Form 720 and PCORI Fees Due July 31st

Employers that provide group health plan coverage to their employees are subject to numerous compliance requirements throughout the year, such as PCORI Fees.

 

Requirement: PCORI Fee

Deadline: July 31

Overview: Deadline for filing IRS Form 720 and paying Patient-Centered Outcomes Research Institute (PCORI) fees for the previous year.

For insured health plans, the issuer of the health insurance policy is responsible for the PCORI fee payment.

For self-insured plans, the PCORI fee is paid by the plan sponsor

  • For plan years ending on or after Oct. 1, 2015, and before Oct. 1, 2016, the PCORI fee is $2.17 multiplied by the average number of lives covered under the plan
  • For plan years ending on or after Oct. 1, 2016, and before Oct. 1, 2017, the PCORI fee is $2.26 multiplied by the average number of lives covered under the plan.

 

If you have any questions about this requirement (or other requirements applicable to Health Plan Sponsors), give us a shout!

 

 

This Compliance Overview is not intended to be exhaustive nor should any discussion or opinions be construed as legal advice. The requirements and deadlines outlined in this Compliance Overview are subject to change. Readers should contact legal counsel for legal advice.