A reminder: If you are an employer maintaining a self-insured (wholly or partly) group health plan, with a plan year that ends on or between October 1 and December 31, then your first PCORI fees are due by this coming July 31. These fees are required by the Affordable Care Act. The term “PCORI” stands for Patient Centered Outcomes Research Institute. The total fee for the first year is $1 per covered life. Certain plans (e.g., those offering only HIPAA excepted benefits) are excepted from PCORI fee requirements. The PCORI fees are paid with IRS Form 720. See Form 720 and its instructions for more details.
By the way, the PCORI fees should not be confused with the Reinsurance fees. Those fees do not apply until 2014, and for that year will be $63 per covered life. More on the Reinsurance fees later.