How to Track Insurance

Tracking insurance policies ensures you have insurance that is affordable and provides you necessary coverage. You should be aware of each of your insurance policies' renewal dates, and you should track costs, coverage levels and benefits. Keep the documents sent by your insurer, and use a filing system or financial tracking software to effectively track your insurance policies.

Instructions

• 1

  Keep all your explanation of benefits (EOB) statements. You will receive an EOB each time you use your fee-for-service health insurance. These statements show, per charge, how much your insurance paid, how much you owe, how much you paid and an itemized list of the services you received and the dates of service.

• 2

  Visit your insurance company's website, and sign in through its member portal. You need a login username and password, but once you enter, you should have access to your claims history and policy information. Your claims history shows paid claims and an accumulation of your deductible and maximums. You can track how much you've paid into the deductible and how far you are from your plan's maximums.

• 3

  Call your insurance company and ask the representatives to provide you with the status of your premium payments, deductibles, maximums and outstanding claims. If you don't have a summary plan description of evidence of coverage, ask the representative to mail or email you a copy. This document provides information about each of your health and accident insurance policies.

• 4

  Keep any quarterly or annual statements sent from your insurance company showing an overview of your insurance costs and used services. Save these statements, and use them to track costs, services and other pertinent information related to your insurance policy.

• 5

  Use a financial management software program such as Mint or Quicken to track and plan for insurance costs. These applications allow you to budget for insurance and track your insurance spending. They also may enable you to plan and calculate the value of life policies over time. You may keep a spreadsheet listing the name and number of each insurance policy, the renewal date and the premium costs.

• 6

  Maintain your insurance policies in folders, and keep these files in an office, file cabinet or other storage area. Once a policy renews, the insurer sends you a new policy. Keep the first page of the older policies to compare premiums and to track trends in costs and coverage over the years.