Blue Cross Blue Shield has been the standard for health insurance for millions of Americans for many years. These consumers were paying significantly higher rates than necessary, which caught them off guard! But now, everything is different.
We’ll explain how individuals who were insured between 2015 and 2020 can be eligible for up to $300 in compensation as a result of a multimillion-dollar lawsuit settlement.
Blue Cross Blue Shield (BCBS): What is it?
It is among the nation’s oldest and biggest health insurance networks. It is an association of 35 distinct health insurance providers that use this name throughout several states.
Because BCBS functions as a state-dependent cooperation with other regional insurers rather than as a single entity, its operations are not the most straightforward.
Individual and family health plans, employer-sponsored insurance, Medicaid and Medicare (not in all states), and worldwide coverage through BlueCard and GeoBlue are all provided by BCBS.
What is the current status of Blue Cross Blue Shield?
To put it briefly, they agreed to pay $2.67 billion to their consumers in a class-action lawsuit for an antitrust complaint, even though they haven’t acknowledged any of the accusations made against them.
Accordingly, this settlement agreement might result in up to $300 per person for millions of customers who were clients between 2015 and 2020.
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The lawsuit concerning anticompetitive behavior in the US healthcare sector includes this payment.
According to the 2013 lawsuit, BCBS suppressed competition, which raised policyholders’ premiums.
However, the class action case went further; it also claimed that BCBS had obstructed the entry of alternative healthcare providers in order to increase its fees for clients.
For what reason did BCBS accept the settlement?
Because accepting the settlement—in this case, $2.67 billion—is far simpler than going to trial in these kinds of class-action litigation.
Therefore, even if they haven’t acknowledged their role in this tragedy,
Who is eligible to get the $300?
The precise amount that each person will receive will depend on a number of circumstances, but the settlement covers everyone who had a Blue Cross Blue Shield health insurance policy in one of the 36 states that were participating in the class-action case between 2015 and 2020:
- The entire sum of premiums paid over the qualifying period.
- How many claims are made before the matter is closed.
How do I submit a claim application?
If you believe this money is for you, carefully follow these instructions.
- Check to be sure you had BCBS insurance from 2015 to 2020.
- Send in your claim by mail or through the online form.
- Give all the information that has been asked for, such as your BCBS card, account statements, or invoices for premiums paid, as well as any documentation you may have showing that you made payments throughout the relevant time frame.
It will be beneficial to uncover anything that could support your eligibility.
Is there a deadline for receiving the funds?
Although a payment date has not yet been set, we are aware that Blue Cross Blue Shield will automatically alert clients so they can submit claims.
We anticipate that as soon as all claims are filed and applications are available, money will start to come in.
A business has previously been sued for unfair competition; this time, however, the case involves health insurance.
Take advantage of your portion of the settlement and submit your claim as soon as you can if you were damaged by this price increase because you are the rightful owner of that money.
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