Medical / Health Records - what to keep?

[niccig]

So, I'm organising our paperwork and I have piles of medical/health related papers - health insurance statements, bills from doctors/labs for what wasn't covered by insurance, medical records/instructions. How do you keep track of all of this? Is there anything else I should be keeping?

TIA Nicci

[kozachka]

I keep a good chunk of our medical/health related paperwork for the last 5 years. My husband is self-employed which means that our health insurance is deductible, at least partially. And the year DS was born our medical expenses were above the level of income (2%?) to qualify as an itemized deduction. If my memory serves me well, IRS can audit your records for three years since last return was files and go back up to two years before that. I am not 100% sure but 5 years sounds like a good round number. Also, last time I applied for new health insurance, I had to asnwer very specific questions about my medical history going back as much as 10 years!!! So the records came in handy. Documents related to surgeries I keep forever. HTH!

[ilovetivo]

I'm a HUGE record keeper. Do you want to keep track of the finances or the medical history?

For history, i really like the Savard Medical Health Record. Not sure if you can still get it

http://www.amazon.com/gp/product/0737016159/102-1129473-5921719?v=glance&n=283155

I think there's other ones out there, but not sure if they're 3 ring or already spiral bound. Personally, I think keeping medical history info is extremely impt. I just recently got my own pediatrician records adn there are some things that are helpful to me now w/ my health conditions. You never know when your health will change and you need to access old info to help figure out the current situation

W/ finances, insurance etc, I sort everything by person by year. I try to staple the insurance info to the bill. I keep this completely separate from the medical history. For taxes you should keep things 7 years.

I have this file, but not sure if I got it off of the IRS website or not for how long to keep papers:
Always Keep - Tax returns
3 yrs - Cancelled checks
6 yrs - Tax return related paperwork

1 month:
cc receipts
sales receipts for minor purchases
withdrawal and deposit slops. toss after checked w/ monthly statement

1 year:
paycheck stubs
monthly bank statements
credit-card statements
brokerage, mutual fund, retir`ement statements
bills/utility statements for non-tax deductible items

7 years:
W-2's
1099's
Guts of tax returns
Bills/utility statements for tax deductible items
year end credit card statements
year end brokerage, mutual fund, retirement summaries

Indefinitely:
Tax returns
receipts for major purchases
real estate and residence records
wills and trusts
If fraudulent or no tax return filed

Keep in Safe Deposit Box (and copies at home):
Birth and death certificates
marriage license
insurance policies
SS cards
Passports
stock/bond certificates
real estate documents
wills

 The length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. Â

The time you are required to keep records includes the period of time during which you can amend your tax return to claim a credit or refund, or that the IRS can assess more tax. You should also keep copies of your filed tax returns in the following situations:
1. You owe additional tax and situations (2), (3), and (4), below, do not apply to you; keep records for 3 years.
2. You do not report income that you should report, and it is more than 25% of the gross income shown on your return; keep records for 6 years.
3. You file a fraudulent income tax return; keep records indefinitely.
4. You do not file a return; keep records indefinitely.
5. You file a claim for credit or refund* after you file your return; keep records the later of: 3 years or 2 years after tax was paid.
6. Your claim is due to a bad debt deduction; keep records for 7 years.
7. Your claim is due to a loss from worthless securities; keep records for 7 years.
8. Keep information on an asset for the life of the asset, even when you dispose of the asset; keep records indefinitely.
9. Keep all employment tax records for at least 4 years after the date that the tax becomes due or is paid, whichever is later.Â

The following questions should be applied to each record as you decide whether to keep a document or throw it away.

Are the records connected to assets?
Keep records relating to property until the period of limitations expires for the year in which you dispose of the property in a taxable disposition. You must keep these records to figure any depreciation, amortization, or depletion deduction and to figure the gain or loss when you sell or otherwise dispose of the property.Â

What should I do with my records for nontax purposes?
When your records are no longer needed for tax purposes, do not discard them until you check to see if you have to keep them longer for other purposes. For example, your insurance company or creditors may require you to keep them longer than the IRS does.

[niccig]

Thanks for the advice. I know I need to keep most of it, but I was putting off organizing it. I get so confused by all the paperwork that comes in. Tonight, I'll sit down with a coffee, a dvd and a big box of papers....what fun.
Nicci