Self-Insured Plans Patient-Centered Outcomes Research Institute (PCORI) fee due by July 31st

The deadline to complete your Patient-Centered Outcomes Research Institute (PCORI) fee filing is fast approaching. By July 31st, all self-insured health plans and several HRAs for plans ending in the year 2023 must pay the PCORI fee using the second quarter Form 720, Quarterly Federal Excise Tax Return. The fee calculation is based on the average number of lives covered under your health insurance policy or self-insured health plan. Specific methods are provided by the IRS for determining this average, usually coming to $3.00 per covered life per year.

Employers with self-insured health plan years ending in 2023 should use the 2nd quarter Form 720 to file and pay the PCORI fee by July 31, 2024. The information is reported in Part II. Form 720 is a tax form, therefore employer’s or accountants are required to prepare it.

Don’t let the PCORI fees or Form 5500 deadlines catch you off guard.