If you’ve recently been to the doctor, had any kind of testing done or really found yourself anywhere near a hospital, there's a good chance an explanation of benefits statement made it’s way into your mailbox.
But what is it?
It’s not a bill.
That’s the one thing they do a decent job telling you, but that’s about it.
Other than that, on the surface and EOB is one of the most confusing pieces of paper you will get related to your health insurance.
The primary job of the EOB is to show you how hard your health insurance policy is working for you behind the scenes. The fancy insurance word for this is "negotiated rate."
You see, a lot of the value of your policy happens without you even knowing. The EOB is really the only way to uncover its efforts.
What this document is hoping to tell you is how much money they (your health insurance company) has allowed a doctor of hospital to bill you.
Additionally, it will tell you how much of that amount they have accepted and what is left for you to cover on your own.
The easiest way to remember what’s what when dealing with EOB’s vs. actually bills. Look at the logo on the page. If it’s from your health insurance company (and it’s not a bill for your health insurance) you probably don’t owe any money.
If it has the logo of your doctors office or hospital, you might want to give them some money before they toss you into collection.
If you want to take a closer look at how to get around this tentatively annoying piece of paper you can do that here.
You can watch the short video below to get an even better feel for what an explanation of benefits does and how to read it.
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If you would like some help with health insurance or want to make sure I'm a real human being, you can send me an email, give me a call at 440-964-8211 or talk face to face over the internet.
Giangola Insurance Agency, Inc.
1000 Lake Ave.
Ashtabula, OH 44004
Monday 9:00 AM - 5:00 PM
Tuesday 9:00 AM - 5:00 PM
Wednesday 9:00 AM - 5:00 PM
Thursday 9:00 AM - 5:00 PM
Friday 9:00 AM - 5:00 PM