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.