Moving in a positive direction and receiving a good amount of bipartisan support in congress, the Personal Health Investments Today Act (PHIT), passed yesterday by the US House of Representatives 277-142. This comes shy of two weeks having passed by the House Ways and Means Committee.
The Act now moves on to the Senate and if passed would pave the way to allow up to $1,000 per year per individual and up to $2,000 per year per family to cover #exercise related expenses, pre-tax, through your Flexible Spending Account (FSA) and Health Savings Account (HSA). Currently the IRS code allows FSA and HSA accounts to be used for “traditional” medical expenses such as prescription drug copays, doctor office visit copays and deductible/coinsurance related expenses. A current listing of qualified expenses can be fund in IRS Publication 969.
The PHIT Act will add additional wellness support into our healthcare system to promote healthier lifestyles in a campaign to tackle the growing epidemic of obesity in America.
What Are Some Qualified Actives Under the Act?
Youth & Adult Sports League Fees
Health Club Membership Dues
Exercise Classes & Personal Trainers
Sports & Fitness Equipment (used exclusively for participation in physical activities)
Pay-to-Play School Sports Fees
Organized Running Event Registration Fees
Martial Arts, Gymnastics & other Physical Activities
How Can You Help?
Visit www.phitamerica.org today to learn more about the act and it’ top priority to reduce healthcare spending.
Engage in Social Media to spread the word on the PHIT Act. With #PassPHIT
Email, call or write Members of Congress to tell them how you feel about the PHIT Act to improve our future healthcare spend.