How long should hard copies of notes or documentation be retained after the claim has been finalized?

The recommended retention period for hard copies of notes or documentation after a claim has been finalized is five years. This time frame allows for adequate access to important information that may be needed for audits, potential disputes, or future references concerning the specific claim. Retaining documentation for five years aligns with industry standards and best practices, which consider the possibility of re-evaluations or follow-up inquiries related to the claims process. This retention period strikes a balance between preserving necessary records and ensuring efficiency in managing physical document storage. Retaining documents longer than five years may lead to increased storage costs and difficulties in managing outdated files, while retaining them for a shorter duration may leave gaps in documentation that could hinder future investigations or claims.