On December 21, 2021, the IRS released Notice 2022-04, announcing that the adjusted applicable dollar amount used to determine the PCOR fee for plan years ending on or after October 1, 2021 and before October 1, 2022 is $2.79.
The PCOR filing deadline is August 1, 2022 for all self-funded medical plans and some HRAs for plan years (including short plan years) ending in 2021. Carriers are responsible for paying the fee for insured policies.
2022 Form 720, due August 1, 2022:
| Plan Year | Amount of PCOR Fee |
|---|---|
| February 1, 2020 – January 31, 2021 | $2.66/covered life/year |
| March 1, 2020 – February 28, 2021 | $2.66/covered life/year |
| April 1, 2020 – March 31, 2021 | $2.66/covered life/year |
| May 1, 2020 – April 30, 2021 | $2.66/covered life/year |
| June 1, 2020 – May 31, 2021 | $2.66/covered life/year |
| July 1, 2020 – June 30, 2021 | $2.66/covered life/year |
| August 1, 2020 – July 31, 2021 | $2.66/covered life/year |
| September 1, 2020 – August 31, 2021 | $2.66/covered life/year |
| October 1, 2020 – September 30, 2021 | $2.66/covered life/year |
| November 1, 2020 – October 31, 2021 | $2.79/covered life/year |
| December 1, 2020 – November 30, 2021 | $2.79/covered life/year |
| January 1, 2021 – December 31, 2021 | $2.79/covered life/year |
Employer Action
For now, no action by employers with self-funded health plans (or an HRA) is required. We will send a reminder in Summer 2022 of the fee and additional information for filing and paying the PCOR fee with the IRS.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
