An Explanation of Benefits (EOB) Summary is a statement from your health, dental, or vision insurance plan. It describes the services received, the costs the plan will cover and the amount you’re responsible for.
Your health, dental, or vision provider typically creates an EOB when they submit a claim for the services you received and all of the claim details in once place. It typically includes:
- The actual costs of your claim
- What was covered by your plan
- How much you’ll need to pay
- Details about other pending claims
- Updates on your deductible and out-of-pocket maximum
An EOB is not a bill. Lively may require an EOB to substantiate* a claim or to activate a Lively plan such as the Lively Post-Deductible HRA.
*Substantiation is the verification process that the IRS requires to ensure you’re using your reimbursement benefit appropriately. It typically requires a submission of a receipt, other documentation (such as an EOB), or a combination of the two. Learn more here.