Legal Action Against WellPoint Insurance Company

WellPoint Insurance: Company Profile

WellPoint, Inc. (NYSE: WLP) is the largest health plan company in the Blue Cross and Blue Shield Association. It was formed when WellPoint Health Networks, Inc. merged into Anthem, Inc., with the surviving Anthem adopting the name, WellPoint, Inc. and began trading its common stock under the WLP symbol on December 1, 2004. On April 13, 2009 it was announced that WellPoint had reached a definitive agreement under which St. Louis based Express Scripts will acquire WellPoint's NextRx subsidiaries for $4.675 billion.
Express Scripts, the United States' third largest Pharmacy Benefit Management organization, is expected to officially close the transaction in the second quarter of 2009.
In the California Healthcare Quality Report Card 2009 Edition], Anthem received 2 out of 4 stars in Meeting National Standards of Care and How Members Rate Their HMO.
In 2007, WellPoint pledged to spend $30 million over three years, through the company's charitable foundation, to help those who lack health coverage. In March 2010, the Los Angeles Times reported that WellPoint's tax records and website showed that the company gave only $6.2 million. The company disputed that, saying that the foundation did fulfill its $30-million commitment by mid-2009, but declined to provide any financial details to support its position.

Lawsuits Brought Against WellPoint Insurance

Have you been injured in an accident in which either you, the at-fault, or both have been insured by WellPoint Insurance. If this is a situation you find yourself in, it is essential that you research past legal cases involving your insurance company if you hope successfully negotiate your own settlement or court case. Substantial research will reduce the risk of repeating mistakes others have made when legally dealing with your insurance companies and can provide unique insight as to which legal courses of action might affect the value of your settlement. Additionally, substantial legal research helps highlight pivotal strategies and avenues that have historically helped win lawsuits against major insurance companies such as WellPoint Insurance.

Major insurance firms are renowned for stalling the release of settlement funds until the absolute last possible minute. While the ethics of this practice are highly questionable, the practice is unfortunately implemented by an extremely high percentage of insurance companies. This strategy has been devised as both a money-making and a money-saving technique. Major insurance companies usually have access to tens of billions of dollars due to high volume revenue and cash flow. Similar to banks, they invest these funds in order to amplify their profits. Even if they are required to pay a settlement, they will hold the money as long as legally possible in a leveraged effort to increase their own profits through the interest they earn on their investments.

In addition to delaying the disbursement of settlement funds, most insurance companies implement many of the following strategies to cut costs and generate profit:

  • Nickel and dime smaller individual clients with various charges with the knowledge they cannot afford to investigate their legal options.
  • Present clients with a very small initial settlement offer, as many policy holders do not realize they do not have to accept the insurance company’s first offer.
  • Wait until the last possible week to disperse funds, as some negotiations can last well over a year.
  • If you have sustained personal injuries that will be permanent, it is important to use an expert trial attorney.