Summarize this content to 2000 words in 6 paragraphs Blue Cross Blue Shield payments to about six million people are set to go out, more than two years after the health insurer reached a $2.67 million settlement with subscribers. Notices of payments to claimants are being emailed on a rolling basis, according to an update on the BCBS settlement website. The settlement stems from a class action lawsuit alleging that more than 35 BCBS health insurance plans violated antitrust laws by agreeing not to compete with one another, thereby limiting competition in the health insurance market. The defendants deny allegations of wrongdoing. “Instead, Plaintiffs and Settling Defendants have agreed to a Settlement to avoid the risk and cost of further litigation,” the update on the settlement site reads. Who gets a check?Participants must have filed claims by Nov. 5 2021 to be eligible to receive a payment from the $2.67 billion settlement fund.
Subscribers who were covered by certain Blue Cross Blue Shield health insurance or administrative services plans between February 2008 and October 2020 are potential class members. The site does not indicate when notices of payments will be sent. How are individual payments determined?Individual payment amounts are determined based on the number of valid claims that are filed, the premiums paid to one or more of the defendants during one of two class periods, and whether one’s insurance was fully insured or self-funded.”The Settlement Class Period for Individuals and Insured Groups is from Feb.7, 2008, through Oct. 16, 2020,” according to the settlement website. “The Settlement Class Period for Self-Funded Accounts is from Sept. 1, 2015 through Oct. 16, 2020.”
If the total payment for any claimant is equal to or less than $5.00, the claimant won’t receive a check. After deducting attorney’s fees and administrative costs, the net settlement fund is worth approximately $1.9 billion, which will be distributed across roughly 6 million claimants. On average, claimants can expect checks of $333.
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Megan Cerullo
Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.
