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PCORI Fees Reinstated

PCORI Fees

1 minute read

A recent federal spending bill has extended the PCORI fees for an additional 10 years. These fees will continue to apply for the 2020-2029 fiscal years. PCORI fees were scheduled to expire for policy or plan years ending on or after October 1, 2019.

The fee is set by the IRS each year and calculated based on the average number of lives covered under the policy or plan. PCORI fees are required to be paid annually on IRS Form 720 by July 31 of each year. The next PCORI fee payment will be due July 31, 2020.

The Affordable Care Act created the PCORI (Patient-Centered Outcomes Research Institute) to help patients, payers, the public, and clinicians make more informed healthcare decisions. It’s partially funded by fees paid by health insurance insurers and sponsors of self-insured health plans.

Employers may want to:

  • Determine if any of their employee benefit plans are subject to the PCORI fees.
  • Assess plan funding status (self-insured vs. insured) to determine whether the employer or carrier is responsible for the fees.
  • For self-insured plans, select an approach for calculating average covered lives.

Download the bulletin for more information.

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Rick Labian

Rick Labian

Rick Labian lives by the Golden Rule – he is guided by what is best for his clients and treats others as he would like to be treated. Rick acts as an advisor and advocate for his clients, helping identify goals for their benefit programs and building a strategic plan together. Rick has a rich history with NIS. He has worked for NIS for over 20 years, leading the Eastern region. Rick is the Manager and leads the FBC Client Management Team. Rick’s leadership and experience aids our internal staff and all of NIS’ FBC clients. Rick is a licensed insurance agent and is ACA certified through the National Association of Health Underwriters.