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The Obama Care wellness tax credit takes the form of a tax break for Corporations. Companies that develop a wellness program for their employees can receive a substantial tax break that offsets the cost of the Corporate fitness program. Corporations that provide a fitness center, on-site at the Company, qualify for the wellness tax credit.
This depends on the amount your Company spends on the corporate fitness & wellness program itself. Health care cost containment legislation passed by Governor Deval Patrick in 2012 provides a 25% tax credit for the implementation of a wellness program for businesses with less than 500 workers, up to $10,000 per year. This could mean a $40,000 fitness center could be eligible for a $10,000 tax credit every year.
How is ObamaCare using wellness tax credits to boost Americas fitness at the Corporate level?
ObamaCare gives small businesses, (less than 100 employees working at least 25 hours a week), who start their first wellness program can receive a grant to aid in the implementation of the Corporate fitness center.
Obamacare provides employees that reach an employee-defined health goal within an established corporate fitness program a 30% tax-credit off their health insurance expense.
Beyond that, ObamaCare gives tax credits to small businesses and tax-exempt organizations with fewer than 25 workers that purchase health insurance for their employees; This could translate to a 50% credit, meaning an insurance plan that typically costs $2000 per employee would cost only $1000.
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American Corporations Are Renting Treadmill Desk Workstations.
“Satisfying Our Clients One Month At A Time.”
Far surpassing the savings to be found in the tax break, however, are the advantages of having a healthier workforce. Organizations with employees in poor health lose, on average, $13,000 a year for each employee in this category.
Corporate fitness & wellness programs have been shown to boost employee productivity and decrease the risk of health issues that can debilitate workers. In fact, companies typically see a return of $1-$3 on every dollar invested in Corporate fitness programs.
In some cases, people calling in sick for health reasons declined 80 percent. Imagine a workplace filled with dedicated, healthy workers who don’t have to call a day off every flu season!
The benefits of corporate fitness wellness programs are numerous, including healthier employees and cost-savings to the organization. Through providing lucrative tax breaks to employers, ObamaCare is hoping to make a healthier America.
ABOUT The Author: Steve Paterson, Founder of the Rent Fitness Equipment Company. After 20 years selling commercial gym equipment, Steve created the Rental option in 2004. Now, trying to help his Corporate fitness & wellness clients figure out how to use ObamaCare tax credits to help fund their monthly onsite fitness center rental payments..
*The content of this article, in our understanding, is based on honest research trying to uncover the facts of ObamaCare,(ACA). The facts and the rules might change moving forward. And we KNOW we do not have all the facts. We will update this article as new information becomes available. As we see it.