Explanation of Benefits (EOB)-Term Of The Day
The Explanation of Benefits (EOB) is a new term in the Workers Compensation industry. Until recently, EOBs were common to the Health Insurance industry and are sent out to claimants so they are aware of the benefits that their insurance carrier is paying out on their behalf.
Recently, EOBs have been sent out to Workers’ Compensation claimants by a handful of carriers, self-insureds, and TPA’s.
Adjusters send these out as soon as they consider a claim compensable.