Take note of nearing PCORI fee deadline

    Authored by Bukaty Companies on July 13, 2023

    Self-funded plan sponsors must the Patient Centered Outcomes Research Institute (PCORI) fee each year. The collected fees help fund the organization, which conducts research to aid in better-informed health care choices.

    Employers should calculate their total amount owed using one of four available calculation methods, then utilize Form 720 to submit their information and corresponding fee by July 31. The fee per covered individual is $2.79 for plan years ending January 31, 2022, through September 30, 2022. For plan years ending October 31, 2022, through December 31, 2022, the fee per covered individual is $3.00. A complete fee schedule can be found below.

    Pcori fee graph breakdown by fee amount, plan year, and Form 720 filing date

    Employers who file the second-quarter Form 720 only to report the PCORI fee are not required to file in other quarters. Carriers will pay the fee on behalf of fully insured plans. The fee is included in monthly premiums plan sponsors pay throughout the year.

    IRS-provided instructions for completing Form 720 can be found here.

    Blog Category: Compliance