What do the letters "EOB" stand for in the context of insurance billing?

The correct answer is "Explanation of Benefits." In the context of insurance billing, an Explanation of Benefits is a document provided by health insurers to inform policyholders about what medical services were covered under their policy, how much of the cost was paid by the insurer, and how much the patient is responsible for paying. It outlines the services rendered, the corresponding charges, and the insurer's payment decisions.

This document is crucial for patients as it helps them understand their financial obligations and the rationale behind the insurer's coverage decisions. It also serves as a record for providers to confirm that claims were submitted and processed correctly. By reviewing the EOB, both patients and providers can address any discrepancies or issues regarding claims, promoting transparency in the billing process.