Surprise Billing Notice Now Available
As part of the No Surprises Act requirements, the notice detailing individuals’ rights and protections in regards to surprise billing has been posted to our website, effective January 1, 2022. Click here to read more about the rights protected under the Act.
IRS Releases Updated PCORI Fee
Notice 2022-04, issued by the IRS, includes an updated Patient-Centered Outcomes Research Institute (PCORI) fee amount. For plan years that end on or after October 1, 2021, and before October 1, 2022, the applicable fee amount is $2.79.
The fee is required to be reported annually on the second quarter Form 720 and paid by July 31. The per covered person fee is based on the average number of lives covered under the self-funded plan or insurance policy and it is updated annually based on inflation.
When originally passed, the PCORI fee was set to expire after 10 years. However, Congress reauthorized the fee and it is now set to expire in 2029.
The text of Notice 2022-04 is available here.
If you have questions, please contact your Account Executive.