Blue Cross Blue Shield Settlement: When will BCBS Settlement be paid?
The Blue Cross Blue Shield (BCBS) settlement reached a resolution on October 16, 2020. This settlement was made on behalf of companies and individuals who purchased insurance from the Blue Cross Blue Shield company. The settling defendants are BCBSA and Individual Blue Plans.
To obtain information about the claim status, important documents, key dates, lawsuit information, court orders and notices, and other relevant details regarding this settlement, you can visit the official website of the Blue Cross Blue Shield Settlement.
Why is there a BCBS Settlement?
The class representatives claimed that the defendants violated antitrust laws by agreeing to limit competition in selling health insurance and its administrative services. The defendants denied these claims and argued that their conduct actually resulted in greater healthcare access and lower costs. Eventually, both parties reached an agreement.
If approved, the defendants will be required to establish a $2.67 billion fund and make changes to their business practices to increase competition opportunities.
Who is a Class Member?
If you were covered by Blue Cross Blue Shield health insurance or any administrative service plans between February 2008 and October 2020, you may be considered a Class Member. It’s important to note that government accounts are not included in this class. The settlement includes two classes – an Injunctive Relief Class and a damaged class.
Blue Cross Blue Shield Settlement Key Dates
– November 5, 2021: Claim Filing (for damaged class)
– May 2, 2022 (Self-Funded Entity Accounts) | July 28, 2021 (remaining classes): Opt-Out
– May 2, 2022 (Self-Funded Entity Accounts) | July 28, 2021 (remaining classes): Object
– October 20-21, 2021: Hearing
The deadline for damaged class members to file a claim was November 5, 2021. Failure to take action means no payment will be received, and the individual gives up their rights to sue the defendants and becomes bound by the settlement.
BCBS Settlement Benefits
As part of the settlement agreement, class members will receive payments. The estimated settlement fund is $1.9 billion, which is the remaining amount after deductions for administration expenses, attorneys’ fees, and other costs from the $2.67 billion fund.
The Injunctive Relief Class involves the companies agreeing to make changes in their business practices, and a monitoring committee will be established for five years.
For more information about the settlement, class members, funds, agreement, settlement benefits, allocation, and other relevant details, you can refer to the FAQs section on the BCBS Settlement website.
When will BCBS Settlement be paid?
Payments will only be issued to those individuals who filed a claim before the deadline. The court will decide whether to approve the BCBS Settlement or not. Once the court gives its approval and resolves any appeals, the intended payments will be issued.
The Eleventh Circuit Court of Appeals recently affirmed the approval of the settlement on October 25, 2024. Any additional appeals can be made by the first quarter of 2024. Further updates regarding this settlement and payments will be provided in February 2024.
The $1.9 billion settlement fund will be divided into two parts – a $1.78 billion fund for Insured Groups and Individuals and a $120 million fund for Self-Funded Accounts. Both funds will be disbursed separately.
How to Check the Blue Cross Blue Shield Claim Status?
To check your claim status, you can use your Unique ID or Claim Number. The Unique ID is a 10-digit code consisting of numbers and letters, which was sent to individuals in the notice from the Administrator.
Here’s how to check the BCBS Claim Status:
1. Go to the official website of the BCBS Settlement.
2. Click on “Check online claim status.”
3. Submit the correct Unique ID or Claim Number.
By following these steps, you can easily check the status of your BCBS claim.
In conclusion, the Blue Cross Blue Shield Settlement offers compensation to those who purchased insurance from the company between February 2008 and October 2020. The settlement funds will be divided among class members, and payments will be issued to those who filed a claim before the deadline. By checking the BCBS claim status using the Unique ID or Claim Number, individuals can track the progress of their claim.
