Health Insurance The Importance of Keeping Good Files
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.
For College Students
The tuition arrangements are set up; the dorm room is
assigned and your son or daughter is headed off to
college in the fall. In all of the confusion of the
paperwork, deadlines and financial arrangements did
you remember to check on their health insurance?
Many, but not all, insurance companies provide for
health insurance for college students under a family
policy; do you know for sure that yours does?
With some insurance companies, coverage depends on
whether or not the student is a full time student.
Review your policy or ask your insurance
administrator; if you have an HMO plan, will your
student be covered if they go to the student
healthcare facility away from home?
Check the age limit as well; you may find that once
your son or daughter reaches a certain age they are
dropped from the policy no matter what.
Ask your insurance company to provide an extra
insurance card for your son or daughter to carry with
them; if there is an additional card for prescription
medications; make sure they have that too.
This preventative step will help eliminate confusion
when they suddenly have to see a doctor.
There are student health care plans that are available
through most colleges that are a reasonably priced
alternative if your policy excludes your child.
Isn’t college confusing enough without having to worry
about whether your child is covered should he or she
need to seek medical attention? Take the time to look
into health insurance before they head off to college
in the fall.
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