Optical spectra of few-layer transition metal dichalcogenide semiconductors reveal several transitions whose character and origins continue to be debated. We have studied hBN encapsulated few-layer MoS2 films using electroreflectance (ER) spectroscopy. Two strong features are seen in the reflectance spectrum of trilayer MoS2 around the ground state A–exciton transition. In ER, the corresponding features show opposite phase response to the applied voltage. Evidence from first principles ER line shape simulation and photoluminescence spectroscopy suggests that these two features are likely to be A1s exciton subspecies proposed earlier, whose energy depends on which layer the electron–hole pair is located in. The first excited state A2s exciton transition is also identifiable in ER. Through the two-dimensional hydrogenic exciton model, it enables an approximate estimation of the exciton binding energy Eb. The increase in Eb with decreasing film thickness, which originates from reduced dielectric screening, is phenomenologically analyzed through a film thickness and capping material dependent effective dielectric constant. Extending this idea, we show that the A1s exciton is mostly confined to a single S–Mo–S layer, as predicted by theory. An inter-layer (IL) exciton is expected in bilayer and thicker 2H-MoS2 films. However, we show that there can be bilayer films where the IL exciton is absent, which may be related to increased carrier concentration.