Agile Help CenterAspen American Insurance Company
Explanation of benefits
Explanation of benefits (commonly referred to as an EOB form) is a statement the health insurance company sends to members explaining what medical treatments and/or services were paid for on their behalf.
It is most famous as that “waste” of mail that comes to people after accessing medical services announcing that it is “not a bill.” So why bother? The explanation of benefits is important for a few reasons:
- It explains what the cost of the medical service actually was (the allowed amount not billed amount) which is applied to a person’s maximum benefit counter.
- It informs the member if they have any responsibility for payment so the member knows if a bill will be coming.
- Many EOBs will tell the member how much of their deductible is satisfied.