Self-funded plan sponsors must file the annual Patient-Centered Outcomes Research Institute (PCORI) fee by July 31. Employers may select from four calculation methods to determine how much is owed and use Form 720 to submit the information to the IRS. For clarification on how to fill out Form 720 employers may refer to the IRS instructions.
For plans years ending January 31, 2021, through September 30, 2021, the fee per individual covered is $2.66. The fee per individual covered is $2.79 for plans ending October 31, 2021, through December 31, 2021. Click here for a summary fee schedule.
Sponsors of multiple self-insured plans such as a health plan and health reimbursement arrangement (HRA) with the same plan year can treat those plans as a single plan for purposes of calculating the fee.
Employers who file the second-quarter Form 720 only to report the PCORI fee are not required to file in other quarters. For fully insured health insurance plans, the fee is paid by the carrier and collected through premiums.
Additional answers to some commonly asked questions regarding the fee can be found here.
For assistance with filing, contact your Bukaty benefits consultant at 913.345.0440.