For those citizens who are on the list, Blue Cross Blue Shield (BCBS) payments could soon be sent to you due to a big antitrust lawsuit. It has been about a decade of legal proceedings, but BCBS has agreed to pay out the $2,67 billion to resolve all claims placed against the company for violating federal antitrust laws by limiting competition and driving up insurance premiums. The company has fully denied all allegations of wrongdoing; however, it has agreed to pay the settlement fee. All eligible claimants can expect payments soon, and these claimants need to know some important facts if they are on the payment list.
Who is on the payment list?
In order for citizens and businesses to be on the payment list, they would have to have filed a claim by the November 5, 2021, deadline. Citizens who filed claims were those who had been covered by a qualifying Blue Cross Blue Shield health insurance plan during the specified period. Those qualifying members who did not or were unable to meet the claim filing deadline are not eligible for compensation.
The groups who were deemed eligible to file a claim were:
- Individuals and Insured Groups: Covered between February 7, 2008, and October 16, 2020
- Self-Funded Accounts: Covered between September 1, 2015, and October 16, 2020
All in all, about six million people filed valid claims by the claim filing deadline. Part of the claimants were individuals, families, and businesses who bought fully insured plans or participated in self-funded administrative services through Blue Cross Blue Shield during the respective period. Affected citizens who filed a claim on time are now part of the claimants list and are all waiting to receive payments.
How much will claimants receive?
From the initial $2,67 billion settlement fee, $1,9 billion remains after legal and administrative expenses were deducted. According to this remaining figure and the number of claims filed, all eligible claimants will receive a payment of about $333 each.
However, how much each individual will receive from this settlement agreement will be based on:
- The number of valid claims filed.
- The total premiums paid during the settlement period.
- Whether the insurance plan was fully insured or self-funded.
For those claimants with a total settlement amount of $5 or less, payments will not be made as stipulated by this settlement agreement. The idea is to focus on the substantial claims whilst reducing administrative costs in the process.
This May, citizens should also check if they are on the list of eligible claimants for the Google $100 M AdWords lawsuit.
When can claimants on the list expect payments?
As per the Blue Cross Blue Shield Settlement agreement, payments are issued on a rolling basis. Therefore, there is no set date when all claimants will receive their money. As has been stated on the Blue Cross Blue Shield Settlement website, notices and payments are currently being gradually emailed and sent out. All eligible claimants are advised to keep an eye out for the email (including their junk and spam folders) for any notices regarding the status of their payments.
Payments will be issued according to the payment method that eligible citizens selected (deposit or mailed check). Citizens who filed a claim rather long ago and who have still not received payments must rest assured that the payment process is taking some time. The scale of this settlement, as well as the number of claimants, means that the payment process may very well take much longer.
Eligible claimants for the Imagine360 LLC settlement agreement will also have to wait to receive about $5,000. The BCBS settlement, as well as the Imagine360 LLC settlement, prove that financial compensation can and should be provided to customers who are impacted by unfair practices and data breaches.
