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Blue Cross Blue Shield $2.67B Legal Settlement

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MLD Agency, Inc.

Blue Cross Blue Shield recently settled a lawsuit costing them $2.67B! The reason they are dishing out this large sum of money is that it is alleged they denied customers the option to purchase BCBS products outside of their local state area.

The argument against this practice is that BCBS is charging the highest premiums possible for anyone residing outside of their insuring state such as Illinois. This has put many small to medium businesses at a disadvantage because they have had to shell out the most expensive premium costs even when employees lived in a state that tends to have less expensive healthcare costs. Simply put, outside of your home area the insurance company felt they cannot control healthcare costs so they just charge the highest rate. With that being said this must have come out of the new trend for employees to not live in the same area their employer resides or is headquartered.

BCBS has always been considered a company of excellence and has been the standard of excellence for decades. This lawsuit also eliminates the BCBS giant from being considered the health insurance standard of excellence across Illinois and the US.

What does this really mean? Nothing much for the average person. More than half of the $2.67B will pay for legal fees and lawyers. What is left over will be distributed among a large population of BCBS customers which means most will receive only about $5 or more from the settlement.

We hope these videos inform you and help you!

posted by dave69lm7