Regulatory Updates
Regulatory Updates provide quick access to employee benefit regulations, rulings and other guidance released by governmental agencies in the U.S. and Canada.
New updates to this page may be included in Today’s Headlines which is emailed to International Foundation members each business day. Inquiries regarding these updates should be directed to the Benefits Knowledge Center at the International Foundation at (888) 334-3327, option 5 or [email protected].
Search Regulatory Updates
IRS Adjusts PCORI Fee to $3.22 Per Covered Life for Plan Years Ending After October 1, 2023, and Before October 1, 2024
Oct 19, 2023, 05:00
by
Tyler Lloyd
The Internal Revenue Service (IRS) has issued Notice 2023-70
to adjust the fee paid by insured and self-insured health plans to fund
the Patient-Centered Outcomes Research Institute (PCORI). The amount of
the PCORI fee is equal to the average number of lives covered during
the plan year multiplied by the applicable dollar amount for the year.
The applicable dollar amount is adjusted yearly to reflect inflation in
National Health Expenditures, as determined by the Secretary of Health
and Human Services. For plan years ending on or after October 1, 2023,
and before October 1, 2024, the fee is $3.22.
The prior applicable dollar amount was $3.00.
This notice is effective for policy years and plan years ending on or after October 1, 2023, and before October 1, 2024. The Further Consolidated Appropriations Act, 2020, has extended the Patient-Centered Outcomes Research Trust Fund fee imposed by Internal Revenue Code sections 4375 and 4376 for 10 years. As a result of this extension, the fee will continue to be imposed through 2029.
The prior applicable dollar amount was $3.00.
This notice is effective for policy years and plan years ending on or after October 1, 2023, and before October 1, 2024. The Further Consolidated Appropriations Act, 2020, has extended the Patient-Centered Outcomes Research Trust Fund fee imposed by Internal Revenue Code sections 4375 and 4376 for 10 years. As a result of this extension, the fee will continue to be imposed through 2029.