Reminder: PCORI Fees Due July 31

PCORI fees for plan years ending between January 1, 2023, to December 31, 2023, are due by July 31, 2024. The PCORI fee is filed using IRS Form 720.

The Affordable Care Act imposes a fee on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans, to help fund the Patient-Centered Outcomes Research Institute (PCORI). This fee, also known as the PCORI fee, is calculated using the average number of lives covered under the policy or plan and the applicable dollar amount for that policy year or plan year. In IRS Notice 2022-59, the IRS provided the adjusted PCORI fees for plan years ending in October 2022 through September 2023 as $3.00.

On October 18, 2023, the IRS issued Notice 2023-70 adjusting the applicable dollar amount for policy years and plan years that end on or after October 1, 2023, and before October 1, 2024, to $3.22.

For more information regarding PCORI fees in general, please refer to this page of the IRS website: https://www.irs.gov/newsroom/patient-centered-outcomes-research-institute-fee