Blue Cross Blue Shield (BCBS) has reached a $2.67 billion settlement following a lawsuit that accused the company of restricting competition and inflating health insurance premiums. The case, which began in 2013, alleged that BCBS divided markets among its 34 independent companies, preventing them from competing against each other. This lack of competition led to higher insurance costs for consumers.
While BCBS denied any wrongdoing, the company opted to settle the lawsuit rather than continue legal proceedings. As part of the agreement, a compensation fund was established for policyholders who had BCBS insurance between 2008 and 2020, along with legal adjustments to promote future competition.
Overview of the BCBS Class Action Settlement
| Company | Blue Cross Blue Shield (BCBS) |
|---|---|
| Program Name | BCBS Antitrust Settlement |
| Country | USA |
| Settlement Amount | $2.67 billion |
| Average Payout | $333 for individuals; higher for businesses |
| Benefit | Compensation for overcharged premiums |
| Category | Antitrust Settlement |
| Official Website | BCBS Settlement Website |
Who Is Eligible for the BCBS Settlement?
To qualify for a settlement payout, individuals or businesses must have:
- Purchased BCBS health insurance between February 7, 2008, and October 16, 2020
- Submitted a valid claim before the deadline of November 5, 2021
Since the claim deadline has passed, no new claims can be filed. If you successfully submitted a claim, your focus should now be on tracking your payment status.
BCBS Settlement Payment Updates
Although the settlement was approved in 2022, legal appeals delayed the distribution of payments. However, with these appeals nearly resolved, BCBS class action settlement payments are expected to begin in 2024.
To stay updated:
- Regularly check your email and mailbox for updates from the settlement administrator.
- Ensure your contact details are current to prevent payment delays.
- Visit the official settlement website for the latest information.
How to Track Your BCBS Settlement Payment
If you successfully submitted a claim, follow these steps to track your payout:
- Monitor Your Email and Mailbox – Updates from the BCBS settlement administrator will be sent via email or postal mail.
- Update Your Contact Information – If your email or mailing address has changed, update it with the settlement administrator to prevent payment issues.
- Check the Official Website – Visit www.bcbssettlement.com regularly for payment announcements.
BCBS Settlement Payout Amounts
The payout amount varies based on several factors, including the total amount spent on BCBS insurance premiums during the eligible period.
Key factors that influence payout amounts:
- Premiums Paid: Businesses that spent more on BCBS coverage will receive larger settlements than individuals.
- Legal Fees: These will be deducted from the total settlement fund before distribution.
- Average Payout: Individual claimants can expect an average payout of $333, while businesses may receive higher amounts.
Final Thoughts
The Blue Cross Blue Shield settlement aims to compensate policyholders who overpaid due to limited competition in the health insurance market. While claim submissions are now closed, those who successfully filed should stay informed about payment updates. With payouts expected to begin in 2024, claimants should monitor their email, update their contact details, and check the settlement website for the latest information.
FAQs:
Can I still file a claim for the BCBS settlement?
No, the claim deadline was November 5, 2021. No new claims are being accepted.
When will the settlement payments be distributed?
Payments are expected to begin in 2024, following legal delays.
What should I do if I changed my mailing or email address?
Update your contact details with the settlement administrator to avoid payment delays.
