How Long to Keep Medical Bills and EOBs for Reimbursement and Reference

Keeping your medical bills and Explanation of Benefits (EOBs) organized can save you time and stress in case you need to file a claim or dispute a charge. Typically, you should keep medical bills for at least 7 years.

This timeframe allows for the statute of limitations to pass in most states, which can range from 3 to 10 years. For example, in California, the statute of limitations for medical malpractice is 3 years, while in New York, it's 5 years.

Having your medical bills and EOBs on hand can also help you identify any discrepancies or errors, which can be corrected with your insurance provider.

Suggestion: Statute of Limitations on Medical Bills in California

If you receive an EOB, it's essential to keep it for your records for at least two years. This is because you may need it for tax purposes, like claiming a medical deduction on your tax return.

An EOB contains your personal information, including your name, date, member ID, and claim number. It also has a description of the service and the date you received medical care.

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The total amount for the service, the amount your insurer has agreed to pay the provider, and your member discount are all listed on an EOB. You'll also see the copayment, coinsurance, or deductibles you owe, and the amount you may be responsible for paying out-of-pocket.

A remark code, which is also called an adjustment code or reason code, is included on an EOB. This code can help you understand why you received a particular bill or why your insurer didn't cover a specific expense.

Here's a breakdown of what you can expect to find on an EOB:

By understanding what's included on an EOB, you can better manage your medical expenses and make informed decisions about your healthcare.

As you navigate the medical billing process, it's essential to keep receipts for medical expenses for at least one year. This is because your insurance company may request proof of a doctor visit or other verification of medical claims.

You'll also need to keep medical records for three years if you take the medical deduction on your taxes, which can help you save money. This deduction is limited to the amount of total unreimbursed allowable medical care expenses that exceed 10% of your adjusted gross income, as of Jan. 1, 2019.

To submit a reimbursement request through a health reimbursement arrangement (HRA), you'll typically need to provide a proper claim documentation, such as an itemized receipt or invoice.

However, if you have a group coverage HRA (GCHRA), your employer may require you to submit an EOB instead.

This is because a GCHRA supplements an employer-sponsored group health plan, and your insurer decides what medical expenses are eligible for HRA reimbursement.

You can receive HRA reimbursements for out-of-pocket costs your group plan doesn't fully cover, like deductibles, coinsurance, and copays.

Only employees enrolled in their employer’s group plan can participate in a GCHRA.

For your interest: Medical Payment Plans

Keeping medical records is a cornerstone of modern healthcare, as it provides a continuous narrative of one's health journey. These records are invaluable to healthcare providers in crafting personalized care plans and to patients in tracking their health changes and making informed decisions about their health care.

Keeping medical records for at least 1-3 years after payment or the resolution of any insurance disputes is advisable. This ensures you have ample documentation to support any late-coming claims or inquiries from insurance companies.

Medical bills and receipts should be kept for one year, as insurance companies may request proof of a doctor visit or other verification of medical claims. This is especially important for tax-related reasons, as you may only deduct the amount of the total unreimbursed allowable medical care expenses for the year that exceed 10% of your adjusted gross income.

Retaining medical documents for a few years provides a buffer for reviewing annual health expenses, facilitating personal finance management, and ensuring that all payments are accounted for and that insurance benefits have been properly allocated. This is also crucial for tax-related reasons, as the IRS generally recommends keeping records related to tax deductions for up to 7 years.

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You should keep medical bills and records for at least 1-3 years after payment or the resolution of any insurance disputes, to ensure you have documentation to support any late-coming claims or inquiries from insurance companies.

For tax-related reasons, the IRS recommends keeping records related to tax deductions for up to 7 years, as medical bills and receipts can be crucial for substantiating claims of medical expenses deductions.

Individuals with chronic conditions or undergoing continuous medical treatment should consider retaining their medical records and bills for even longer periods, as the enduring nature of these healthcare scenarios often necessitates a detailed, ongoing record of treatments, diagnoses, and medical expenditures.

Keep receipts for medical expenses for one year, as your insurance company may request proof of a doctor visit or other verification of medical claims.

If you take the medical deduction, you'll need to keep the medical records for three years for tax records.

Create a system to track your medical bills and EOB statements from your insurance company, to spot billing problems and keep your records organized.

Keeping medical paperwork in one place, such as a single folder or binder, can help you stay on top of your bills and statements.

Always check the bills and statements you receive, and match each bill to the EOB statement from your insurance company to identify any discrepancies.

Create a system to track your medical bills and EOB statements from your insurance company. This can help you spot billing problems and ensure you're not overpaying for medical services.

Keep all your medical paperwork in one place, whether it's a folder, binder, or digital file. This will make it easier to find what you need when you need it.

Use a separate folder or file for each month or type of paperwork to stay organized. For example, you could keep a folder for each doctor's visit or procedure.

Always check the bills and statements you receive and match each bill to the EOB statement from your insurance company. If you notice any discrepancies, ask about them and keep a record of your conversations.

Keep receipts for medical expenses for at least one year, as your insurance company may request proof of a doctor visit or other verification of medical claims.

Consider keeping your medical records and bills for at least 1-3 years after payment or the resolution of any insurance disputes. This will give you time to review your annual health expenses and ensure all payments are accounted for.

If you take the medical expense deduction on your taxes, you'll need to keep your medical records for three years in case of an audit.

For tax-related reasons, it's recommended to keep records related to medical expenses for up to 7 years. This will ensure you can substantiate claims of medical expenses deductions if you're audited by the IRS.