$333 Direct Payment Being Issued to Blue Cross Blue Shield Beneficiaries In the year 2013, the company Blue Cross Blue Shield, one of the most famous health insurance corporations in the United States, was involved in a huge scandal regarding unfair competition in the market by causing very high rates for insurance. The company was charged with antitrust violation. However, the firm never confessed to guilt but rather wanted to opt for a settlement rather than continue in court.
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Why did the case settle?
It was not a final adjudication of the case in court, but a settlement out of court offered some compensation for all those people and businesses that paid higher premiums because of the unethical practices of BCBS against other insurance companies. In addition, future business practices had to be amended by BCBS to create a much more competitive marketplace from which consumers would benefit.
Full details of the BCBS settlement
The case against BCBS was for a very long time, itself giving rise to very expensive litigation. The whole settlement was approximately $2.67 billion, but after deduction of fees to lawyers and administrative costs, about $1.9 billion remained in the fund that would be allocated among eligible individuals.
Claimants in this settlement had to file their claim by November 5, 2021. While payments were initially set for distribution by 2024, the process has taken much longer as claims verification and appeals had to finish.
Why was the payment delayed?
The last day to file a claim was November 2021; however, the case was finished only a few months after 2022. After this, the appeal pipeline took even longer to course through, and the whole process could move forward only after the appeal was finished.
Currently, letters are being sent out to eligible persons, including information that they can expect to receive an average payment of $333. Additional critical details will follow with the letter to ensure that payment can occur.
Key points about the BCBS payout
BCBS has set up its own website, with all information concerning the settlement provided on that site. Through this site, anyone who made a claim in this regard can:
- Update their information (by providing a different address),
- Check on the status of the payment, and
- Answer any kind of question you have.
If you have changed your address, it is important to go to the website and update it so that you can receive any check or official letter correctly.
Beware of fraud
When such big settlements happen, fraudsters become active. Many times people can try to steal your personal information by luring you with a quick payment through fake emails or calls. Keep in mind:
- Trust in any way only on the official settlement website of BCBS.
- Do not share personal information with any unknown person or through a link.
- Be cautious if someone asks for early payment or additional documents.
Who is entitled to this payment?
Not all customers of BCBS qualify for this payment. Rather, only those customers who:
were consumers of BCBS health insurance at any time from February 7, 2008, through October 16, 2020, and
filed their claims by November 2021-together qualify for a share in this settlement.
If your claim was on time and satisfies all of these conditions, your money will be either directly deposited into your bank account or sent in a check to your address. However, it is advisable to check your status from time to time by visiting the BCBS settlement website.
How to deal with not having got any notice?
Maybe you do not yet have any settlement notification due to some error in your documents or your data is incomplete. You should check with the BCBS settlement team so that they can clarify your status and update where necessary if this proves true.
Only with the right information and timely contacts can a person receive his payments safely and speedily.
Conclusion
The Blue Cross Blue Shield settlement offers some relief to clients who have been burdened with increasing amounts of insurance over the years. The average payout of around $333 is somewhat of a payback for them. Your payment will be deposited to your account shortly if you put in the claim in time and meet the eligibility criteria. But be vigilant against all kinds of fraud while regularly updating yourself on the official website.