How do I read my insurance Explanation of Benefits?
How do I read my insurance Explanation of Benefits?
How do I read an EOB?
- The name of the person who received services (you or a family member your plan covers)
- The claim number, group name and number, and patient ID.
- The doctor, hospital or other health care professional that provided services.
- Dates of services and the charges.
How do you explain Explanation of Benefits?
An Explanation of Benefits, commonly referred to as an EOB is a statement from your health insurance company providing details on payment for a medical service you received. It explains what portion of services were paid by your insurance plan and what part you’re responsible for paying.
Can you read and understand an Explanation of Benefits EOB )?
An Explanation of Benefits (EOB) is a statement that your insurance company sends that summarizes the costs of health care services you received. An EOB shows how much your health care provider is charging your insurance company and how much you may be responsible for paying. This is not a bill.
Do I need to keep insurance explanation of benefits?
When you or someone you are caring for is seriously ill, it is recommended that you keep EOBs for five years after the illness or condition is alleviated. If you or the patient is claiming or has claimed a medical deduction, keep the explanation of benefits for seven years.
Why does EOB say I owe money?
If you pay a copay (a fixed amount for each visit) or coinsurance (a percentage of health costs after meeting your deductible), this will be reflected on your EOB. The amount you owe the provider after insurance. Remember: Your EOB isn’t a bill, and if you owe a balance, you should receive a bill from your provider.
What are some important essential elements that each explanation of benefit should have?
Explanation of benefits
- the payee, the payer and the patient.
- the service performed—the date of the service, the description and/or insurer’s code for the service, the name of the person or place that provided the service, and the name of the patient.
Should I keep Explanation of Benefits?
Comparing your EOBs to your monthly statements is a good way to understand what you are being charged for, and it gives you another opportunity to look for overcharges. Unlike medical bills, EOBs should be kept from three to eight years after your procedure, or indefinitely if you have a reoccurring condition.
Why does insurance say you may owe?
Amount you may owe the provider: This refers to the difference between the allowed amount and the amount paid by the plan.
What are three figures that are commonly depicted on an EOB?
An EOB typically describes:
- the payee, the payer and the patient.
- the service performed—the date of the service, the description and/or insurer’s code for the service, the name of the person or place that provided the service, and the name of the patient.
How long should you keep paid medical bills?
Medical Bills How long to keep: One to three years. Keep receipts for medical expenses for one year, as your insurance company may request proof of a doctor visit or other verification of medical claims.
How long should you keep paid bills?
If you’re claiming a home office deduction, you should keep utility bills for three years. Otherwise, keep them for one year, then shred them. Credit card bills: Once they’ve been paid, shred them – unless you need them to support a tax deduction, like a charitable donation or childcare expense.
