The Affordable Care Act has imposed a new fee that has to be paid by certain employers on or before July 31, 2013.
As many organizations were focused on the healthcare law’s “employer mandate,” which was delayed until 2015, the PCORI fee may have been overlooked
The fee is used to fund the Patient-Centered Outcomes Research Institute which is a private organization for medical related research. The fee is essentially to help doctors and other medical care professionals make better health choices based on the research. This will then result in lower healthcare costs.
The PCORI fee will be imposed on certain employers such as plan sponsors of self insured plans, including health reimbursement arrangements and health flexible spending arrangements. The fee will be imposed for plan years ending after September 30, 2012 and up until October 1, 2019. For year ending before October 1, 2013 the fee is $1 times the average number of lives covered under the plan for the plan year. To see if you are mandated to pay the PCORI fee by July 31, 2013, click here.
Don’t overlook the PCORI fee and end up paying hundreds of dollars in fines. To find out more on how to stay in compliance with healthcare reform, contact our New York headquarters today to speak to a Paypro Benefits Specialist.