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Reminder: PCORI Filing and Fee Deadline Approaching

05/31/18

  10:43:00 pm, by MedBen5   , 265 words,  
Categories: News, Health Care Reform, Taxes, Compliance, PCORI

Reminder: PCORI Filing and Fee Deadline Approaching

As in years past, all self-funded employer health plan sponsors are required to file and pay their Patient-Centered Outcomes Research Institute (PCORI) fee no later than July 31, 2018. 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.

Self-funded plans subject to the requirements include self-funded medical benefit plans, including most non-ERISA self-funded plans and retiree-only plans. Other self-funded plans subject to the fee include self-funded health reimbursement arrangements (HRAs) and flexible spending accounts (FSAs) which are not integrated with a plan sponsor’s self-funded major medical plan. Dental-only, vision-only, employee assistance programs (EAPs), disease management, and wellness plans are exempt.

PCORI

All plan sponsors must use the IRS Form 720 dated April 2018 to record and remit the amount due. The IRS Form 720 has been modified to include the payment amounts due this year. Make sure to complete the correct section of Part II for “Applicable self-insured health plans” and select the correct payment amount based on your plan’s plan year end date.

This year’s payment schedule can be found on the MedBen.com website along with more information about calculating and remitting the fee to the IRS. In general, if your plan year begins on November 1, 2017 (ending October 1, 2017), December 1, 2017 (ending November 1, 2017) or January 1, 2018 (ending December 31, 2017) you will owe $2.39 per covered life. All other plans years owe $2.26 per covered life.

As always, if you need more information about how to count covered lives under your plan or how to prepare and remit your payment, don’t hesitate to contact your Group Service Representative.

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