Which of the following best describes an Explanation of Benefits (EOB)?

An Explanation of Benefits (EOB) is a crucial document in the healthcare insurance process that provides a detailed breakdown of what services have been covered by the insurance policy and outlines any costs that the patient is responsible for after the treatment. It typically includes information such as the date of service, the type of service provided, the amount billed by the healthcare provider, the amount covered by the insurance, any adjustments made, and the patient's deductible or copayment obligations.

This clarity is essential for patients to understand their financial responsibilities and helps in managing their healthcare expenses. The EOB is not just a notification for healthcare providers nor a form that patients fill out prior to treatment; rather, it serves as a comprehensive summary that allows patients to see exactly how their insurance benefits were applied to a specific healthcare service. Additionally, it is not specifically a financial summary targeted at insurance brokers, which distinguishes its core purpose in patient communication and healthcare transparency.