can cause the same effects on some skin as caustic chemicals. As with any other way of breaking the skin - there is risk of general infections, and contamination. Some people's skin does not take ink and will reject it. It can interfere with medical procedures - you cannot receive general blood work or vaccinations though the ink or near the ink of a tattoo (and for women with lower back tattoos planning on having kids and an epidural - you can count that option out!) The equipment use may not be sanitary and could cray blood born infections, even if used brand new. some inks contain chemicals and products that react to magnetic fields, and can cause problems with things like MRI's (very rare, but it still happens). Sun exposure can fade and leach colour from a tattoo. There are many more, but those are the main issues to be concerned about.
Removal is another thing you should be informed about. It costs on average 10 times as much as putting it there. Not only that, a lot of dark ink colours can never be fully removed, and cause excessive scarring. It is also extremely painful as they are using lazers to burn the skin and break down ink. It also may take upwards of 20 sessions to remove even a simple bit of ink.
All in all - the final decision is really yours. I have two highly visible tattoos (inner wrists) and am working a "white collar" job, and have had no issue with having them exposed, however, as a sign of respect, I do cover them in certain situations.
*All prices listed are in CAD and facts listed are of a Canadian demographic.