Knowhow-Now Article

The Importance Of Keeping Good Files

As in everything that involves money, it is important to keep good records of your medical expenses for many reasons.

Keeping track of deductibles, especially for a family, can be time consuming, but is an important 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.

Tip: HSAs (savings accounts designed specifically to cover your health needs) are a consideration when you only occasionally visit the doctor. This allows a person to save money pre-tax in an account to be used for medical expenses later.

Keeping track of your out-of-pocket expenses becomes very important when it comes time to complete your taxes. It also comes in handy to know what your expenses are for medical care when choosing to change 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 usually all you will need.

Tip: There is nothing more important when choosing insurance than fully reading and understanding the terms under your health insurance plan, so you will know what services are covered. The difference between doctors out of network and doctors in network is usually hundreds of dollars.

When a bill comes for a provider, you will 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 may want to have a file folder for each doctor or provider.

Tip: You would do well to thoroughly digest all written material regarding your health insurance policy. Your insurance provider will give you a copy of your policy which will provide you with the information needed to fully understand your benefits.

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 check deductible levels and whether a particular service is covered or not.

It also serves as a ready resource for telephone numbers, website information and your contact at the insurance company.

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