How Long to Keep Medical Bills and What to Do with Them

Medical bills can be overwhelming, but knowing how long to keep them can help you stay organized and prepared for any future needs.

Typically, it's recommended to keep medical bills for at least three to seven years, as this allows you to meet the statute of limitations for medical debt.

You'll want to keep bills from all medical providers, including hospitals, clinics, and pharmacies, as these records can be crucial for future medical needs or insurance claims.

For example, if you have a chronic condition, keeping your medical bills can help you track your expenses and advocate for yourself with your healthcare provider.

Discover more: Extra Help with Medical Bills

Medical bills can have a significant impact on your credit score, but there's some good news. As of April 2023, the three major credit reporting companies agreed to remove certain types of medical debts from credit reports.

Medical debt under $500 and in collections is excluded from credit reports. This is a big relief for many people, as a single medical debt in collections can harm your credit score by as much as 100 points.

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A negative mark stays on reports for up to seven years, but the good news is that paid medical debts are being removed from credit reports.

The latest tweaks to credit scoring models give less weight to unpaid medical collections than to other kinds of debt collections that appear on credit reports.

Here are the types of medical collections accounts that will be removed from credit reports, according to the CFPB:

If you're worried that medical debt is hurting your credit, check your credit report. The law guarantees that you can get one credit report a year from each of the three major credit bureaus.

If you have unpaid medical debt, try to take care of it as soon as possible. Contact your service provider or a debt specialist with any questions and resolve the matter as quickly as possible.

Here's an interesting read: Consolidating Medical Bills

Keeping medical records is crucial for maintaining your health history and ensuring you get the benefits you're entitled to. Experts recommend keeping EOBs (explanations of benefits) for at least one year from the day they were issued, unless there's a problem or question with the EOB.

You should keep EOBs for three to eight years after receiving medical care, depending on your individual circumstances. It's also a good idea to keep them longer if you've claimed any medical deductions on your taxes.

If you're assisting someone with care, such as an elderly or chronically ill relative, it's a good idea to keep their EOBs to have a record of their health history. This can be especially helpful when dealing with serious medical conditions.

Here are some general guidelines for keeping EOBs:

You should also keep other medical documents, such as prescription receipts, for a year in case your insurance company needs to see them. Keep them longer if you've claimed any prescription costs on your taxes.

It's also a good idea to keep records of your medical history, including new diagnoses, current medications, supplements and vitamins, and changes to medications. This can help you keep track of your health status and ensure you're getting the right treatment.

If you're dealing with a serious illness, it's recommended that you keep your EOBs for five years after the illness is alleviated. If you're claiming a medical deduction, keep the EOBs for seven years.

Expand your knowledge: How Long to Keep Medical Bills and Eobs

If you have a serious or recurring health condition, it's essential to keep all medical bills and EOBs on file, comparing related items for accuracy. You should securely store EOBs in chronological order for future reference.

For chronic or serious illnesses, you should keep EOBs for five years after the last treatment date, or seven years after you've claimed the medical tax deduction. This will help you track your health history and ensure you're getting all the benefits you should receive.

Here are some general guidelines on how long to keep EOBs in specific situations:

For standard health conditions, it's essential to keep track of your medical records and bills. Store your EOBs (Explanation of Benefits) and medical bills securely, comparing related items for accuracy and making sure no services were double billed.

You should also keep an eye on your deductible and ensure all parties have satisfied medical payments. If you're not claiming the medical tax deduction on your return and your medical condition has been resolved, you can safely destroy your EOBs.

However, if payments are outstanding, there are any billing discrepancies, or treatment is ongoing, it's best to file the EOBs in a secure location and revisit them the following year. This will help you stay organized and ensure you don't miss any important deadlines or payments.

If you're dealing with a serious or recurring health condition, it's essential to keep your medical bills and Explanation of Benefits (EOBs) on file. Keep all related items for accuracy and store them in chronological order for future reference.

You should keep EOBs for five years after the last treatment date, or seven years after you've claimed the medical tax deduction. This will help you keep track of your medical history and ensure you're getting all the benefits you deserve.

If you're supervising or assisting with the care of someone with a serious medical condition, it's a good idea to keep their EOBs to have a record of their health history. This can be especially helpful for those undergoing treatment for serious medical conditions, as it's easy to lose track of what services they've received and when.

Here's a summary of the recommended EOB retention periods for serious health conditions:

Keep prescription receipts for a year in case your insurance company needs to see them. This is especially important if you've claimed any prescription costs on your taxes.

You can have your medical bills destroyed once you've paid them and filed your income tax return.