Medicare Blog

how many years should i keep eobs statement from mec=dical insurance company/medicare

by Ruben Hintz DDS Published 2 years ago Updated 1 year ago

Comparing your EOBs to your monthly statements is a good way to understand what you are being charged for, and it gives you another opportunity to look for overcharges. Unlike medical bills, EOBs should be kept from three to eight years after your procedure, or indefinitely if you have a reoccurring condition.Oct 4, 2019

How long should Medicare EOBs be kept?

1. Keep medical EOBs in a file for one year. As the bills and EOBs for a medical service come in, match related items together, and address any discrepancies you detect. Examples might include double billing or your health insurance company overlooking the fact that you have met your deductible.

Is it necessary to shred Medicare explanation of benefits?

Disposal of Explanation of Benefits Once EOBs are no longer needed, it's imperative they are shredded by a trusted, skilled company like TrueShred, rather than with a personal shredder.

What do you need to keep for 7 years?

Keep records for 7 years if you file a claim for a loss from worthless securities or bad debt deduction. Keep records for 6 years if you do not report income that you should report, and it is more than 25% of the gross income shown on your return.

How long should you keep monthly statements and bills?

KEEP 3 TO 7 YEARS Knowing that, a good rule of thumb is to save any document that verifies information on your tax return—including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts—for three to seven years.

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