Blue Cross Blue Shield Settlement Payout per Person: How Much Can You Expect to Receive?
If you are one of the millions of people affected by the Blue Cross Blue Shield antitrust settlement, you may be wondering how much money you can expect to receive. In this article, we will take a closer look at the settlement and what you can expect.
What is the Blue Cross Blue Shield Antitrust Settlement?
In 2020, Blue Cross Blue Shield (BCBS) settled an antitrust lawsuit for $2.67 billion. The lawsuit alleged that BCBS had engaged in monopolistic practices that led to higher healthcare costs for consumers. The settlement was reached to resolve the lawsuit, and the funds will be distributed among the people and entities affected by the antitrust practices.
Who is Eligible for Payouts?
If you are eligible for a payout from the settlement, you will have received a notice in the mail or via email. Those eligible for payouts include individuals, as well as self-funded employer groups and insurance providers who purchased BCBS coverage between February 7, 2008, and October 16, 2020. The settlement covers all 36 Blue Cross Blue Shield companies across the country.
How Much Can You Expect to Receive?
The amount of money you can expect to receive from the settlement will vary based on a few different factors. These include the type of coverage you had, the location where you received care, and the number of people who file claims. According to the settlement, payouts will be calculated based on a formula that takes into account the overcharges that resulted from the antitrust practices.
At this time, it is impossible to say exactly how much money someone will receive from the settlement. However, some experts estimate that payments could range from a few hundred dollars to several thousand dollars. The exact amount will not be known until all the claims have been processed, which could take some time.
When Will Payouts be Distributed?
The distribution of payouts is also expected to take some time. The claims filing period opened on December 11, 2020, and the deadline to file a claim is November 5, 2021. Once all the claims have been processed, payments will be distributed to eligible individuals and entities.
It is important to note that payouts may not be distributed until 2022 or later. The exact timeline will depend on how quickly claims are processed and how many people file claims.
Conclusion
If you are eligible for a payout from the Blue Cross Blue Shield antitrust settlement, it is important to understand the process and what you can expect. While it is impossible to say how much money you will receive at this time, it is likely that payments could range from a few hundred dollars to several thousand dollars. If you have not yet filed a claim, be sure to do so before the November 5, 2021, deadline. Overall, this settlement represents an important step toward holding BCBS accountable for their antitrust practices and providing relief to those who were affected.
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