Health insurance provides financial protection in case you have a serious accident or illness. Health coverage can help protect you from high, unexpected costs. With Marketplace coverage, you’ll get access to preventive services — like shots and screening tests — at no cost to you.

What is explanation of benefits in insurance?

What is an Explanation of Benefits? An EOB is a statement from your health insurance plan describing what costs it will cover for medical care or products you’ve received. The EOB is generated when your provider submits a claim for the services you received.

How do you read explanation of benefits?

How do I read an EOB?

1. The name of the person who received services (you or a family member your plan covers)
2. The claim number, group name and number, and patient ID.
3. The doctor, hospital or other health care professional that provided services.
4. Dates of services and the charges.

Do I need to 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.

Do I need to keep insurance explanation of benefits?

If there is no question or problem with an explanation of benefits, keep it filed for one year from the day it was issued. Keep your EOB someplace easily accessible until you match it with its corresponding hospital or doctor’s bill; then file the two together (and keep for a year).

What do I need to know about my Medicare coverage?

Use this list if you’re a person with Medicare, family member or caregiver. Medicare coverage for many tests, items and services depends on where you live. This list only includes tests, items and services (both covered and non-covered) if coverage is the same no matter where you live.

What should I do to verify my health insurance?

You may be a medical provider verifying insurance for a patient, or a patient checking to make sure that your insurance is covering what it should. Use these steps to verify primary and secondary health insurance. Maintain accurate records. Make sure that patient information is up-to-date.

What to do if you are not covered by Medicare?

If your test, item or service isn’t listed, talk to your doctor or other health care provider about why you need certain tests, items or services. Ask if Medicare will cover them.