BCBS Blue Cross Blue Shield Settlement
Updated: January 26, 2023
Settlement Status: Final Approval August 9, 2022
Claim Form Deadline: Passed
Proof required: Yes
Method of payment: Mailed Check
What's This Settlement About?
A $2.67 Billion Settlement has been reached with Blue Cross Blue Shield. The settlement stems from a class action lawsuit against BCBS on behalf of those that bought or received medical insurance from a Blue Cross Blue Shield company, such as the "Blue Plans" that were or are offered as part of BCBS's health insurance. Blue Cross Blue Shield customers and patients stand to gain billions of dollars in compensation from this historically large open class action settlement.
According to plaintiffs (those that sued and settled with BCBS), Blue Cross Blue Shield participated in antitrust practices, and colluded to monopolize health insurance and administrative services to such an extent that BCBS's actions violated anti-monopoly laws. The allegation is that millions of policyholders and customers of BCBS had their policy prices raised significantly and monopolistically. While Blue Cross Blue Shield denies these allegations, they decided to agree on a settlement out of court to avoid any potential risk with defending further litigation.
About Blue Cross Blue Shield
Blue Cross Blue Shield Association (BCBSA) is a federation of 35 separate
United States health insurance companies that provide health insurance to over
106 million people in the United States. It was formed in 1982 by the merger of
its two namesake organizations: Blue Cross, which was founded in 1929 and
became the Blue Cross Association in 1960, and Blue Shield, which was
founded in 1939 and became the Blue Shield Association in 1948.
The Blue Cross Blue Shield Association is a national organization comprised of
34 Blue Cross Blue Shield companies that are independent and community based. The Blue Cross and Blue Shield trademarks and names
are owned and managed by the Association in over 170 countries worldwide.
How Do I Qualify?
The BCBS Class Action Settlement is closed to claims. To receive a payment, you must have already filed a claim by November 5, 2021.
How Much Can I Get?
After reducing lawyer fees, court costs, and administrative expenses, the $2.67 Billion Settlement will have about $1.9 Billion remaining to be split between qualified individuals and companies that fill out BCBS settlement claims. The amount each individual or company will receive depends on a number of items:
• Number of valid claims,
• The cost of premium (monthly payments),
• Whether your insurance was fully insured or self-funded,
• If your total payment is less than $5.01, no payment will be made.
Of the remaining $1.9 Billion class action settlement fund, $while the rough remainder is created for self-funded accounts. Separate payments will be made to employers and employees. For more details on the structure of the class action, visit the official class action website administrator's website here.
When Will Payments go Out for the BCBS Class Action Settlement?
The BCBS Settlement payout date has not been announced yet. Stay tuned to this site for updates. Typically, a class action lawsuit goes through a period when appeals can be filed. After this period, which can last months or longer, appeals are filed, litigated in court, then once and if the class action gets final approval, the class action administrator will review the BCBS claims made for legitimacy and calculate payouts for qualified claimants in the Blue Cross Blue Shield settlement. The court is currently reviewing appeals, and until they are resolved, the court will not allow claimants to be reimbursed and to be paid.
What's Next with the BCBS Settlement?
The settlement distribution plans for the Blue Cross Blue Shield payments were made in August of 2022. Now the waiting game commences. The appeals period begins for any potential appeals to come through against the approval ruling, or any of the details of the orders made to distribute the Billions of dollars in settlement funds. Once the period to allow appeals to be filed is over, the class action administrator may release some updates as to potential payout distribution dates on the the official class action website administrator's website here. The appeals procss can be lengthy, especially for large or complicated class action settlements such as the BCBS settlement.
What if I Don't Qualify?
If you missed out on the Blue Cross Blue Shield Settlement, don't miss out on others that are live now or coming up by getting notified via email here:
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