The proposed agreement will create a $2.67 billion settlement fund and require the defendants to increase competition in the health insurance market. This settlement is linked to the Blue Cross Blue Shield case. Payments will be given to eligible individuals, and the process is expected to finish by the end of 2024.
The Blue Cross Blue Shield Settlement aims to resolve issues of unfair practices in the past. The fund will offer financial compensation to those affected. It also focuses on making the health insurance market fairer for consumers.
Blue Cross Blue Shield Settlement Update
A settlement fund of $2.67 billion will be created to compensate eligible individuals and businesses. The defendants will also change their business practices to improve competition in the health insurance market. The exact payment date has not been confirmed yet, but it is expected by the end of 2024.
This settlement comes from an antitrust lawsuit filed for individuals and businesses using Blue Cross Blue Shield insurance. The case claimed that the defendants limited competition in health insurance and related services, violating antitrust laws. This settlement aims to provide financial compensation and make the insurance market fairer and more competitive.
Blue Cross Blue Shield Settlement Payout Per Person
Individuals who filed valid claims under the Blue Cross Blue Shield Settlement may get an average payout of $350. These payments will come from the Net Settlement Fund of $1.9 billion. This amount is left after deducting legal fees and other expenses from the original $2.67 billion fund.
The settlement involves over 35 Blue Cross Blue Shield health insurance plans, including Highmark. They agreed to resolve a lawsuit accusing them of breaking antitrust laws. Many claimants are still waiting for their payments, and the final payout timeline is not clear.
Around six million people filed claims before the deadline on November 5, 2021. By law, the leftover funds for distribution cannot exceed 25% of the total settlement amount. This is why individual payouts are modest.
This settlement aims to address unfair practices in the health insurance market. It provides compensation to affected individuals and encourages fair competition in the industry.
Eligibility Criteria for the BCBS Settlement Payout
You may be eligible for the Blue Cross Blue Shield (BCBS) settlement payout if you were part of certain health insurance or administrative service plans between February 2008 and October 2020. Federal accounts are not eligible.
Eligibility applies to individuals and groups who purchased medical or administrative service plans during the settlement period. This includes:
- Individuals who bought health insurance plans.
- Insured groups and employees are covered under group health plans.
- Self-funded accounts and their employees using administrative service plans.
The eligibility periods are:
- Insured and Individual Group Settlement: February 7, 2008, to October 16, 2020.
- Self-Funded Settlement Class: September 1, 2015, to October 16, 2020.
If you meet these criteria and file your claim correctly, you may qualify for the payout.
How to Check Your Blue Cross Blue Shield (BCBS) Settlement Claim Status
If you have submitted a claim under the Blue Cross Blue Shield Settlement, you can easily check its status. You will need your Unique ID or claim number provided by the settlement administrator. Follow these steps to check the status:
- Find Your Unique ID or Claim Number
- This ID is a code sent to claimants in the official announcement.
- It usually has 10 numbers and one letter.
- Visit the Official Website
- Go to the official settlement website: www.bcbssettlement.com.
- Use the Claim Verification Tool
- Look for the “Verify Online Claim Status” option on the homepage.
- Click on it to proceed.
- Enter Your Details
- Enter your Unique ID or claim number in the required field.
- Double-check the details to ensure they are correct.
- Check Your Claim Status
- Click on the “Check Status” button.
- You will get an update about your claim, such as whether it is approved, under review, or if additional information is needed.
Keep your Unique ID or claim number safe, as it is essential for checking your claim status. The status tool provides real-time updates about your claim.
Compensation Details in Blue Cross Blue Shield Settlement
The compensation amount in the Blue Cross Blue Shield (BCBS) settlement depends on several factors. Payments are based on the total number of valid claims and the details of each claim.
Key factors affecting the payout include:
- Type of Policy: Individual, group, or self-funded policy.
- Coverage Period: How long the policy was active during the settlement period.
- Claim Details: Information like services or benefits used under the plan.
The average payout is estimated to be around $333 per claim. However, this is not guaranteed. The actual amount may vary depending on the number of approved claims and specific details of each claim.
The settlement fund is shared among all valid claims, so some may get more than $333, while others may get less. The goal is to ensure fair compensation for those affected based on their unique claim details.
