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By: LECOM Staff
The PHIT Act or Personal Health Investment Today Act is legislation pending in Congress which will allow Americans to use their pre-tax HSA or FSA to cover their physical activity expenses. Discover how the PHIT Act directly affects your pocketbook and health for the better:
Increase Physical Activity Levels
Gym memberships, yoga classes, personal training sessions are often thought of as luxury expenses, not necessities. What if you could pay for a ski club membership or pair of ice skates with your pre-tax medical accounts? Lower costs will promote active lifestyles plus improve the mental and physical health of Americans.
Use Pre-tax Medical Accounts to Pay for Physical Activity Expenses
Pre-tax medical accounts are primarily used for reimbursement of medical expenses once you become sick. PHIT would allow taxpayers to place up to $2,000 a year in existing pre-tax medical accounts for reimbursement of physical activity expenses. The PHIT Act doesn’t decrease the dollar amount of deductions an American can take.
The total amount doesn’t change. Americans will be able to use their HSA or FSA accounts to get active, fit and healthy for:
• Fitness classes and camps such as yoga, Pilates, etc.
• Personal trainers
• Fitness club dues
• Purchasing fitness equipment
• Youth fitness activities
• Sports activities, programs, and equipment
• ‘Pay-To-Play’ school fees
Prevent Costs Associated with the Obesity and Sedentary Crisis
The PHIT Act would promote healthy behavior to prevent illness and offset the costs associated with sedentary lifestyles by incentivizing exercise over electronics:
• Children are moving their fingers but not their bodies; kids are addicted to sedentary electronic devices.
• In the USA, more people die of inactivity (5.3 million) than smoking each year (5 million).
• Inactive Americans take one week of extra sick days per years versus an active person.
• Inactive adults pay $1,500 more per year in health care costs than active adults.
For more information, visit phitamerica.org.
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