How Long Should I Keep My Medicare Statements?
Navigate your Medicare records with confidence. Understand the importance of managing healthcare documents for financial clarity and future needs.
Medicare statements are important for beneficiaries to manage healthcare finances and ensure billing accuracy. They provide a detailed overview of services received and how costs were covered, helping verify claims and track financial responsibilities. Retaining these records is a fundamental part of effective healthcare management.
Understanding Your Medicare Statements
Medicare statements come in two primary forms: the Medicare Summary Notice (MSN) for Original Medicare (Part A and Part B), and the Explanation of Benefits (EOB) for Medicare Advantage (Part C) or Part D prescription drug plans. Both documents summarize healthcare services or prescription drugs received and are not bills.
These statements list the healthcare provider’s name, date of service, service description, and total amount billed. They also detail how much Medicare or your plan covered, the Medicare-approved amount, and your portion, such as deductibles, co-payments, or co-insurance. Reviewing these details helps you understand how claims were processed and your financial obligations.
Recommended Retention Periods for Medicare Documents
Retaining Medicare statements is beneficial for verifying services, disputing billing errors, tracking out-of-pocket expenses, and for tax purposes. For Original Medicare, MSNs are issued every three months, while EOBs from Medicare Advantage or Part D plans are sent monthly.
It is advisable to keep Medicare statements for at least three years. This timeframe aligns with the Internal Revenue Service’s (IRS) statute of limitations for amending tax returns or for the IRS to assess additional tax, especially if you deduct medical expenses. Medical expenses, including Medicare premiums, deductibles, co-payments, and co-insurance, can be itemized deductions if they exceed 7.5% of your adjusted gross income.
Keeping records for three to seven years helps with disputing billing discrepancies or appealing denied claims. The initial appeal period for Original Medicare claims is 120 days from the Medicare Summary Notice date. For Medicare Advantage plans, it is 60 days from the notification of an initial decision. Maintaining these records allows you to review past services and costs to identify potential errors or fraudulent activity.
Organizing and Storing Medicare Records
Organizing and securely storing Medicare statements ensures easy access and protects sensitive information. You can maintain physical copies, digital records, or a combination. For physical documents, use a systematic filing system, such as organizing by year or statement type (MSN, EOB, premium notices).
For digital records, scan documents and save them in clearly labeled folders on your computer or a secure cloud service for convenient access and reduced clutter. Ensure security for all sensitive personal and financial information. This includes using locked cabinets for paper files and strong passwords, encryption, or multi-factor authentication for digital files to protect against unauthorized access.
Retrieving Past Medicare Statements
If you need a past Medicare statement, several retrieval options are available. For Original Medicare, access your Medicare Summary Notices (MSNs) by logging into your secure account on MyMedicare.gov. This online portal allows you to view claims processed within the past 36 months.
Alternatively, call 1-800-MEDICARE to request MSN copies. For Medicare Advantage or Part D prescription drug plans, contact your specific plan provider directly for past Explanation of Benefits (EOB) statements. Many private plans offer online portals or customer service for assistance.