Each person who submitted a claim in the Blue Cross Blue Shield Settlement will receive compensation based on several variables. It is anticipated that each claimant may get around $350, and this payout will be sent to all members through the end of 2024.
BCBS Settlement Payout Per Person
The approximate reimbursement amount per individual will be $350 for each claim. Damage Class Members will get money from the Settlement Fund if their claims are timely and legitimate.
The Net Settlement Fund may compensate class members in cash if they file legitimate claims. It is anticipated that the Net Settlement Fund is worth around $1.9 billion. This is following the deduction of additional costs, attorneys’ fees, and administrative expenditures from the $2.67 billion Settlement Fund.
After being sued for allegedly breaking antitrust laws, more than 35 Blue Cross Blue Shield health insurance plans, including Highmark, came to a $2.67 billion settlement two years ago. However, many who made claims have still not gotten any payment, and it’s still unclear how much or when they will.
Legal records available on the website indicate that around 6 million persons submitted claims before the deadline of November 5, 2021. About $2 billion of the money remains after legal fees and administrative charges are deducted, which cannot exceed 25% of the total.
Which variables are taken into account when calculating the per-person payment in BCBS Payout?
The number of legitimate claims submitted, the premiums you paid to one or more of the Settling Defendants throughout the class period, and whether or not your insurance was fully covered or self-funded are just a few of the variables that affect how much each payout is.
The claimant will not get any money if the total amount paid to them is $5.00 or less. There will be two distinct Settlement Funds from the roughly $1.9 billion Net Settlement Fund. Individuals, Insured Groups, and their staff will each have access to a $1.78 billion fund.
A $120 million fund will be established specifically for workers of Self-Funded Accounts. The money will be disbursed on its own. The amount paid to one fund won’t grow if the payout to the other is lower. One of the two Settlement Classes is Injunctive Relief.
Who is eligible for the BCBS Settlement Payout?
You could be a Class Member if you were enrolled in specific administrative services or health insurance policies offered by Blue Cross Blue Shield between February 2008 and October 2020. The class does not include government accounts.
If you purchased or were enrolled in a Blue Cross or Blue Shield administrative services plan or health insurance during one of two Settlement Class Periods, you may be qualified to get a payment if you are an Individual, Insured Group1 (and their employees), or Self-Funded Account2 (and their employees).
The Individuals and Insured Groups Settlement Class Period runs from February 7, 2008, to October 16, 2020. September 1, 2015, to October 16, 2020, is the Settlement Class Period for Self-Funded Accounts. Payment is unavailable to dependents, beneficiaries (including children), or non-employees.
The Settlement mandating anticompetitive practices reform will benefit individuals, insured groups, and self-funded accounts participating in Blue Cross or Blue Shield health insurance plans throughout the Class Period.
What is BCBS Lawsuit and when the settlement Payout will arrive?
A class action antitrust case that involved people and businesses who bought or obtained Blue Cross Blue Shield health insurance has been resolved. The plaintiffs claim that the defendants broke antitrust statutes by restricting and preventing competition in the markets for administrative services and health insurance.
A $2.67 billion settlement fund will be established as part of the agreement, and the defendants will be forced to alter their ways to boost competition in the health insurance market. Hence it is still unknown when will my payment of BCBS Settlement arrive but it is anticipated that these payments will be clear till the end of 2024.
How to check the Status of your BCBS Claim?
People may use their Unique ID or Claim Number to quickly and conveniently verify the status of their claims. The people listed in the notification received a unique ID from the Administrator.
The 10-digit Unique ID code consists of both letters and integers. To find out the status of a BCBS claim,
- Browse the official BCBS Settlement webpage.
- Hit “Verify online claim status” to determine status.
- Provide the accurate Claim Number or Unique ID and hit check status..
- You ought to be able to see your claim’s current status after inputting your details.
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