Don’t Forget Your PCORI Fees Are Due By July 31st
One of the new fees introduced by the ACA is the PCORI fee. The PCORI fee is used to fund the Patient-Centered Outcomes Research Institute and is payable by all group health plans. The fee is due to the IRS no later than July 31st, regardless of your group health plan’s plan year, and is payable on IRS Form 720. The fee for plan years ending on or after October 1, 2013 is $2 per covered life. The fee for plan years ending before October 1, 2013 is $1 per covered life (including spouses and dependents). The IRS has issued several methods of calculating the number of covered lives in your plan. The IRS webpage on PCORI fees provides useful information on paying your plan’s PCORI fee, including a summary of the different methods you can use to count covered lives in your plan.