What You Need to Know About the BCBS Settlement Payout Per Person
The recent settlement payout by Blue Cross Blue Shield (BCBS) to its policyholders has caused quite a stir. While many are excited about the possibility of a payout, others are confused and unsure about what it all means. In this article, we’ll take a closer look at the BCBS settlement payout per person and what you need to know about it.
What is the BCBS Settlement?
The BCBS settlement is the result of a class action lawsuit that alleged Blue Cross Blue Shield had violated antitrust laws. The lawsuit accused the insurance company of engaging in practices that limited competition and ultimately led to higher premiums for policyholders. The settlement, which was announced in September 2021, will see BCBS pay out $2.7 billion to policyholders.
Who is Eligible for the Payout?
Policyholders who purchased or were enrolled in Blue Cross Blue Shield health insurance between February 2008 and October 2020 may be eligible for the payout. The exact amount each policyholder will receive is still being determined, but it’s expected to be around $45 per person.
When Will the Payout Happen?
The payout is expected to happen in early 2022. Policyholders don’t need to do anything to receive the payout – it will be automatically sent to them.
What Should I Do if I Think I’m Eligible?
If you think you’re eligible for the payout, you don’t need to take any action at this time. BCBS will send out information to eligible policyholders in the coming months.
What Does the Payout Mean for Policyholders?
The payout is good news for many policyholders, who will receive a bit of extra money in the new year. However, it’s important to remember that the payout is not a windfall. It’s a result of a lawsuit that alleged BCBS engaged in anticompetitive practices that ultimately harmed policyholders. While the payout is a small measure of justice, it doesn’t change the fact that many policyholders paid higher premiums than they should have.
Conclusion
The BCBS settlement payout per person is an exciting development for many policyholders. However, it’s important to remember that the payout is a small measure of justice for past wrongs. If you’re eligible for the payout, keep an eye out for more information from BCBS in the coming months.
