In another recent post, we talked about the cost of hiring employees. However, some of those costs can be given back to your small business in the form of government grants.
The new healthcare bill that was recently signed into law in 2010 by President Obama contains provisions that provide money to small businesses that promote and operate wellness and prevention programs for their employees. About $200 million in grants will be given out over five years, starting in 2011. These grants will be earmarked for small businesses with 100 or fewer employees and will be administered by the US Health and Human Services Department.
How can your business benefit from these grants? First, you must start a new wellness program. Grants are only available to those small businesses who launch new health improvement initiatives after March 23, 2010.
There are plenty of options for promoting a healthy lifestyle to your employees. You could offer to host classes on nutrition, stress management, or even smoking cessation. How about physical fitness? Encourage your employees to get fit with a morning round of jogging or perhaps aerobics at the nearby health club. You could even start an on-site exercise program if your space allows.
Promoting a healthy lifestyle should be a given, but the financial incentives in the form of grants are enticing. Even in addition to being eligible for wellness and prevention grants in 2011, starting in 2014, small business employers may have additional incentives. Beginning in 2014, the healthcare law will allow employers to offer reward payments to their employees who participate in wellness and prevention programs. Up to 30% of the cost of health insurance could be awarded back to employees who meet certain benchmarks through their health incentive programs. For instance, a person who stops smoking or who has lost a target weight could be eligible for this reward.
Though grants will begin until 2011, it is not too late to get started now. Grants will be administered by the Health and Human Services Department. Like any government grant, there will likely be many eligibility requirements. Check what requirements will fit your business needs and get started today in order to be eligible when the grant money is ready to be doled out next year.
