The BCBS Settlement Fund, totaling $2.67 billion, will be split after deductions. The Net Settlement Fund, approximately $1.9 billion, will create separate funds for eligible groups. However, the exact start date for payments remains pending Court approval and resolution of any appeals .
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Blue Cross Blue Shield Settlement Payment
The Blue Cross Blue Shield Settlement was reached on behalf of individuals and companies that purchased or received health insurance provided or administered by a Blue Cross Blue Shield company. On August 9, 2022, the Court gave the Settlement its final approval.
It is anticipated that the Net Settlement Fund is worth around $1.9 billion. After deducting legal fees, administrative costs, and other expenditures from the initial $2.67 billion Settlement Fund, this amount is what remains. Any claimant who receives a total payment of $5.00 or less will not receive any payout.
The Net Settlement Fund will be split into two separate Settlement Funds:
- Individuals, Insured Groups, and their employees: A $1.78 billion fund will be created for this group.
- Self-Funded Accounts and their employees: A $120 million fund will be created for this group.
When will I get a blue cross blue shield settlement payment?
The timing for receiving a Blue Cross Blue Shield Settlement Payment depends on several factors.
Approval and Resolution:
- The Court has already granted final approval to the Settlement, but payments will be made after any appeals are resolved. So, the exact timeline depends on legal proceedings.
Claim Processing:
- If you’re eligible and have a valid claim, your payment will come from the Net Settlement Fund, which is estimated to be approximately $1.9 billion.
Minimum Payment Threshold:
- Keep in mind that if the total payment for any claimant is equal to or less than $5.00, no payment will be made to that claimant.
Remember, individual circumstances may vary, so it’s essential to stay informed and follow any instructions provided by the Settlement administrators.
How can I Check the status of Blue Cross Blue Shield Settlement claim form?
To check the status of your Blue Cross Blue Shield Settlement Claim form, follow these steps:
- Visit the official Blue Cross Blue Shield Settlement website at bcbssettlement.com.
- Look for a section or link that mentions “Claim Status” or something similar.
- If you filed your claim online, click the button to “Check Online Claim Status.”
- Enter your correct Unique ID or Claim Number.
- Click “Check Status” to perform a status check on your claim.
Who is entitled to receive Blue Cross Blue Shield Settlement Payout?
Here are the key points regarding who is entitled to receive the Blue Cross Blue Shield Settlement Payout:
- Eligible Claimants: Individuals and companies that purchased or received health insurance provided or administered by a Blue Cross Blue Shield company between February 2008 to October 2020 are eligible.
- Class Members: Those affected by the antitrust lawsuit (In re: Blue Cross Blue Shield Antitrust Litigation MDL 2406) are part of the class.
- Valid Claims: Claimants with valid claims may receive a cash payment from the Net Settlement Fund.
Background of Blue Cross Blue Shield Settlement
The central allegation was that the Settling Defendants (including the Blue Cross Blue Shield Association and Settling Individual Blue Plans) violated antitrust laws. They were accused of entering into an agreement not to compete with each other and limiting competition in selling health insurance and administrative services for health insurance.
The plaintiffs contended that this conduct hindered competition and potentially raised costs for policyholders. However, it’s essential to note that the Court has decided who is right or wrong. Both the Plaintiffs and Settling Defendants reached a Settlement to avoid further litigation risks and costs.
As approved by the Court, the Settlement will establish a substantial $1.9 billion Settlement Fund after deductions from total of $2.67 billion. Additionally, Settling Defendants will implement changes in their business practices aimed at enhancing competition in the health insurance market. The Settlement Classes include a Damages Class and an Injunctive Relief Class.
The former involves payments to eligible claimants, while the latter focuses on significant changes to BCBS Association rules and regulations.
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