An explanation of benefits (EOB) statement is a document provided by your insurance company that resembles a medical bill. The EOB provides details about a medical insurance claim that has been processed by your insurance provider. It will explain what portion of a health claim is paid to the health care provider and what part of the payment, if any, is the patient’s responsibility. The EOB is NOT a bill. Actual charges from your provider may be less but not more than what is stated in the EOB.