An explanation of benefits (EOB) is a statement issued by the insurance company to the insured. It shows the insurer's process in addressing a claim. It also details how much the company will pay for a particular claim, as well as the amount the insured will have to pay out of pocket.
An explanation of benefits document is sent by mail. It describes the particular claim and the monetary amounts related to it. These figures are organized by categories, one of which describes how much the insurance company will pay, while another describes how much the insured will have to contribute in copayments or deductibles. It will also outline the instances in which the insurance company will not pay for the claim.
Share this Term
Stay informed with Insuranceopedia!
The world of insurance can be complicated. Subscribe to the Insuranceopedia newsletter and stay in the know! Access expert content, industry term definitions and answers to your questions from knowledgeable insurance insiders. Arm yourself with what you need to know to keep your assets and your family safe.
Latest Articles
