How Long Should I Keep Health Insurance EOB Records?
It is important to remember three key facts when sorting through and deciding which health insurance EOB records to keep and which to discard. Briefly, those reasons are how long to retain the records, which records to keep for help and clarification when supporting claims data, and where to keep health insurance EOB records.
What Health Insurance EOB Records Should I Retain?
Keep Health Insurance EOB Records that may become necessary to prove to health care providers how much the insurance company paid for at least one year. Check each billing statement from all health care providers against what was billed to the insurance company. Compare that amount with the amount of the insurance company’s payment to the provider. Retain records for a minimum of six years as a method of proof to the IRS the amount of the health care deduction claimed, if there is one.
How Long Should I Keep Health Insurance EOB Records?
It is best to keep health insurance EOB records for at least one year before destruction. However, if records need to prove income tax deductions, then they should be kept for at least six years.
Where Should I Keep Health Insurance EOB Records?
Because they are not the same as the health insurance policy itself, there is no need for cluttering valuable fireproof space with EOB records. As a rule, keep important records, such as tax returns, insurance policies, care titles and property ownership records in a safe or other fireproof container. Keep health insurance EOB records organized in a file folder and file them with the current years’ paid bills folder. At the end of the year, box and seal the EOB records in a carton and write a destruction date on the container. The destruction date will be either one year in the event they are kept to prove medical payment questions or disputes, or six years if they will prove tax deductions.
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Tags: explanation of benefits, health insurance, health insurance eob, healthcare insurance, medical insurance