myCafeteriaPlan would like to announce the addition of a new feature to assist with calculating PCOR (Patient Centered Outcome Research) fees. myCafeteriaPlan now has a report available that will provide a participant count based on the approved Snapshot method for HRA plans that are subject to the PCOR fees.
The Snapshot method uses specified dates throughout the plan year to determine the average number of covered lives for the plan. The report will display the plan year and the total average number of lives for the selected plan year and is available in both PDF and Excel formats.
To request the report or if you have chosen to use one of the other methods to calculate the fees for your plan and would like assistance with gathering the data, you may contact your Account Representative at myCafeteriaPlan. The other methods available are:
- The Actual Count Method
- The Form 5500 Method
Once you have determined the number of covered lives to be used for the PCOR reporting for your plan, you may use Form 720 (Quarterly Federal Excise Tax Return) to report and pay the fees. Additional information on the form can be found by clicking on the link below:
Plan years ending between October and December 2012 are required to pay the fees by July 31, 2013. The fees are then due by July 31 of the year following the end of the plan year.
Forms must be completed and filed by the plan sponsor. The regulations specifically state that Third Party Administrators (TPAs) may not complete the form and file on behalf of the plan sponsor.
The issuer of a fully insured policy is responsible for paying the fees for that policy.
While myCafeteriaPlan may not complete the filing on your behalf, we are here to assist with the process and provide any data you may need to meet this requirement.
For additional information on the background and requirements for PCOR, please click here: