What does an "explanation of benefits" (EOB) provide?

An "explanation of benefits" (EOB) is a document issued by health insurance companies to explain what medical treatments and services were covered under a patient’s insurance policy. It provides a detailed account of covered services, the costs associated with those services, and the patient’s financial responsibility, such as copayments, deductibles, and any services that were not covered.

The inclusion of specific financial details is crucial because it helps patients understand how much their insurance plan will pay versus what they are expected to pay out-of-pocket. This understanding can help patients manage their healthcare expenses effectively and avoid unexpected bills later.

The other options do not accurately depict the purpose of an EOB. For instance, a list of all services provided by a healthcare facility does not necessarily pertain to patient responsibility or insurance coverage details. Information on future billing arrangements is not included in an EOB, as the document strictly addresses past services rendered and the current financial settlement. Lastly, a summary of medical history for a patient is unrelated to the financial aspects that the EOB covers. Thus, the correct answer denotes the clarity and specificity of the information contained within an EOB.