Blue Cross Blue Shield will soon begin paying customers $2.677 billion in accordance with a long-standing lawsuit that claims the health insurance giant has violated antitrust laws.
The lawsuit began in 2013 when a class action lawsuit was filed against more than 35 Blue Cross Blue Shield health insurance plans. The lawsuit alleges that by limiting market competition, the company violated antitrust laws, resulting in increased premiums and reduced customer options.
Blue Cross Blue Shield has repeatedly denied these claims, and the court did not reach a final verdict, but the case was resolved. Blue Cross Blue Shield did not immediately respond to comments when contacted by USA Today on Tuesday.
Here are some things you need to know about settlement payments, including who qualifies, how likely the payment is to be paid, and when payments will be issued.
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Who is eligible for payment for Blue Cross Blue Shield?
Customers eligible for Blue Cross Blue Shield payment payments required to file a claim by November 5, 2021. If the customer is eligible and does not submit by the deadline, the customer will not receive payment.
Individuals eligible for Blue Cross Blue Shield between February 2008 and October 2000 may be eligible for payment.
Settlement payments include two classes: individual and insurance groups and self-funded accounts. Individuals and insured groups who were clients from February 7, 2008 to October 16, 2020 will be eligible for personal funded accounts that were clients from September 1, 2015 to October 16, 2020 You may be qualified for this. .
How much will the settlement be paid?
With approximately 6 million claims filed by the November 2021 deadline, payments are expected to be around $333 per claim.
Blue Cross Blue Shield has agreed to create a $2.67 billion settlement fund, but after deducting attorneys' fees, administrative fees and other expenses, only $1.9 billion can be used to pay. Blue Cross Blue Shield Settrement Website.
When will the settlement payment be issued?
The Blue Cross Blue Shield Settrement website is reportedly emailed to customers on a “rolling base.”
What is the Blue Cross Blue Shield Association?
The Blue Cross Blue Shield Association is the American Association of Health Insurance Companies. Businesses provide plans to individuals, families and businesses.
Contributions: Presley Botyler, Shreveport Times, David Bruce, Ellie Times News
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