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.
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.
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.
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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