Welcome to Week 2 of my Binders 101 series. Today, I will be sharing my Medical binder with you guys. In my Introduction video, I stated that my Taxes binder was my favorite one of them all. Well, I would say that my Medical binder runs a very very close second. And, that is because it is a tremendous help to me. I put together my first Medical binder in the beginning of 2014 and it saved me over $600 by the end of that year. How? You might ask. The way I had it set up, I knew what EOBs (explanation of benefits) had come through, the bills I was waiting to receive in the mail due to those EOBs, and how much I owed on each.
By the end of 2014, we had already met our deductible, so I knew we shouldn’t owe anything in the month of December. We were on an HSA plan to where you paid almost the full amount for every doctor bill until you met the deductible. Once the deductible was met, the insurance covered 100%.
I got a bill in the mail for close to $600 in December and I knew that wasn’t correct. So, I pulled out my Medical binder, flipped through to the right section, and sure enough, we should not have owed anything on that bill. I called the doctor’s office immediately, explained the situation, they looked up our information, and I was correct. When they ran our insurance through their system, they made an error with some vital information, which resulted in our insurance not covering anything.
They corrected the error and it saved me approximately $600. If I would not have had my information together, then I would’ve paid that $600 and not thought twice about it. It pays to keep up with your insurance and payments.
So, once we moved, this binder became nonexistent. Our insurance changed, it was in the middle of the year, and we had so much on our plate that putting the binder back together didn’t even rate in my Top 10 things to do.
But, it is time to whip it back into shape…
For this information, I will be using a white 1″ Better Binder from Staples.
For the dividers, I will be going with the Avery Two Pocket Insertable Plastic Dividers with 5 tabs.
Each family member will get a section. The extra tab at the very back will be for our AirEvac information.
Check out all of the details on my video. 🙂 It is easier to explain on video than writing.
Don’t forget to download the Medical binder cover and the Medical Bill Payment Tracker below and use them in your binder.
Download pdf here
Download pdf here
If you missed any Binders 101 posts and videos prior to this one, click on a link below:
Stay tuned in two weeks when we complete the Taxes binder together. 🙂