Oct 20, 2023
New PCORI Fee Announced for 2024
The IRS released Notice 2023-70 on October 18th with the latest PCORI Fee information. Click here to review the Notice.
Background
- Section 4275 imposes a fee on the issuer of a specific health insurance policy for each policy year ending after September 30, 2012 and before October 1, 2029.
- Section 4376 imposes a fee on the plan sponsor of an applicable self-insured health plan (and level funded health plan) for each plan ending after September 30, 2012 and before October 1, 2029.
| PCORI Fees - Patient Centered Outcomes Research Trust Fund | |
|---|---|
| Plan Years ending after September 30, 2022 and Before October 1, 2023 | Due July 31, 2024 $3.00/per individual |
| Plan Years ending on or after October 1, 2023 and Before October 1, 2024 | Due July 31, 2024 $3.22/per individual |
The fee is calculated using the average number of lives covered under the policy or plan and the applicable dollar amount for that policy year or plan year. The information is reported on IRS Tax Form 720 - Quarterly Federal Excise Tax Return.
Click here to go to the IRS website regarding PCORI Fee.
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