Tax Credit Incentive for Massachusetts Wellness Program
With all the healthcare reform changes beginning to roll out, individual’s health and well-being has been a hot topic lately. A Massachusetts Wellness Program is a great resource for companies to boost morale and keep their employees healthy, but they can be difficult and expensive to implement. Now, Massachusetts has passed legislation to help out small business owners establish a Massachusetts Wellness Program.
On January 1, 2013, new tax credits for Massachusetts Wellness Programs will become available to Massachusetts employers. The tax credits are part of healthcare reforms included in Senate Bill 2400, signed into law by Governor Deval Patrick earlier this year, according the Society for Human Resource Management.
The credit covers 25% of the costs to implement a Massachusetts wellness program, with a maximum credit of $10,000 per fiscal year. The Massachusetts Department of Public Health has been charged with eligibility criteria and establishing guidelines for the wellness program. Criteria may include a required minimum participation rate to qualify for the reduction, healthy workplace programs, promotion of health prevention and screenings and health education requirements.
Massachusetts Wellness Program are a great way to confront chronic conditions and try and stave them off before they start. They help employees make lifestyle choices to lead healthier lives. But while most employers see the value in Massachusetts wellness plans, small businesses are lagging behind. 82% of small business owner supported the idea of wellness plans, but only 47% actually installed some sort of wellness program. In contrast, almost 90% of large employers saw the value in wellness plans, according to Benefits Pro.
Massachusetts wellness programs should ease this disparity. The credits are designed to aid smaller businesses in implementing wellness plans, and help them to take advantage of cost savings. At Sinclair Risk & Financial Management, we understand that human resource issues are an important component in your company. We can help you implement employee wellness plans, in addition to HR consulting services to help you streamline administrative services, training programs, and more. Contact us today to take part in this great tax credit for Massachusetts Wellness Program. (877) 602-2305