the act of consuming, as by use, decay, or destruction. 2. the amount consumed: the high consumption of gasoline. 3. Economics. the using up of goods and services having an exchangeable value.
General Recommendations. Cigna, a large health care insurance carrier, recommends that you keep EOBs for at least one year. The eXtension website, a service of public colleges and universities, recommends keeping the EOB for three to five years after the medical claim is paid in full.
Physicians and hospitals are required by state law to maintain patient records for at least six years from the date of the patient's last visit. A doctor must keep obstetrical records and records of children for at least six years or until the child reaches age 19, whichever is later.