An Explanation of Benefits is dispensed to both patient and provider, as a means of identifying how a claim is processed, and what amount may be owed by the patient. Medical EOBs are beneficial for a number of reasons, but how long should you keep them on file?
As with any other personal documents, the length of retention time is dependent on a number of variables. Regardless of how long you choose to retain them, make sure they are stored and then disposed of securely to prevent your sensitive data from falling into the wrong hands.
The EOB details exactly what medical procedures or treatments you or someone on your health insurance underwent on specific dates. They list the codes for each treatment or item as well as a short description of what the service entailed.
The EOB breaks down:. Experts recommend keeping medical EOBs for a set period of time, but how long depends on the individual circumstances of the patient in question. Additional guidelines based on health include:. This falls within the statute of limitations established by the IRS for taxpayers to file a refund claim or for the IRS to assess additional taxes on previously filed returns. Suzanne Kuhn, a professional organizer who specializes in medical records for patients with special needs, advises keeping EOBs for seven years if you use the documents to itemize and claim deductions on your income tax return.
Kuhn, a member of the Philadelphia chapter of the National Association of Professional Organizers, recommends keeping your EOBs for an extended period if you have a chronic illness or other serious health condition. Use your EOBs to supplement your medical history records over a long period of time.
Kuhn recommends retaining the EOBs for at least five years after a serious medical condition has ended. Your family or executor of your estate can use the EOBs to help with legal matters.
Store your EOBs in a locked or otherwise secure place. You can scan EOB documents into your computer and password-protect the files. For example, Stephen once had an emergency appendectomy and had to coordinate bills from several different providers, including surgeons and anesthesiologists. Another time Stephen caught a billing mistake during a routine yearly eye exam.
With a call to the clinic, he was able to sort out the issue. Your provider might have made a typo when preparing your bill or accidently billed you twice for one procedure. These situations can be frustrating, but fortunately, there are several steps you can take to resolve these billing problems:.
This bill will provide a line-by-line explanation of each charge. You can cross reference this itemized bill with your explanation of benefits to see exactly where the mistakes may have occurred. Sometimes, these itemized bills can be dense and difficult to decipher. You should know that you have the right to ask someone at the billing department to walk you through each service on your itemized bill.
Simple billing mistakes, such as double billing, can be quickly resolved in this way. Since more than half of these appeals succeed, it may be worth your time. We know that this varies widely and is very hard on people who have insurance only with a high deductible and high co-pays or those with no insurance. When every dollar counts, ignoring your EOB and the rest of your insurance details might be very costly. Jun 13, at pm. Lorraine LaForce says:. Dec 16, at pm. Darlene F.
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