PCORI Fees Increased - 2018 Filing Period
This particular fee will apply to certain self-insured group medical products. Check with your insurance broker to ensure you are not subject to these newly increased fees. If you are subject to the fees you may want to begin accruing for these from a budgeting perspective. It certainly appears the Affordable Care Act fees and reporting are remaining for years to come.
The Internal Revenue Service (IRS) recently announced an increase in the applicable dollar amount used to determine the Patient-Centered Outcomes Research Institute (PCORI) fee which came about during the passage of the ACA. This applies to plan years that end on or after October 1, 2017 and before October 1, 2018. As a reminder, employers sponsoring certain self-insured plans are responsible for paying and submitting the PCORI fees.
The new fee for an employer sponsoring an applicable self-insured plan is $2.39 multiplied by the average number of lives covered under the plan. Details on how to determine the average number of lives covered under a plan are included in these regulations
PCORI fees for plan years that cease between October 1, 2017 and December 31, 2017 will be due to the IRS in July 2018. Flock's ACA module can streamline your reporting needs and we can also assist in the calculation of the average number of lives for our partially self-funded clients. Say hello to Flock !
The information provided here does not constitute, nor serve as a substitute for legal advice. Please consult legal counsel to ensure all facts and circumstances are taken into account in complying with applicable state and federal law.