The BCBS settlement has been in the news recently. In this historic case, a group of individuals and businesses filed a class-action lawsuit against BCBS, accusing it of engaging in unfair business practices and antitrust violations. Read the full article to get all the information regarding the BCBS settlement update, BCBS settlement payout, BCBS settlement claim, etc.
1. What is Blue Cross Blue Shield Association?
The Blue Cross Blue Shield Association (BCBSA), a union of 35 different United States health insurance providers, provides health insurance to more than 106 million Americans. BCBSA is created in 1982 by combining the two namesake organizations i.e., Blue Cross Association (1960) and Blue Shield Association (1948).
2. What is BCBS settlement?
The BCBS settlement deals with the resolution of a class-action lawsuit against Blue Cross Blue Shield. According to the lawsuit, BCBS engaged in anti-competitive behavior by limiting competition among its member organizations, which ultimately increased healthcare costs for consumers. The settlement’s purpose is to compensate those affected by these practices. In August 2021 the court granted its final approval.
3. What is the expected BCBS settlement payout?
According to www.bcbssettlement.com, the settlement will create a $2.67 billion settlement fund if the court approves it. After deducting the lawyer fees, court fees, and administrative costs the approximate leftover amount will be $1.9 billion. This remaining amount will be divided among eligible individuals and companies that submit the BCBS settlement claims.
A $120 million fund will be established for self-funded accounts and their employees and about $1.78 billion fund will be set aside for individuals, insured groups, and their employees. The amount that each person or company will receive is determined by a number of factors including
- Number of valid claims
- The premium price (monthly payments)
- The insurance was fully insured or self-funded
- No payment will be made if your overall payment is less than $5.01
All the values provided here are an estimated value.
4. When will the BCBS settlement be paid?
The BCBS settlement payout date has not been declared yet. The timing of the BCBS settlement payment may depend on several factors including court approvals and the resolution of any pending appeals. These legal proceedings can be complex and time-consuming.
Generally, a class action lawsuit has an appeals period when appeals can be filed. This may take months or longer while appeals are filed and litigated in court. Appeals are being considered by the court, and the court will not permit petitioners to be paid or reimbursed until those appeals are finished. Once the class action gets final approval, the class action administrator will assess the BCBS claims and calculates payouts for qualified petitioners in the Blue Cross Blue Shield settlement.
However, it is anticipated that within the upcoming year, eligible petitioners will get their settlement checks or the BCBS settlement checks be mailed.
5. BCBS settlement update
The recent developments on BCBS’s settling status are mentioned below. In March 2023, a news article https://www.goerie.com/story/business/2023/03/30/blue-cross-blue-shield-settlement-possibly-delayed-by-court-filings-home-depot-insurance-david-bruce/70055462007/ reported a possible delay in the BCBS settlement due to court filings and the involvement of other insurance companies. These developments have added complexity to the case, but efforts are underway to address these challenges and move the settlement process forward.
6. How much will individuals get from the BCBS settlement?
As stated in legal documents published online by the end of 5th November 2021, approximately 6 million people had submitted claims. The BCBS settlement will create a $2.67 billion settlement fund if the court approves it. A maximum of 25% of the total settlement fund will be used for lawyer’s fees and administrative prices. After deducting these fees, the approximate leftover amount will be $1.9 billion. If this amount will be divided among the 6 million people each claim would cost about $316.
7.How many people filed for BCBS settlement?
Legal documents that were made available online state that by the end of 5th November 2021, about 6 million people had filed claims.
8. BCBS settlement website
To know all the information regarding BCBS settlement and updates follow the website www.bcbssettlement.com.
9. Conclusion
The BCBS settlement is an essential step in addressing alleged antitrust violations and offering compensation to affected individuals and businesses. Although the payout amount has not yet been determined, it is expected to be significant. It is important to stay updated on the latest developments about the BCBS settlement through dependable news sources and official sources. The outcome of this case will have significant effects on the healthcare industry as well as the consumers it serves.
Also check:
1. https://logicalscript.com/index.php/2023/07/11/how-much-does-car-insurance-cost-in-illinois-get-a-clear-idea/
2. https://logicalscript.com/index.php/2023/07/04/personal-finance-tools-and-apps-that-improve-your-financial-planning/
3. https://logicalscript.com/index.php/2023/07/04/how-to-buy-bitcoin-on-etoro/