2024 PCORI Fee Update
- HRC Total Solutions
- Apr 5, 2024
- 1 min read
The Internal Revenue Service (IRS) has released IRS Notice 2023-70 under which it has announced the Patient-Centered Outcomes Research Institute (PCORI) fee rate that applies to plan years that end on or after October 1, 2023, and before October 1, 2024.
Applicable PCORI Fee Rate
The Notice provides that the applicable PCORI fee rate for plan years ending between October 1, 2023, and September 30, 2024 is $3.22 per covered life. (Increased from $3.00)Please review the resources and information below in order to stay in compliance with the Affordable Care Act (ACA). HRCTS will provide this report via email to our clients automatically each year or it can be requested by contacting your Account Manager.
*Please note that HRCTS is not responsible if for some reason this calculation is not correct.
Want to Learn More?
For additional information on PCORI please review the following resources: Patient-Centered Outcomes Research Trust Fund Fee Questions and Answers. An IRS chart that shows which types of benefits the fee applies to: Application of the Patient-Centered Outcomes Research Trust Fund Fee to Common Types of Health.
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Fantastic! This update is a lifesaver for the finance and HR departments. The IRS officially formalizing the PCORI fee rate for plan years ending from October 1, 2023, to October 1, 2024, helps us avoid any unpleasant surprises. Announcements like this need to be handled quickly and accurately, and HRC Total Solutions did it professionally! Exact compliance with these changes requires absolute precision, just like how a drift boss perfectly calculates every millimeter of steering angle.