As we approach the mid-year mark, it’s crucial for self-funded employer groups to be aware of an important compliance requirement: the Patient Centered Outcomes Research Institute (PCORI) fee. This fee is applicable for the 2024 plan year and must be filed and paid by July 31, 2025.
Understanding PCORI Fees
The PCORI fee is a mandate for self-funded health plans that ended on or after October 1, 2012. This fee is calculated per enrollee, which includes employees, spouses, dependent children, and retirees covered under the plan. The purpose of this fee is to fund research that helps patients, caregivers, and healthcare providers make informed health decisions.
Filing Process
To comply with this requirement, the fee must be reported and paid using the IRS quarterly excise tax form 720. The form is available on the IRS website, and it is essential to ensure that the filing is completed accurately and on time to avoid potential penalties.
Why Compliance Matters
Adhering to this filing deadline is not just a regulatory obligation but also a demonstration of your commitment to supporting healthcare research and improvements. By fulfilling this requirement, your organization contributes to the broader goal of enhancing healthcare outcomes for all.
For Further Assistance
If you have any questions or need assistance with the PCORI tax filing process, please do not hesitate to reach out to our agency. We are here to provide guidance and ensure that your compliance needs are met efficiently and effectively.
