On October 18, the IRS issued Notice 2023-70, which increased the PCORI fee from $3 per covered life to $3.22 per covered life for policy and plan years that end on or after October 1, 2023 and before October 1, 2024. Group health plans and health insurance issuers must generally pay the PCORI fee on each covered life under the plan or policy. The fee is due to the IRS annually on July 31 using Form 720.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
