Now PHIT moves to the Senate for consideration. Thank you for your support!
On July 25th, 2018, the U.S. House of Representatives passed the Personal Health Investment Today (PHIT) Act as part of a larger HSA bill package (H.R. 6199) by a vote of 277 to 142.PHIT. The version of PHIT that passed the House would allow the use of tax-free accounts like HSAs and FSAs to pay for qualified fitness expenses, including health club memberships.
Now PHIT moves to the Senate for consideration.
1. If passed, PHIT would allow individuals to pay for fitness expenses, such as health club membership and personal training, using their pre-tax Health Savings Account (HSA) or Flexible Savings Account (FSA). By expanding the legal definition of a medical expense to one that includes physical activity, a leading preventative health measure, you can budget for fitness expenses the same way you pay for prescriptions and co-pays.
2. You could save 20 to 30 percent on fitness expenses, such as club dues, under PHIT.
3. PHIT would incentivize others to participate in fitness, which is critical because $117 billion in annual health care costs are associated with inadequate physical activity, including costs to publicly funded programs like Medicare and Medicaid.
We will continue to monitor progress on PHIT, and will keep you notified.
Learn more about PHIT here.