By: Lake Forest 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:
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:
For more information, visit phitamerica.org.
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