How Long Should You Keep Medical Bills and Records?
Medical bills and records are important documents that provide detailed information about your healthcare history, expenses, and treatments. Properly managing these records is necessary for many reasons, including tax purposes, insurance claims, and personal medical history tracking.
At Med Revolve Billing, we understand the importance of keeping accurate and organized medical records. However, many people are unsure how long they should retain these documents. In this blog post, you will learn how long to keep medical bills and records, the reasons behind it, and tips on how to organize them effectively.
Why Keep Medical Bills and Records?
It is important to understand the importance of medical records before getting into the specifics of how long to keep them.
1.Insurance Claims and Disputes: Medical bills and records are often required to file insurance claims or to argue charges. If an insurance company denies a claim, you may need to provide your records to prove that the treatment was necessary or that a service was provided.
2. Tax Deductions: Medical expenses can be tax-deductible, depending on your country’s tax laws. In the United States, for example, if your medical expenses exceed a certain percentage of your adjusted gross income, you can deduct them from your taxes. Keeping accurate records of all medical expenses makes sure you can claim these deductions when filing your tax return.
3. Personal Medical History: Keeping medical records allows you to track your health history in detail, which is important for monitoring serious conditions. It also helps in understanding your medical past and making informed healthcare decisions in the future.
4. Legal Purposes: In some cases, medical records may be required for legal reasons, such as in a personal injury lawsuit or a medical malpractice claim. A complete record can help support your case.
5. Future Reference: Your healthcare providers may change over time, and new doctors might not have access to your complete medical history. Keeping your records allows you to provide new healthcare providers with important information about past treatments, surgeries, medications, and other health-related details.
How Long Should You Keep Medical Bills? Med Revolve's Recommendations
The duration for which you should keep medical bills depends on the type of bill, your circumstances, and specific legal requirements. At Med Revolve Billing, we recommend the following guidelines:
Benefits of Remote Patient Monitoring for Patients
1. Short-Term Medical Bills:
For routine check-ups, minor treatments, or small out-of-pocket expenses, you can generally remove medical bills after a year, provided that:
- You have confirmed the payments were processed correctly.
- You do not plan to claim these expenses as tax deductions.
- Your insurance company has paid its share, and there are no remaining issues, as you have confirmed.
2. Major Medical Bills:
For significant medical expenses, such as surgeries, hospital stays, or treatments for serious conditions, it is advisable to keep the bills for at least five years. This duration makes sure that you have documentation for any insurance disputes, follow-up treatments, or legal matters that might arise. If the bill was part of a deductible, you should keep it until the laws of limitations for tax returns have passed, which is generally three to seven years.
3. Tax-Related Medical Bills:
If you have claimed medical expenses as tax deductions, you should keep those bills for at least seven years. The IRS typically has three years to audit your tax return, but in cases where substantial errors are suspected, they can go back as far as six years. Keeping the bills for seven years makes sure you are covered in case of any tax-related inquiries.
How Long Should You Keep Medical Records?
Medical records differ from bills as they contain detailed information about your health and treatments. The guidelines for how long to keep these records are as follows:
1. Personal Medical Records:
It is generally recommended to keep personal medical records for at least ten years after your last treatment. This duration is particularly important for significant medical events, such as surgeries, serious illnesses, or treatments for chronic conditions. Keeping these records allows you to provide future healthcare providers with a comprehensive history if needed.
2. Children’s Medical Records:
For minors, it is advisable to keep medical records until they reach adulthood (usually 18 years old) plus an additional five years. This makes sure that they have access to their complete medical history as they transition into adult healthcare.
3. Vaccination Records:
Keep vaccination records indefinitely. Vaccination history is often required throughout your life, including for school, travel, or employment purposes. Maintaining these records makes sure you can provide proof of immunization when needed.
4. Records of Chronic Conditions:
For serious conditions, it is important to keep records for the duration of the condition plus an additional five years after treatment ends. Serious conditions may require ongoing management, and having a detailed history can help new healthcare providers understand the progression and treatment of the disease.
5. Legal and Employment-Related Records:
If your medical records are related to a legal case, personal injury claim, or workplace injury, you should keep them for as long as the case is active, plus an additional seven years after the case is closed. These records can be necessary in supporting your case or claims in the future.
Tips for Organizing Medical Bills and Records
Proper organization and storage of medical bills and records are necessary to make sure that they are easily accessible when needed. Here are some tips to help you manage your documents effectively:
1. Create a Filing System:
Establish a filing system that categorizes your medical bills and records by type, such as routine check-ups, surgeries, insurance claims, and tax-related documents. You can use physical folders or digital folders if you prefer to store documents electronically.
2. Use a Binder or Accordion Folder:
For physical records, consider using a binder or accordion folder to keep your documents organized by date or type. Label each section clearly so you can easily locate specific records.
3. Go Digital:
Scanning your medical bills and records and storing them digitally can save space and make it easier to organize and access your documents. Be sure to back up your digital records regularly and use encryption or password protection to protect sensitive information.
4. Keep a Record of Expiration Dates:
For medical bills, you can mark the date when they can be safely discarded on the document or in your filing system. This practice helps you stay on top of your record-keeping and makes sure you don’t hold onto unnecessary documents longer than needed.
5. Consider a Cloud-Based Service:
Using a cloud-based service to store your medical records allows you to access them from anywhere and share them easily with healthcare providers. Choose a service that offers strong security features, such as encryption, to protect your data.
6. Review and Purge Regularly:
Set a reminder to review your medical bills and records annually. Discard any documents that are no longer needed according to the guidelines mentioned above, but ensure that you retain any records that may still be relevant for ongoing treatment or legal matters.
Conclusion:
Managing medical bills and records might seem overwhelming, but with the right approach, it can be easy to handle. At Med Revolve, we emphasize the importance of accurate and organized record-keeping to ensure that you have the necessary documentation at your fingertips when you need it most.
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