Smart Ways to Organize Your Health Care Receipts
Posted on Thursday, January 23rd, 2014 at 7:00 am
Did you get a brand new health insurance plan at the start of 2014? Now is the time to get into the habit of organizing your health insurance receipts and other insurance related papers. Doing so makes the important stuff easy to locate, helps you remember to pay bills, and may even help save you money.
Ways to Organize your Health Care Receipts
Get a binder.
An accordion binder is an excellent tool for organizing papers. The inside is separated into different folders which can be labeled to fit your needs. One folder could be for your health insurance receipts, another could be for your spouse’s. Bills could go in one folder, health insurance statements can go into another. This makes everything easy to find when you need it. It all stays in one place! The same function can be done with a three-ring binder and several pocket folders.
Don’t shred the receipts!
Hang on to all of your health care related receipts. This includes the receipts on medication that you bought at the pharmacy (including over the counter medication). Are you using an alternative form of health care that your insurance doesn’t cover? Keep those receipts, too. Save the mail you receive that says that you have paid your premium. Don’t forget to save receipts from doctors, dentists, eye doctors, and other health practitioners.
Why save them? There is potential that you may be able to deduct your out of pocket medical expenses from what you owe in taxes. Bring the receipts with you when you are having your taxes done.
How close are you to paying down this year’s deductible? Your receipts can help you figure that out. Add everything up. Compare that number to the amount of your deductible.
Keep the information packet.
One of the most important things you should keep is the packet of information that comes with your health insurance plan. This is where to find out how much your co-pay is, the amount of your deductible, and what the plan actually covers.
Put the packet into its own folder in the accordion binder. This folder should also include mail that gives details about “updates” or changes to your health plan. Keeping all this in one folder makes it easier to find when you have questions.
Stick with one pharmacy.
Can’t find the receipt for a prescription? Sometimes, the pharmacy you purchased it from will be able to supply you with a copy of the receipt. Sticking with one pharmacy makes it easy to remember where you bought the medication from.
Another good reason to stick with one pharmacy is because doing so can save you money. Use the store’s loyalty card when you pay for medication. This could lower the price a little bit. Using a store coupon may make things even more affordable.