Learn personal and professional finance terms to keep you in the know
An Explanation of Benefits, or EOB, is a statement your health insurance company sends after you receive care, breaking down what the provider billed, what your insurance covered, and what you may owe. Despite looking like a bill, an EOB is not a request for payment. It's a summary meant to help you understand how a claim was processed. The document typically shows the date of service, the provider, the total charge, any discount negotiated through your in-network agreement, what the insurer paid, and your remaining responsibility.
Reviewing your EOBs regularly can help you catch billing errors, track how much of your deductible you've met, and spot discrepancies before an actual bill arrives. If something looks off, comparing your EOB to the bill from your provider is the first step to sorting it out.
