Park City, Utah (PRWEB) July 04, 2013
Today, Zane Benefits, the online alternative to group health insurance, published new information on the HRA Research Fee and Form 720.
According to Zane Benefits’ website, the IRS has issued a revised Form 720 (Quarterly Federal Excise Tax) that now includes a section for reporting the Patient-Centered Outcomes Research Institute (PCORI) research fees, also called the Comparative Effectiveness Research (CER) fees. The PCORI fee is listed in Part II of the form, IRS No. 133.
The first due date of these research fees (for some employers) is July 31, 2013.
According to Zane Benefits’ website, the Affordable Care Act (ACA) includes a "research fee" that plan sponsors, including HRA plan sponsors, must pay on an annual basis. The research fee is referred to as the Patient-Centered Outcomes Research Institute (PCORI), or Comparative Effectiveness Research (CER) fee.
The ACA imposes this fee on insured plans and self-insured health plans, including HRAs. The research fee is temporary; it applies to plan years ending on or after October 1, 2012 and before October 1, 2019.
Applicable employers are required to report and pay the PCORI research fees annually via Form 720, due by July 31 of each year.
About Zane Benefits
Zane Benefits was founded in 2006 to provide a revolutionized SaaS (Software-as-a-Service) administration platform ("ZaneHRA") for Health Reimbursement Arrangements (HRAs) and defined contribution health care. The flagship software provides a 100% paperless administration experience to small businesses and insurance professionals that want to offer better health benefits without a traditional group health insurance plan at lower costs. For more information about Health Reimbursement Arrangements, click here.