On October 18, the IRS issued Notice 2023-70, which increased the Patient-Centered Outcomes Research Institute (PCORI) fee from $3.00 per covered life to $3.22 per covered life for policy and plan years that end on or after October 1, 2023 and before October 1, 2024.
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. The fee is due to the IRS annually no later than July 31 using Form 720. (Read more about the PCORI payment process at The MedBen Blog.)
In 2024, we’ll distribute an updated PCORI payment schedule reflecting the updated fee via e-briefs and the MedBen Monitor compliance newsletter. In the meantime, if you have any questions, don’t hesitate to contact your Account Management team or the MedBen Compliance Department.