Blue Cross Blue Shield to begin $2.67 billion settlement payments

Blue Cross Blue Shield will begin to start sending out payments from a $2.67 billion class action lawsuit for eligible former customers. 

The class action lawsuit was filed in 2013 after it was said Blue Cross Blue Shield broke antitrust laws by limiting competition, increasing premiums and lowering options for customers.  

RELATED: Capital One $425M settlement approved: Here's who qualifies for payments

When you will get paid

According to the Blue Cross Blue Shield Settlement website, the first payments will begin to be sent out as early as next week. However, only people who have filed a valid claim are eligible for a payment. 

The backstory:

The lawsuit alleges that Blue Cross Blue Shield violated antitrust laws when 35 Blue Cross Blue Shield health insurance plans agreed not to compete with each other in selling health insurance and administration of Commercial Health Benefit Products. They also agreed to additional means of limiting competition in the market. 

Blue Cross Blue Shield has denied any wrongdoing but agreed to settle to avoid the risk and cost of further litigation, according to the website. 

Why you should care:

Anyone who was covered by certain Blue Cross Blue Shield health insurance or administrative services plans between February 2008 and October 2020 could be eligible to receive a payment. The deadline to file a claim was in November 2021. 

Claimants will be paid by the method requested on their claim form if they did not request to be paid electronically. 

RELATED: Amazon Prime $2.5 billion settlement: Here's how to claim a refund

By the numbers:

The total amount of the settlement fund is $2.67 billion. However, only $1.9 billion is estimated to be paid out after deducting attorney’s fees, administration expenses and other costs. 

Approximately six million claims have been filed, according to a report from USA Today. They are estimating the payouts to be around $333 per claim. 

Dig deeper:

For more information, claimants can contact the Claims administrator at info@BCBSsettlement.com or call 888-681-1142.