Are you among the millions of people who received a letter or email from Blue Cross Blue Shield about a settlement? Did you stop to wonder if it’s legitimate?  It is, but it’s not any kind of windfall to get too excited about.

The proposed settlement resolves claims that Blue Cross Blue Shield companies conspired to limit competition, in turn boosting costs for policyholders.  A judge still needs to approve the settlement.  If that happens, a $2.67 billion settlement fund will be established.

Some of that money will go to BCBS subscribers, much of it will go to attorneys.

To opt in and get a payment, you need to submit a claim by Nov 5. You must enroll to be included.  Filling out the claim form takes only a few minutes. You will need your insurance subscriber information.  While the settlement amount is large, the amount any individual gets depends on the number of people who participate in the class action.  It’s typically cents on the dollar.

One calculation we saw estimates that anyone who qualifies and had BCBS for five years would get less than $14. But again, that could go up or down depending on participants.