An Explanation of Benefits is a document that you receive from a primary coverage provider (insurance company) stating how much you paid for an expense or service, how much money the insurance company reimbursed you, and how much money you have left to be reimbursed.
For example, if you had an eye exam that cost $125, and your student, parent, etc., insurance paid $100, you would have $25 unpaid. You could then claim $25 from one of our Health Care Spending Accounts (provided you haven’t used up your entitlement prior to submitting the claim).
These “explanations” (sometimes called “statements”) can usually be downloaded from your personal profile (or claims history) from your insurance company’s website, and/or are attached with a cheque you receive from the insurance company in the mail.
Please note that our Health Care Spending Account carrier, the Prosure Group, does not issue explanations of benefits, as the fund is a supplemental fund (not primary insurance coverage).