As in year’s past, no later than July 31, 2024, all self-funded employer health plan sponsors are required to file and pay their PCORI fees. You may remember that as part of the Further Consolidated Appropriations Act of 2020, Congress extended the requirement that health plans file and pay the Patient-Centered Outcomes Research Institute (PCORI) fee through September 30, 2029.
All self-funded plan sponsors are required to pay a fee based on the average number of covered lives under their eligible plans – including employees, retirees, spouses, and dependents. Self-funded plans subject to the requirements include self-funded medical benefit plans, including most non-ERISA self-funded plans and retiree-only plans. Plan sponsors must use the second quarter IRS Form 720 to record and remit the amount due.
This year’s payment schedule can be found at MedBen.com along with more information about calculating and remitting the fee to the IRS. As always, if you need more information about how to count covered lives under your plan or how to prepare and remit your payment, don’t hesitate to contact your Account Management Team or MedBen’s Compliance Department.