The Affordable Care Act (ACA) imposes a fee on issuers of specified health insurance policies and self-insured health plan sponsors to help fund the Patient-Centered Outcomes Research Institute (PCORI). The PCORI fee is based on the average number of covered lives under the policy or plan and must be reported once a year on the second quarter IRS Form 720 and paid annually by its due date, July 31 (or the following business day if July 31 falls on a Saturday, Sunday or legal holiday). [1]
The latest payment of the PCORI fee is due no later than July 31, 2025. The fee amount for plan years ending on or after October 1, 2024, and before October 1, 2025, is $3.47 per covered life (up from $3.22 previously).
Note: As of the date of this writing, the IRS has not released the second quarter Form 720 reflecting the updated fee amount.
