From Vision to Reality: Financing Workplace Wellness
It’s easier than you think!
Businesses prioritize workplace wellness programming because it is: (a) “the right thing to do” and/or, (b) good for their “bottom line.”
By promoting employee health and wellness, businesses can strategically position themselves to attract top talent and reduce costs associated with healthcare, absenteeism, presenteeism, turnover, and workers’ compensation claims.
Even so, for businesses operating with small profit margins, it can be a tough decision to invest in the wellbeing of their workforce. Leaders who care about employee wellness and recognize its merits should consider the following potential financial paths and incentives associated with workplace wellness programming.
1. Tax Deductions or Credits. Some jurisdictions allow businesses to claim tax deductions or credits for workplace wellness-related expenses including mental health resources, fitness facilities, wellness initiatives, and more.
2. Grants and Funding. Nonprofit organizations, private foundations, and governments may offer grants or funding opportunities to help offset costs associated with implementing wellness programs.
3. Health Insurance Premium Reductions. Many health insurance providers offer premium reductions or discounts to businesses that demonstrate a commitment to employee wellness. Conversely, healthcare premium costs often increase when employees utilize their insurance benefit to address health and wellness concerns which, in many cases, can be proactively addressed through wellness initiatives.
4. Workers’ Compensation Discounts. In some jurisdictions, businesses that implement workplace safety and wellness programs may be eligible for reduced workers’ compensation insurance premiums. By prioritizing employee wellness, these businesses demonstrate a commitment to safe workplace conditions and a healthy workforce.
5. Government Incentive Programs. Federal, state, and local governments often provide additional incentives to businesses that prioritize workplace wellness, although the programs and stipulations can vary widely. For example, Minnesota’s State Health Insurance Program partners with local public health departments to provide funding, training, and networking to small businesses interested in implementing wellness initiatives around physical and mental wellbeing. Similarly, Wisconsin just wrapped up a grant providing 30% reimbursement to small businesses offering workplace wellness programs.
At H&S Wellness Consultants, we care deeply about helping individuals and mission-driven organizations thrive.
That’s why we partner with each organization to create affordable, customizable wellness solutions. Call us today for a free consultation, and start your workplace wellness journey.
