Medical finances can be difficult to manage when you or a family member regularly receives services. Some documents may be confusing to compile in order. Billings can be received in person or by mail, and like other utility bills, they can get so piled up that it is quite challenging to keep everything in check.
Unlike utility bills, medical bills are usually larger in value, that is why you have to consider each document received as valuable whether it’s a billing statement or receipt. Some insurance companies would require you to present these documents during claims. Additionally, you would need these documents to continue with some transaction or even as a proof of payment.
Xcela Wealth, a known financial planning company, advises individuals to organize their medical finances. Aside from the benefits of easier access, these files can also be a vital requirement for other medical transactions you have to complete.
6 Ways to Organize Your Medical Finances
1. Keep a note of service received and date
Whenever a medical checkup or service is received, record the type of service and date on a separate notebook. This will help you keep note of services you had and which ones you have a billing statement on. If a billing statement is absent or late, you can request for another one to prevent delayed payments. This will also help you be updated and coordinated with all your medical payments. When a payment is already settled, you can add a checkbox you can mark later on. This separate notebook will also keep you from being stressed about the details of your medical bills as keeping them in your memory might result in errors.
2. Have a system of organization
If you regularly receive medical statements, it is important to organize them based on categories. You can either choose to categorize them by date received, type of service, type of document or service provider. Whatever seems relevant to your condition, utilize that. If you always receive the same type of service from the same provider (e.g. dialysis, physical therapy sessions), it may be best to sort these documents by date. If you have an assortment of doctors and medical services, it may be best to organize them based on those categories.
3. Hire a financial planning specialist
Additional to helping you organize your medical finances, you can also look into financial advisors such as Xcela Wealth. They will not only help you organize your medical bills and help you pay them on time, they can also help you succeed in your financial goals. If you want an expert service to take over your medical finance needs, an expert would be a good fit in this area. Make sure to find a trusted financial advisor before paying for their services. Look for online reviews and referrals from friends and family. A reputable company such as Xcela Wealth can help sort out your medical dues and help you in decision-making in terms of your income.
4. Scan all documents for important information and possible clarifications
Some of us would have the habit of tearing up documents before seeing what they’re about. We cannot be fully sure about what’s in a medical document unless we read it, or scan it, to say the least. Make sure to scan all receipts, clinical results, insurance policies and other documents to help you sort these papers in order. In rare occasions, there would be some administration flukes that will cause you to be billed twice for the same service. Make sure to prevent this by reading each financial document you receive, whether by traditional mail or e-mail. Occasionally, it would also help you to check your e-mail’s junk folder. Some spam filters would cause important e-mails to be sent to the junk folder. If you need to give proof of a refund, you would need a receipt as evidence that you paid.
5. Have a designated storage container
Another strategy to help you organize your medical finances would be to have a designated storage container. Having an organization system isn’t enough if you don’t have a sufficient container for your medical files. To do this, you must pick a container where you think all your future documents will fit. This can range from an accordion envelope, document case, a storage box with folders, or as big as a file cabinet. Whatever storage option you pick, each part should be divided into subsections for easier access.
6. Keep all insurances and medical credit cards up to date
To avoid having out-of-pocket expenses, it is also helpful to keep your health coverage and medical credit cards up to date. Some companies would warn you of an incoming renewal, although a few others would require you to take care of it yourself. To avoid the hassle of an invalid credit card or insurance coverage, make sure to pay your dues at least a week or a few days before your due dates.
Medical finances are easier to manage once you remember all these steps to help you organize them. With the pressures of daily life, that’s one item checked off your list.