Understanding the BCBS Settlement Payout Per Person 2021: A Comprehensive Guide
If you are someone who has been keeping up with the news recently, you might have come across the BCBS settlement payout per person 2021. This settlement payout is related to the alleged anti-competitive practices done by the Blue Cross Blue Shield (BCBS) Association. The association has agreed to settle for $2.67 billion, making it the largest-ever settlement related to a monopolization case. If you are curious about what this settlement payout means for you, this comprehensive guide will provide you with all the answers.
What is the BCBS Settlement Payout Per Person 2021?
The BCBS Association has been accused of engaging in anti-competitive practices that have created a monopoly in the health insurance market in the United States. These practices have resulted in higher premiums, fewer choices, and limited benefits for millions of consumers. The Department of Justice (DoJ) filed an antitrust lawsuit against the association in 2020, alleging that the practices violated federal antitrust laws.
As part of the settlement, the BCBS Association agreed to pay $2.67 billion in compensation to affected consumers. The payout will be distributed among around 100 million consumers who have purchased or been covered by BCBS insurance plans between 2008 and 2020. The payout will be calculated based on a formula that takes into account the number of eligible members, the premiums paid, and the type of insurance plan.
Who is Eligible for the Settlement Payout?
The settlement payout will be distributed among eligible members who have purchased or been covered by BCBS insurance plans between 2008 and 2020. However, not all members will be eligible for the payout. The eligibility criteria include:
– The member must have been covered by an eligible BCBS plan during the settlement period.
– The member must have paid at least one premium for the plan during the settlement period.
– The member must not have received any benefit from the BCBS Association related to the settlement during the settlement period.
If you meet the eligibility criteria, you do not need to take any action to receive the payout. The payout will be automatically calculated and distributed to eligible members by a third-party administrator.
How Much Will Each Person Receive?
The exact amount that each person will receive as part of the settlement payout is not yet known. The payout will be calculated based on a formula that takes into account the number of eligible members, the premiums paid, and the type of insurance plan. However, according to the settlement agreement, each eligible member is expected to receive an average of $27.
When Will the Payouts be Distributed?
The payouts are expected to be distributed within 60 days after the settlement becomes final. The settlement is still subject to approval by the court, and a final decision is expected to be made in late 2021 or early 2022. Once the settlement becomes final, eligible members will receive a notice informing them of the payout and the expected date of distribution.
Conclusion
The BCBS settlement payout per person 2021 is a significant development in the health insurance industry. The payout is the largest-ever settlement related to a monopolization case, and it is expected to benefit millions of consumers who have been affected by the alleged anti-competitive practices of the BCBS Association. If you are an eligible member, you can expect to receive an average payout of $27 within 60 days after the settlement becomes final. While the payout may seem small, it is still a step towards holding corporations accountable for their actions and providing compensation to affected consumers.
