The Patient-Centered Outcomes Research Institute (PCORI) fee funds research that evaluates and compares health outcomes, clinical effectiveness, and the risks and benefits of medical treatments and services was due on July 31, 2024.
For plan and policy years ending between October 1, 2023, and September 30, 2024, the PCORI fee was $3.22 per covered life. Employers use Form 720 Quarterly Federal Excise Tax Return to file.
EMPLOYER CONSIDERATIONS
Employers with self-funded medical plans or applicable health reimbursement arrangements (HRAs) use Form 720 to fulfill their reporting obligations and pay PCORI fees. The IRS has provided an FAQ as well as instructions to assist employers. Electronic filing is available but not required.