Blue Cross Blue Shield Paying Out $2B in Settlements: Who’s Eligible?
Blue Cross Blue Shield is distributing $2.67 billion to settle an antitrust lawsuit affecting millions of Americans who filed claims by November 5, 2021.Summary
Blue Cross Blue Shield is distributing $2.67 billion to settle a massive antitrust lawsuit that allegedly restricted competition among its affiliated insurers. The settlement, which resolves claims that the company unlawfully divided geographic markets and limited consumer choice, will begin payouts in May. Eligibility is limited to individuals and businesses that filed a claim by the November 5, 2021, deadline, covering those with coverage between February 7, 2008, and October 16, 2020, as well as self-funded account customers who purchased administrative services plans between September 1, 2015, and October 16, 2020. While the company has denied wrongdoing and agreed to settle without admitting liability, the lawsuit alleges these practices drove up premiums and limited options for policyholders. The total settlement fund is $2.67 billion, with approximately $1.9 billion available for consumers after deducting attorney fees and administrative expenses. About six million claims were filed, meaning payments will vary based on factors such as the duration of coverage and premium amounts. Although individual payouts may be modest, the settlement marks the end of a legal battle that began in 2013 and may lead to behavioral remedies that force Blue Cross Blue Shield plans to change anticompetitive practices going forward.
(Source：Newsweek)