Millions of Americans are about to receive long-awaited settlement checks from Blue Cross Blue Shield (BCBS), thanks to a $2.67 billion class-action lawsuit that accused the company of restricting competition and inflating health insurance prices. If you’re one of the millions who filed a claim, keep an eye on your mailbox or email—because your payout could be coming any day now.
Why Is BCBS Sending Out Settlement Checks?
Back in 2013, a group of plaintiffs filed a major lawsuit against BCBS, alleging that the health insurance company had worked with its 35 affiliated insurers across the country to limit competition. The lawsuit argued that BCBS made agreements to avoid competing with each other, resulting in higher premiums and fewer options for consumers.
Although BCBS denies any wrongdoing and claims its business practices lowered healthcare costs, the company decided to settle the case to avoid further legal battles.
Who Gets a Settlement Check?
Only those who were part of a BCBS health insurance plan or administrative services plan between February 2008 and October 2020 and filed a claim by November 2021 are eligible. About six million people successfully filed claims and are now awaiting payment.
The average payout per claimant is estimated to be around $333 after fees and legal costs are deducted, though the exact amount may vary depending on individual factors.
When Will Payments Be Sent?
Emails notifying claimants about their eligibility have already started going out. If you filed a claim, check your inbox regularly and don’t forget to scan your spam or junk folders in case the message ends up there.
While an exact date for when all checks will be mailed hasn’t been announced, the process is actively underway. The key milestone that sped up the process was the U.S. Supreme Court’s recent rejection of an appeal by a settlement class member, clearing the last legal roadblock.
Why Is This Settlement a Big Deal?
This case is one of the largest antitrust settlements in the healthcare industry. In fact, BCBS has been involved in multiple major settlements lately. In addition to the $2.67 billion payout to individuals, the company recently settled another lawsuit, agreeing to pay $2.8 billion to hospitals and healthcare providers who argued that BCBS also limited their ability to negotiate higher reimbursements.
What Should You Do Next?
If you filed a claim and are eligible for the payout:
- Monitor your email: Look out for claim determination notices.
- Be patient: Payments should follow soon after you receive the notification.
- Verify your payment method: If you selected direct deposit, make sure your bank details are up to date.
