Why Good Financial Recordkeeping Matters

Thus far we’ve discussed the ins and outs of health insurance, as well as some of the ways you can supplement your insurance coverage and your own savings in paying for treatment.  Now we need to discuss the importance of keeping track of your financial records themselves.  First of all, no one has as much of a vested interest in keeping track of your financial records as you do.  Do not depend on the insurance company, the doctor’s office, or any other institution to look after things on your behalf.  They will lose bills, forget they have received payments and bill you again, and make other clerical mistakes.  Have all your documentation together in one place, as you do your medical records, to help keep everything financial on the right track.  

Second, apart from just keeping track of how everything is getting paid for, you also want to make sure that you are not being overbilled or underpaid.  You want to make sure that you are receiving all the benefits to which you are entitled under your insurance plan, and that you are being billed only for those services you have actually received.  You want to make sure you claims are filed on time, that your bills are paid promptly, and that you have filed appeals for any claims you feel have been denied unjustly.  Many claims are not paid because the paperwork has been improperly completed.  Good records will keep those mistakes on your part to a minimum.