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

Fundraiser for LACO...A Cancer Support Community

I own and operate MedTrakker. I am an LACO partner as well. I individually design Cancer Medical Organizers for patients and caregivers. I have pledged to donate 10% of my proceeds on every purchase of the Cancer Organizer every month, for all of 2009 to LACO. They are in need of products to give to cancer patients and families that have been touched by cancer.

I have set up this fundraising event from MedTrakker to LACO as followed:
The cost of a Cancer Medical Organizer is $28.95 with SH & HL being $8.00. Total cost of an Organizer is $36.95

For every purchase of an Organizer, I will donate 10% of the proceeds to LACO. For any LACO member that gives me a referral which results in the purchasing of an organizer from a non-LACO member; I will donate an additional 3% of the proceeds to LACO.

MedTrakker has been in existence since 2006. The Cancer Medical Organizer is a valuable resource tool in every Cancer patient’s treatment journey.
Please visit my website for more details; you can also take a virtual tour of the Organizer once you arrive at my site.

This is how you can help. First Read below about LACO and all the ways there cause is helping people touched by Cancer. Then go have a look at the website. LACO is a legal organization that is registered in the State of Florida.

The Laugh at Cancer Organization Inc. is a non-profit organization that is helping families touched by cancer...directly or indirectly! LACO’s mission is to help all families facing cancer, touch and restore hope in families that have been devastated by this disease. The founder Crystal Kauffman and her talented staff have built several types of online support communities or networks for families in need of support and friendship. VISIT LACO at http://www.laughatcancer.com

Go to MedTrakker and place your order.


Please send all your family & friends to this blog so that they can help too.
Together we can make a difference in someone’s life that has been touched by Cancer.