Under the ACA, the PCORI fees were scheduled to end in 2019; however, they now have been extended to 2029. This extension was part of the Further Consolidated Appropriation Act of 2020 (the “ACT”) signed by President Trump on December 20, 2019.
The PCORI fee is determined on certain health insurance policies and self-funded plans and the calculation for those plans is based on the average number of covered lives for the plan year multiplied by the applicable rate (dollar amount) as determined by the IRS.
Plan/policy year end date: January 2019 / September 2019
Filing date: July 31, 2020
Your client relations advisor well assist you on the filing using the IRS Form 720 (Quarterly Federal Excise Tax Return) and do all the necessary calculations for the completion of the document.
ARC’s client relations advisors will reach out to you in June for the completion of the 720 Form and filings prior to the deadline date of July 31, 2020.