what is an eob in insurance

An EOB stands for Explanation of Benefits, which is a document sent by an insurance company to let you know that a claim has been processed. It is important to note that an EOB is NOT a bill, but rather a summary of the benefits your insurance covered, what you must pay for, and the charges your healthcare provider billed. An EOB provides information about which healthcare provider has filed a claim on your behalf, what it was for, whether it was approved, and for how much. It also includes general information such as the claim and policy number, your ID numbers, both the insured’s and the patient’s name, as well as the provider’s name and address. The EOB lists the cost of your care, and how much your health insurance plan will cover for medical care or products youve received. It also shows the total charges for your visit, the amount billed, the cost of those services, and any money you saved by accessing care or medical products from within your plan’s network of providers. The EOB can help ensure that you are receiving the full benefit or discount that you are entitled to under your insurance plan, and you should always review it to make sure it’s correct.