I know I need to maintain medical records for an adult for a period of seven years, but how long do I need to keep financial records?
There is no law in Pennsylvania that specifically addresses financial records. Medicare requires you to maintain financial records for four years, and Medical Assistance requires three.
We advise our members to retain their paper financial records for a period of seven years. Why? In the event of an audit, the IRS wonâ€™t accept electronic data you can produce from your computer. It will only be interested in hard copies.