Should I preserve my condition insurance statements of benefits?
Every time my health insurance pays a claim, I get a statement surrounded by the mail that shows what the charges were from the doctor and what the insurance company remunerated on those charges. I have a stack an inch thick from yesteryear 2 years. Is there any reason I could maintain these statements? If I need to keep them, how long should I keep hold of them?
Answers:
I hold ALL of mine... I've worked in insurance & health perfectionism for a LONG time... and I hate to say it, but I CONSTANTLY see bills from doctors & hospitals contained by collections that are 5 & 6 years old, sometimes even older. I've have to dig for claims 10+ years old, stored on microfiche... If you enjoy a medial bill sent to collections, it will fall off your credit report after 7 yrs, and will reappear when a different collection agency buys the debt. Its up to a merciful to provide 'proof' the insurance paid their part to a collector. I hold mine... Separate them by year, & file them away in a cabinent next to my taxes.
I always do. Experience have taught me that many providers' billing functions are inept and error-prone.
They are a necessary document if you find that a provider suddenly decides to distribute you a bill, or god forbid, to collection. I like to keep mine file according to provider, attached to the corresponding statement from the provider-but I'm retentive! That way I make sure that adjectives providers are paid and paid correctly. I would save them for 5-7 years (cause that's how long the statute of limitations for collection are in most states).
Related Questions:
Answers:
I hold ALL of mine... I've worked in insurance & health perfectionism for a LONG time... and I hate to say it, but I CONSTANTLY see bills from doctors & hospitals contained by collections that are 5 & 6 years old, sometimes even older. I've have to dig for claims 10+ years old, stored on microfiche... If you enjoy a medial bill sent to collections, it will fall off your credit report after 7 yrs, and will reappear when a different collection agency buys the debt. Its up to a merciful to provide 'proof' the insurance paid their part to a collector. I hold mine... Separate them by year, & file them away in a cabinent next to my taxes.
I always do. Experience have taught me that many providers' billing functions are inept and error-prone.
They are a necessary document if you find that a provider suddenly decides to distribute you a bill, or god forbid, to collection. I like to keep mine file according to provider, attached to the corresponding statement from the provider-but I'm retentive! That way I make sure that adjectives providers are paid and paid correctly. I would save them for 5-7 years (cause that's how long the statute of limitations for collection are in most states).
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