New Era Life Insurance Helps Insured with Easier EOB Management

Tracking medical bills and managing the associated paperwork can be daunting. To reduce the amount of paperwork received and to stay organized, New Era Life Insurance Companies now provide Episodic EOBs.

An episodic EOB groups an individual’s EOBs within a set time period into one document. The company has set the time period to cover 5 days for no-pay or no-check claims. Essentially, every 5 days, any no-pay or no-check EOB information will be consolidated into a single document.

Clients can take comfort in knowing that this process does not change the payable claims process. Payable claims are not withheld for any reason, and the company will continue to provide the EOB and payment immediately upon approval.

Episodic EOBs are sent for no-pay and no-check claims only. These include claims not payable or with no check due to additional information being needed, such as a request for medical records.

Ultimately, this process is more effective due to the reduction in documents. The New Era family of companies provides quality, affordable insurance and financial products complemented by outstanding customer service.

Do You Know How to Read Your Explanation of Benefits (EOB)?

If you’ve ever received a form labeled EOB after a medical visit or procedure, but thought it was a bill, you are not alone. The EOB, also known as your Explanation of Benefits, is not a bill, but a critical document to track your out-of-pocket medical expenses.

Your EOB is issued by your health plan documents your total charges for products and services rendered, charges paid by the insurance provider, and the remaining balance, if any, that is owed.

The EOB typically tracks key information regarding your insurance plan including:

• contact information (name, address, and phone)
• Claim Number, the plan’s contact information
• Group Number and ID
• Subscriber Number
• Date and description of Service
• Claim Status
• Provider and Allowed Charges
• CoPay and Deductible
• Coinsurance
• Insurer Payments
• Amount Owed
• Procedure Codes

These tools can help you with budgeting for elective procedures and plan limits. When you get an EOB, the first thing to check is the date of service and the services provided. Billing errors can happen, so it’s easier to catch them early before the actual bill is processed to be sent.

Look over the Allowed Charges because they may not be the same as the Provider Charges. If you were denied payment for a claim you may appeal the decision. Pay attention to the timeframe to file an appeal.