What does the acronym "EOB" stand for?

The acronym "EOB" stands for "Explanation of Benefits." This document is typically provided by health insurance companies after a claim has been processed. It outlines the services received by a patient, the amount billed by the healthcare provider, the amount allowed by the insurance plan, and the patient's responsibility in terms of any copayments, deductibles, or coinsurance.

Understanding EOBs is crucial for patients as it helps them comprehend how their insurance benefits are applied, what costs they may be responsible for, and how much the insurance company has paid to the provider. This information is essential for managing personal healthcare finances and clarifying any questions regarding medical billing.

The other options do not accurately reflect what EOB signifies in the context of healthcare insurance and billing, as they do not correspond to the standard terminology used in this field.