In October of 2020, Blue Cross and Blue Shield (BCBS) companies agreed to a $2.67 billion dollar settlement in a class action suit filed by subscribers in 2012. The plaintiffs allege the defendants violated antitrust laws by entering into an agreement not to compete and to limit competition among themselves in selling health insurance and administrative services. The settlement was reached to avoid the risk and cost of further litigation.
The net settlement fund is estimated to be $1.9 billion dollars after attorney fees, administration expenses, and other costs.
Are You Eligible?
If you were insured by BCBS between 2008-2020 you may be eligible to file a claim. The class members are employers and employees covered under group plans as well as those who purchased individual policies.
How Much Will I Receive?
The final settlement calculation will be based on the number of claimants that join the suit. The less who join, the greater the award. The case has been high profile and well publicized. However, many will simply not go to the effort to file even though they received notification of eligibility.
The claims filing deadline is November 5, 2021. The easiest way to file a claim is to use the online portal, here https://secure.bcbssettlement.com/.
Filing is easy and takes only a few minutes with the default option. When filing, an employer or individual may accept a “default option” or select an “alternative option”. With the default option, no supporting documentation is required . Any settlement will be allocated based on set percentages for fully insured plans:
- Single coverage 85% employer and 15% employee
- Family coverage 66% employer and 34% employee
The alternative option will require the claimant to provide evidence to support the percentage claimed. Our understanding is an attestation will suffice where supporting documents are no longer available. You can also file a paper claim by mail.
More Information A special website has been set up for the settlement www.bcbssettlement.com with additional information.
Please give us a call if you have questions
As always, if you have any questions please contact your Dent Moses advisor.