Q: How many years do I need to keep Explanation of Benefit forms (EOB) sent by insurance companies?
Patient Financial Services Weekly Advisor, September 3, 2004
A: According to our policy, we keep remittances for six years, based on the federal code.
We do not have a citation that refers to the EOBs, but since they are similar in nature and purpose to remittance advice, we also keep them for six years.
The code citation number referenced is 26 CFR 301.6501(E)-1.
This question was answered by Joyce Sourbeck MS, RN, director of patient accounts/patient registration at Abington (PA) Memorial Hospital.
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