Self-funded plan sponsors are subject to the annual Patient-Centered Outcomes Research Institute (PCORI) fee. Employers should use the updated Form 720 to file the necessary information with the IRS. The fee per covered individual for plans ending on or after October 1, 2021, and before October 1, 2022, is $2.79. The fee per covered individual for plans that ended on or after October 1, 2020, and before October 1, 2021, is $2.66.
Employers may choose between four methods to calculate the average number of lives covered within the policy year. The IRS offers a detailed instruction guide for navigating Form 720, or for additional assistance contact your Bukaty benefits consultant.
