The Importance of Keeping Good Files: As in everything that involves money, it’s important to keep good records of your medical expenses for several reasons.
Keeping track of deductibles, especially for a family, can be time consuming, but is a crucial task. Every policy has different deductibles for lab work, hospital emergency room visits, hospital stays, doctor visits and x-rays, and it is often difficult to track.
Keeping track of your out-of-pocket expenses becomes very important when it comes time to finish your taxes. It also comes in handy to understand what your expenses are for medical aid when choosing to vary companies or policies. A file folder that includes a copy of the policy, copies of your medical bills and copies of what your insurance company has paid on those bills is typically all you will need.
When a bill comes for a provider, you’ll usually receive a statement from your insurance company showing what portion of the bill they paid, and many times providers write off the remainder, if it is not a large sum.
If you visit several doctors, you’ll want to possess a file folder for each doctor or provider. Insurance companies do occasionally make mistakes, but they are usually on top of their game. Having a copy of the policy handy makes it easy to see deductible levels and whether a specific service is roofed or not.
It also is a ready resource for telephone numbers, website information and your contact at the insurance company.