Keeping Records

insurance

It can easily become overwhelming to keep track of the bills, letters, claim forms, and other papers that flow into a household. Keeping accurate records of medical bills, insurance claims, and payments will help families manage their money better and keep their stress levels lower.

Some families may already have a system for handling their finances and records and may only need to expand their system and create new files. Others may have to develop plans for handling the volume of paperwork. Record-keeping is also important for those who wish to take advantage of the deductions available in filing itemized tax returns. The Internal Revenue Service can give you information and free publications regarding tax exemptions for treatment expenses (see www.irs.gov )if they are related to medical care (see

Keep records of the following:

Here are some helpful suggestions for record-keeping:

 No statement contained herein shall constitute tax, legal or accounting advice.  You should consult legal or tax professional on any such matter.