The deal would create a $2.67 billion settlement fund and require defendants to increase health insurance market competition. Blue Cross Blue Shield Settlement payment is expected that these payments will be made by the end of 2024.
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Blue Cross Blue Shield Settlement Update
As a condition of the deal, a $2.67 billion settlement fund will be formed, and the defendants will be required to change their strategies to increase competition in the health insurance market. Therefore, the exact date of my Blue Cross Blue Shield Settlement payment is yet uncertain, although it is expected that these payments will be made by the end of 2024.
An antitrust class action lawsuit involving individuals and companies that purchased or acquired Blue Cross Blue Shield health insurance has been settled. The plaintiffs contend that by limiting and obstructing competition in the markets for administrative services and health insurance, the defendants violated antitrust laws.
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Compensation amount in the BCBS Settlement
The compensation for each individual who filed a claim in the Blue Cross Blue Shield Settlement will depend on various factors. The amount that each claimant receives is proportional to the number of legitimate claims that were submitted by the due date.
When deciding on a precise amount of compensation, factors such as the kind of policy, period of coverage, and other claim-specific data may be considered.
It is estimated that claimants might receive about $333 per claim. However, this is an average figure, and the actual amount could be higher or lower depending on the total number of approved claims.
There is no assurance that each claim will get $333. The actual amount each claimant receives can vary based on the final number of approved claims and the specifics of each claim.
Blue Cross Blue Shield Settlement Payout Per Person
Each individual will get a payment of $350 on average for each claim. If the claims made by members of the Damage Class are valid and filed on time, they will be paid from the Settlement Fund.
When participants have valid claims, the Net Settlement Fund may pay them out in cash. This Net Settlement Fund is expected to be valued at around $1.9 billion. The amount is derived by subtracting the $2.67 billion Settlement Fund’s administrative costs, lawyer fees, and any other costs.
In the previous two years, more than 35 Blue Cross Blue Shield health insurance plans including Highmark and Highmark agreed to a $2.67 billion settlement after being sued for breaking antitrust laws. However, many of the claimants have not gotten their money, and it is unclear when or how much they will get.
Six million people submitted claims before the deadline of November 5, 2021, according to the website’s legal documents. After deducting legal fees and administrative expenditures, the projected $2 billion in leftover money cannot be more than 25% of the total sum.
Who is eligible for the BCBS Settlement Payout?
If you participated in certain administrative services or Blue Cross Blue Shield health insurance plans between February 2008 and October 2020, you can be deemed a Class Member. Federal accounts are not included in this class.
Anyone who signed up for Blue Cross or Blue Shield’s medical or administrative service plan insurance during one of the two settlement class periods may be eligible for reimbursement, whether you are an Individual, an Insured Group (and their employees), or a Self-Funded Account (and their employees).
The period of the Insured and Individual group Settlement class is from February 7, 2008, to October 16, 2020. The Settlement Class Period for Self-Funded is from September 1, 2015, to October 16, 2020.
How to check the BCBS Settlement Claim Status?
The person may quickly and simply confirm the veracity of their claim by using their Unique Identification Number (ID) or Claim number. The administrator provided a unique ID to people who were included in the announcement message.
If you submitted a claim as part of the Blue Cross Blue Shield Settlement, the following straightforward instructions will help you determine the status of your claim:
- Visit the official website of the Blue Cross and Blue Shield Settlement at www.bcbssettlement.com.
- An Unique ID code consists of ten numbers and one letter. Use the Official BCBS Settlement website to learn more about the status of a BCBS claim.
- To find out the status, click “Verify online claim status.”
- After entering the correct Unique ID or Claim Number, click Check Status.
- It is anticipated that following providing your information, a status check will be performed on your claim.
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