The IRS released Notice 2023-70, with the 2024 adjusted applicable dollar amount of $3.22 per covered life for the Patient-Centered Outcomes Research Institute (PCORI) Trust Fund fee for plan years that end on or after October 1, 2023, and before October 1, 2024, representing a $0.22 increase from 2023. The fee will continue through 2029.
The PCORI was established under the Affordable Care Act (ACA) and imposes a fee on specific health insurance policy issuers and applicable self-insured health plan sponsors to help fund the institute. The fee—required to be reported only once a year on the second quarter Form 720, Quarterly Federal Excise Tax Return, and paid by the due date, July 31—is based on the average number of lives covered under the policy or plan.
Read more about the ACA and PCORI fees on the ACA: PCORI Fee page and in the following IRS resources:
Affordable Care Tax Provisions for Employers
Patient-Centered Outcomes Research Institute Fee
Patient-Centered Outcomes Research Trust Fund Fee (IRC 4375, 4376, and 4377): Questions and Answers