Employers who sponsor self-insured health plans can access the updated IRS Form 720 for second quarter filing to report and pay the Patient-Centered Outcomes Research Institute (PCORI) fee. This submission is due by July 31, 2020 for plan years ending in 2019.
As a reminder, per our recent post, the IRS issued Notice 2020-44 with the fees for the upcoming submission. The adjusted fee amount is based on your plan year:
- $2.45 for plan years ending on or after Oct. 1, 2018, and before Oct. 1, 2019
- $2.54 for plan years ending on or after Oct. 1, 2019, and before Oct. 1, 2020
The fee amount is multiplied by the average number of covered lives during the plan year to determine the total amount due.
Additional information on the PCORI fee is provided on the IRS website.
If you have questions or need help, please contact one of our benefits consultants.