Blue Cross Blue Shield Paying Out $2B in Settlements: Who's Eligible?
Summary
Blue Cross Blue Shield will pay $2.67 billion to settle a lawsuit claiming it limited competition among its insurance plans, which allegedly raised costs and reduced choices for customers. About six million people who had coverage with the company from 2008 to 2020 and filed claims by November 2021 are eligible for payments that will begin in May.Key Facts
- The settlement is worth $2.67 billion, with about $1.9 billion going to consumers after fees.
- Payments will go to people and businesses with Blue Cross Blue Shield coverage between 2008 and 2020 who filed claims before November 5, 2021.
- Around six million claims were filed for the settlement.
- The average payment may be about $300 but will vary based on factors like coverage duration and premiums paid.
- Payment methods include paper checks, prepaid cards, or electronic transfers such as PayPal or Venmo.
- The lawsuit alleged Blue Cross Blue Shield violated antitrust laws by dividing markets and limiting competition.
- Blue Cross Blue Shield denied wrongdoing and settled without admitting guilt.
- The settlement also requires changes to encourage more competition among Blue Cross Blue Shield plans.
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