UBA Prepares PCORI Q&A
UBA has prepared a Q&A to address recurring questions about the PCORI fee. This fee is due July 31, 2013 for plans that ended between Oct. 1, 2012 and Dec. 31, 2012. The carrier is responsible for paying the fee on insured policies, and the employer/plan sponsor is responsible for paying the fee on self-funded plans (including HRAs). IRS Form 720 will be used to report and pay the fee.
UBA Updates Highlights of the Patient-Centered Outcomes Fee and the Comparison of PCORI and TRF Chart
For those interested in a condensed explanation of the PCORI fee, UBA has also updated the previously released Highlight regarding this fee. The Highlight has been updated to correct the start date for the fee (i.e., a plan with a 10/1/2011 - 9/30/2012 plan year will first pay the fee July 31, 2014), to clarify that the snapshot factor test only applies the dependent factor to employees who have elected coverage other than self-only coverage, and to reflect the employer option to file by mail or electronically.
For those interested in a comparison of the PCORI and TRF fees, UBA has updated the PCORI and TRF comparison chart. The chart has been updated to include the recent IRS announcement that the PCORI fee is tax deductible, to indicate that the Form 720 is available, to clarify dates, and to clarify that the snapshot factor test only applies the dependent factor to employees who have elected coverage other than self-only coverage.
You may access the PCORI Q&A HERE, the Highlight HERE and the PCORI / TRF Comparison HERE.