Self-Funded Health Plan - Retention Schedule

jmcaa

We have a self-funded health insurance plan. When is it okay to shred? How many years do you need to keep information? Does anyone have a retention schedule they can share?

Thanks!

stilldazed

We are not self insured, and I don't know if there is a state-specific requirement for you, but we generally lump all employee records into a single basket after termination and keep all records for 7 years after the last activity. It covers us on FLSA, OSHA (except exposure), citizenship, FMLA, etc. Your insurance files would not be considered health files; therefore, you should not have to keep them for an eternity.

Do you practice any archival (i.e., microfilming)? If not, consider doing so to save space on the records. If so, you are probably free to institute just about any schedule that works for your organization and remains compliant with state/federal requirements because you'll have the records. They're just in a different form.

best wishes,

NeedCoffee

I agree with stilldazed - keep them for the duration of employment + 7 years.