How long should you keep Explanation of Benefit statements from insurance companies, including Medicare?

Personal Finance November 26, 2013 Print Friendly and PDF

Hang on to explanation of benefits (EOB) forms at least until you are sure that a particular medical bill has been paid in full from all sources (e.g., a combination of Medicare and supplemental insurance or primary and secondary health insurance policies). This may require confirmation from the original medical provider with a statement showing a zero balance.

After your bill is paid in full, you might want to keep EOBs in an inactive storage file for up to three to five years longer "just in case." It is not uncommon for some medical providers to send bills long after a medical service has been provided. Having EOBs on file can help document the status of previous medical claims.

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This work is supported by the USDA National Institute of Food and Agriculture, New Technologies for Ag Extension project.