Blue Cross Blue Shield Reaches Settlement in Lawsuit

News: Blue Cross Blue Shield, a prominent health insurance company, has recently come to a settlement in a legal case brought against them. The settlement was reached on October 16, 2020, and it pertains to individuals and businesses that bought insurance from Blue Cross Blue Shield. The defendants in this case are BCBSA and Individual Blue Plans.

The lawsuit asserted that the defendants violated antitrust laws by entering into agreements to restrict competition in the sale of health insurance and administrative services. The class representatives argued that this lack of competition led to increased healthcare costs and limited access to medical services. However, the defendants refuted these allegations, contending that their actions actually improved healthcare accessibility and reduced costs.

If approved, the defendants will establish a fund of 2.67 billion dollars. Additionally, they will be obligated to implement changes in their business practices to encourage competition within the industry.

Eligibility and Important Dates

To be eligible for a portion of the settlement, individuals must have held Blue Cross Blue Shield health insurance or administrative service plans from February 2008 to October 2020. The settlement comprises two distinct categories: an Injunctive Relief Class and a Damaged Class. Government accounts are not covered by this settlement.

It’s crucial to mark some key dates related to this settlement. November 5, 2021, served as the deadline for members of the Damaged Class to submit a claim. Individuals who failed to file a claim will not receive any compensation and will forfeit their right to take legal action against the defendants.

The settlement fund is estimated at 1.9 billion dollars, accounting for administrative costs, legal fees, and other expenses. This sum will be divided into two segments: a 1.78 billion dollar fund designated for Insured Groups and Individuals and a separate 120 million dollar fund earmarked for Self-Funded Accounts. A monitoring committee will be established to oversee the defendants’ adherence to the agreed-upon changes in their business practices for a period of five years.

Settlement Approval and Payment Process

Payments will be disbursed solely to claimants who met the filing deadline and upon the court’s approval of the settlement, as well as the resolution of any potential appeals. The Eleventh Circuit Court of Appeals recently upheld the approval of the settlement, with any further appeals anticipated by the first quarter of 2024. Additional updates regarding the settlement and payment details will be provided in February 2024.

To inquire about the status of a claim, individuals can visit the official Blue Cross Blue Shield Settlement website and input their Unique ID or Claim Number. The Unique ID is a 10-digit code distributed to individuals in the notice sent by the Administrator.

In summary, the Blue Cross Blue Shield settlement offers compensation to those who bought insurance from the company between February 2008 and October 2020. The settlement’s objective is to address allegations of antitrust violations and stimulate competition in the health insurance industry. Eligible individuals must file a claim before the deadline to receive their payment, and the settlement fund will be allocated into two segments. A monitoring committee will ensure the implementation of the agreed-upon changes to the defendants’ business practices.

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Frequently Asked Questions

1. What is the Blue Cross Blue Shield settlement?

The Blue Cross Blue Shield settlement is a resolution reached in a lawsuit against the company for alleged antitrust violations in the health insurance industry.

2. Who is eligible for a share of the settlement?

Individuals who were covered by Blue Cross Blue Shield health insurance or administrative service plans between February 2008 and October 2020 are eligible for a share of the settlement.

3. How can I check the status of my claim?

You can check the status of your claim by visiting the official website of the Blue Cross Blue Shield Settlement and using your Unique ID or Claim Number.