The IRS has announced the new PCOR fees for plan and policy years ending on or after October 1, 2018 and before October 1, 2019. The fee has experienced a $0.06 increase; up to $2.45 from the amount previously in effect. This fee is analyzed on an annual basis and is the result of the applicable dollar amount for the year multiplied by the plan or policy’s average number of covered lives.
“Issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans are responsible for reporting and paying the PCORI fee”, according to the IRS website. It is important to note that for self-insured plans, Form 720 must be filed by the employer/plan sponsor and submitted to the IRS.
Baker Tilly Vantagen is well prepared to assist you with questions you may have regarding the PCOR Fee or the filings associated with it. Contact us today to ensure you remain compliant.