How long should I keep old medical bills?
Asked by: Prof. Wilber Kunde | Last update: July 5, 2025Score: 4.3/5 (23 votes)
Is there any reason to keep old medical bills?
Hang on to them for an additional year, especially if you plan on deducting the expenses on your income tax return. After that period, you can shred them. However, if you have a reoccurring condition, it may be a good idea to keep your bills indefinitely for personal records.
How long should you keep old bills?
Keep for a year or less – unless you are deducting an expense on your tax return: Monthly utility/cable/phone bills: Discard these once you know everything is correct. Credit card statements: Just like your monthly bills, you can discard these once you know everything is correct.
Can I throw away old medical bills?
Yes. After you've paid your bill, you can pretty much shred these unless they contain tax-deductible expenses. In that case, you'll need to keep them with your “tax stuff.”
Do medical bills fall off after 7 years?
It takes seven years for medical debt to disappear from your credit report. And even then, the debt never actually goes away. If you've had a recent hospital stay or an unpleasant visit to your doctor, worrying about the credit bureaus is likely the last thing you want to do.
How long should I keep my bills and tax paperwork?
How far back should I keep medical bills?
Medical bills should be retained for at least a year, and for tax purposes, they should be kept for three years to align with IRS audit regulations. Ongoing treatment bills should be preserved until the issue is resolved. Prescriptions have a different retention period, with the slips not requiring long-term storage.
What happens after 7 years of not paying debt?
In general, most debt will fall off your credit report after seven years, but some types of debt can stay for up to 10 years or even indefinitely. Certain types of debt or derogatory marks, such as tax liens and paid medical debt collections, will not typically show up on your credit report.
Should I shred old medical bills?
Also, shred sales receipts, unless related to warranties, taxes, or insurance. After one year, shred bank statements, pay stubs, and medical bills (unless you have an unresolved insurance dispute). For those who are thinking, maybe I should keep everything, just in case. . .
How do I deal with old medical bills?
- Negotiate the bill down to an amount that you can afford.
- Ask if the provider will accept an interest-free repayment plan.
- Look for help paying medical bills, prescription drugs, and other expenses. ...
- Be careful about using a credit card or a medical credit card to pay off the bill.
Should I shred 20 year old bank statements?
Yes, you should shred 20-year-old bank statements. They're well beyond the recommended retention period of 3-7 years for tax and audit purposes. Shredding ensures your personal and financial information remains confidential, protecting against potential identity theft or fraud.
Is it worth keeping old bills?
The US Federal Reserve requires that all US currency made after 1914 remain “legal tender”. This means that if you have any old US currency bills, they're still worth their face value, at a minimum. In other words, a $5 bill is still worth $5 – whether it was made in 1944 or 2024.
Is it OK to throw away old bills?
Shredding utility bills and other paper documents is a crucial step in reducing your risk of ID theft. Any paperwork that has your name, address or other personal information, should be shredded by a professional shredding company once it is no longer needed.
Should I keep my 20 year old tax returns?
Three years is the general recommendation
The general rule for keeping copies of your tax records is to store them for at least three years. Having a paper trail is the best way to protect yourself if the IRS scrutinizes your financial history.
How long should you keep medical bills before shredding?
As a rule of thumb, it's advisable to keep medical documents for at least 1-3 years after payment or the resolution of any insurance disputes. This time frame ensures that you have ample documentation to support any late-coming claims or inquiries from insurance companies.
What medical records should I keep?
Keep these records at the ready.
A family health history (particularly parents, siblings and grandparents) A personal health history (conditions, how they're being treated and how well they're controlled, as well as important past information such as surgeries, accidents and hospitalizations)
What records should be kept indefinitely?
- Income tax returns and payment checks.
- Important correspondence.
- Legal documents.
- Vital records (birth / death / marriage / divorce / adoption / etc.)
- Retirement and pension records.
Do medical bills expire?
The short answer is that medical debt may disappear from your credit report after seven years, but that doesn't mean you're off the hook. Medical debt never expires. It does have a statute of limitations, however, but it works differently than you might think.
What happens if you ignore medical bills?
Once medical bills enter collections, they are often reported to consumer credit reporting companies. Medical debt collections on a credit report can impact your ability to buy or rent a home, raise the price you pay for a car or insurance, and make it more difficult to find a job.
Can a hospital take your house for unpaid medical bills?
The short answer is yes, it is possible to lose your home over unpaid medical bills though the doctor or hospital would have to be willing to go to a lot of effort to make that happen. Medical debt is classified as unsecured debt. This means that your debt isn't tied to any collateral.
What papers can I throw away?
- Cell phone.
- Cable, telephone, internet and other streaming service statements (unless you're deducting them for work or home office-related expenses)
- Brokerage statements.
- Credit card bills.
- Pay stubs.
- Social Security statements.
- Utility bills.
What bills should be shredded?
- Credit card or insurance offers.
- Paid billing statements.
- ATM receipts.
- Sales receipts.
- Paid utility bills.
- Expired warranties.
Should you pay old medical bills?
Paying off your medical collection account is a good first step to rebuilding your credit. You should also bring any other past-due debts current as soon as possible. Make all your payments on time going forward.
How long before a debt is uncollectible?
Most states or jurisdictions have statutes of limitations between three and six years for debts, but some may be longer. This may also vary depending, for instance, on the: Type of debt. State where you live.
What is the 11 word phrase to stop debt collectors?
The phrase in question is: “Please cease and desist all calls and contact with me, immediately.” These 11 words, when used correctly, can provide significant protection against aggressive debt collection practices.
Do medical bills affect your credit?
In 2025 the Consumer Financial Protection Bureau (CFPB) finalized a federal rule to prohibit the use of medical debt in credit reports. The text of the CFPB's final rule on prohibiting medical debt from appearing on credit reports.