How long should you keep health insurance claim paperwork?
Asked by: Dr. Danny Beatty | Last update: August 5, 2025Score: 4.7/5 (64 votes)
How long should I keep health insurance statements?
Yes. Keep all health records for at least 7 years. Legal proceedings may require them, as well as tax auditors. And they help track your out of pocket costs.
How long should you keep insurance claim paperwork?
In general, you should keep insurance policy paperwork until the policy has expired and all claims (if any were filed) have been settled. But there can be exceptions, especially if you own a business or are self-employed.
Do I need to shred old health insurance cards?
Medical or Banking Information That's Over a Year Old
The same goes for medical bills and communication with your health insurance company. After a year, unless you're in an ongoing dispute over coverage or bills, you can shred those documents, too.
How long are health insurance companies required to keep records?
How long are medical records kept? The answer varies depending on the state. In California, the retention period can be anywhere from two to ten years, depending on the type of procedure or healthcare provider. However, an insurance claim medical report should only look as far back as the injury in question.
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Should I keep old insurance documents?
In general, if you don't have any open claims, you don't need to keep old, expired insurance policies. However, if you have any open claims or have been involved in an incident that may result in a claim, keep all paperwork related to the incident and your policy until the claim is resolved.
How far back can insurance companies audit?
Typically, they might seek medical records from the last 5-7 years. That's the general timeline for medical record checks, but insurance companies can go back even further when exploring other facets of your past, such as driving history or previous insurance claims.
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.
What paperwork 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.
Should I shred everything with my name and address?
Even if they steal your shredded documents, it's not worth it for them to try to piece them back together. As a general rule, you should always shred unneeded documents that contain your Social Security number (SSN), signature, account numbers, phone number, birthdate, passwords, PINs, and full address.
How long should I keep documents before shredding?
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.
How long should I keep utility bills?
One year is the standard, in case of billing errors or disputes. I'd probably go ahead and make it a little longer. Keep them for one year. Really, I think you should just get the electronic statements where available.
How long should you keep certificates of insurance?
How Long is a Certificate of Insurance Good For? It would be safest to hold on to any COI you get indefinitely since you do not know when a problem may arise for a job either carried out on your premises or that you completed for someone else. Keeping proof of the COI will help address any issues at that point.
How long should you keep copies of 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.
Should you shred medical bills?
After paying credit card or utility bills, shred them immediately. 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).
How many years of statements should I keep?
According to the IRS, you should keep your records for three years from the date you file your original return or two years from the date you paid the tax. Yet, the IRS may ask about returns filed in the last three to seven years, which is why it's always a good idea to keep your bank statements for longer.
What records should be kept for 7 years?
Bank statements: All business banking, credit card, and investment statements, as well as canceled checks, should be kept for seven years, possibly longer, depending on your business or tax circumstances. Hiring records: Keep job advertisements, applications, and resumes on file for at least one year.
Do I need to shred old credit card statements?
We all know it's important to shred our most sensitive pieces of information—credit card statements or applications, tax-related documents, identity cards, etc.
Is it safe to throw out old utility 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.
How long should I keep credit card statements?
Documents that should be shredded include the following: Credit Card Statements: Keep them for 60 days unless they include tax-related expenses. In these cases, keep them for at least three years.
Is it safe to throw away credit card receipts?
Generally, keep receipts until you have compared them to your credit card statement. However, if the receipt is for something that you may want to return, keep it longer. Unless you are claiming household expenses as tax deductions, there is no need to keep these types of records very long.
How far back can you file a health insurance claim?
Many insurers have a deadline to file a claim, such as no more than 90 days after you receive care. Where do I submit the claim? Look for an address on the claim form. If it's not there, check the insurer's website and the back of your health insurance card or call your insurer.
What triggers an insurance audit?
Discrepancies or inconsistencies in the information reported to your insurance provider, such as discrepancies between payroll records and reported wages, can trigger an audit. Inaccurate or incomplete data raises red flags and may prompt further scrutiny from auditors.
How far back can the IRS audit you?
Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed.