For many years, millions of Americans have trusted Blue Cross Blue Shield for their health insurance, which was, until now, normal. What these customers didn’t expect was that they were paying much higher premiums than necessary! But all that has changed now. Thanks to a multimillion-dollar legal settlement, those insured between 2015 and 2020 could receive up to $300 in compensation, and we’ll tell you how.
What is Blue Cross Blue Shield (BCBS)?
It is one of the largest and oldest health insurance networks in the country. It is a union of 35 different health insurance companies that operate under the umbrella of this name in different states. Its operation is not the easiest since BCBS is not just a single company, but operates depending on the state in partnership with the rest of the regional insurers.
BCBS offers health plans for individuals and families, employer coverage, Medicaid and Medicare (not in all states), and a BlueCard and GeoBlue, which provide international coverage.
Now, what happened to Blue Cross Blue Shield?
In short: a class-action lawsuit in which they agreed to pay $2.67 billion to their customers for an antitrust complaint, although, of course, they haven’t admitted any of the allegations against them.
So, millions of customers who were customers between 2015 and 2020 could receive up to $300 per person after this settlement agreement. This payment is part of the litigation over anticompetitive practices in the US healthcare market.
The case, dating back to 2013, alleged that BCBS limited competition, resulting in higher premiums for policyholders. But the class action lawsuit didn’t stop there; it was also alleged that BCBS had made it difficult for other medical providers to enter the market just so it could raise its rates for customers.
Why has BCBS agreed to the settlement?
Because for these types of class-action lawsuits, it’s much easier to accept the payment (in this case, $2.67 billion) than to face a trial. So, even if they haven’t admitted fault in this incident,
Who can receive the $300 payment?
The settlement covers everyone who had a Blue Cross Blue Shield health insurance policy between 2015 and 2020 in one of the 36 states involved in the class-action lawsuit, but the exact amount each person will receive will depend on several factors:
- The total amount of premiums paid during the eligibility period.
- The number of people who file a claim before the case closes.
How to apply for a claim?
If you think this payment is for you, pay close attention to the following steps.
- Verify that you were actually insured with BCBS between 2015 and 2020.
- Submit your claim using the online form or by mail.
- Provide all the requested information, including your BCBS card, account statements, or invoices for premiums paid, and any records you have of having paid during the applicable period.
Anything you can find that might reinforce your eligibility will be helpful.
Is there a date for the money to be received?
There is no payment date yet, but we do know that Blue Cross Blue Shield will automatically notify customers so they can file their claims. We assume payments will begin arriving once all claims are submitted and applications can be submitted.
This isn’t the first time a company has faced a lawsuit for unfair competition, only this time they’ve played with health insurance. So, if you’ve been one of those harmed by this price hike, take advantage of your share of the settlement and file your claim as soon as possible because that money belongs to you. Hurry up!!