Tips on Keeping Good Insurance Records

Insurance Record Tips

Medical insurance and bill management can be among the most frustrating aspects of cancer care for you and your caregivers. Most hospitals and clinics will provide a patient services representative to assist you. Identify these individuals and seek their help whenever necessary. Here are some additional things you can do to help:

Get a copy of your insurance policy and find out exactly what your coverage includes. Your employer or insurance company can help you with this.
Call your health insurance provider to clarify any questions that you have. Also make sure you are aware of any possible coverage issues before you start treatment.

Talk to your health care team to request that insurance coverage of any procedure, test, or treatment be verified prior to your receiving them. If your health care team is unable to provide this service, they should be able to identify an alternative resource to assist you.
Keep careful records of all your covered expenses, claims, denials, and appeals throughout the claims process. Do not throw away any correspondence.

Take notes during your conversations with insurance representatives. Include their names and job titles. Keep these notes with your records. If you think the representative is wrong, ask to speak with his or her supervisor.

If you have a claim that has been denied, talk with your health insurance provider to find out what steps you can take to appeal.

By keeping track of expenses and deducting qualified items on your tax returns, you may be able to partially recover some of the out-of-pocket medical expenses not covered by your insurance.

Medical Costs on Your Tax Returns

Even with good insurance, people can incur many out-of-pocket expenses for treatment and follow-up care for cancer. One way to recoup some of these expenses is to do an itemized deduction of your medical and dental expenses on your tax return.

By keeping track of expenses and deducting qualified items on your tax returns, you may be able to partially recover some of the out-of-pocket medical expenses not covered by your insurance.

For more information on deducting medical and dental expenses, look at Publication 502 and the instructions for Schedule A of Form 1040 at www.irs.gov, or see your accountant.

The 7.5% Rule

You are allowed to deduct only the amount of your medical and dental expenses greater than 7.5% of your adjusted gross income. If your income is high or your expenses are low, you might not benefit from an itemized deduction of medical expenses.

Keeping an Insurance Discussion Record

Financial and Insurance issues can be stressful and confusing for you and
your caregivers. It is important to create an organized system for managing
this aspect of cancer care. By educating yourself about insurance benefits
and keeping organized financial records, you may prevent financial dilemmas
and, as a result, unnecessary stress.

There is a section in the MedTrakker that provides a place to keep a record of phone discussions with your insurance provider. This will enable you to record each call—the date; the insurance representative’s name, there job title, and phone number you called. In the “Notes” column, you can write specific information from the call. i.e. The question you asked, and the answer you received from the insurance rep.

Some patients find it helpful to designate a caregiver or family member to keep
track of all insurance and financial information. The choice is up to the individual.

www.MedTrakker.com