EOB (Explanation Of Benefits)
The prices that your medical insurance will reimburse for the services or goods you’ve received are listed on an EOB, which is a report from the insurance company. When your health provider submits a claim for the care you received, the EOB is produced. With the help of your explanation of benefits, it helps you to keep an adequate record of all the health services you received and their associated cost and expenses. Is The Explanation Of Benefits (EOB) The Same As a Bill? No, your EOB is not the same as a bill. Your EOB simply contains the statement of the health care services you received, the cost, and how you are to share the cost with your plan. The EOB cannot be used to clear previous debt or outstanding bills. How Does An Explanation Of Benefits (EOB) Work? When you receive medical care, a healthcare worker will submit a claim to your health insurance agency. You will then get an EOB. You might get a different bill for the sum you might owe later. Your bill will specify wh...