The Personal Health Investment Today (PHIT) Act was introduced in the U.S. Senate and House of Representatives on March 14th of this year. The PHIT Act, when passed, will allow individuals to use pre-tax funds from Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA) to cover physical activity expenses like health club memberships, fitness equipment, and youth sports fees. The Act will effectively reduce the out-of-pocket expenses for fitness related expenses for American families and individuals by an estimated 20-37%. (Source: www.passphit.org)
There is bi-partisan support for the PHIT Act with 16 Co-sponsors in the Senate and 56 co-sponsors in the House. Locally, Congressmen Greg Landsman (OH-1) and Brad Wenstrup (OH-2) are co-sponsors in the house and Senator Rand Paul (KY) is a co-sponsor in the Senate.
“Our children and families deserve to lead healthy lives. Physical activity is a huge contributor to our health and quality of life. I’m proud to co-sponsor the Personal Health Investment Today Act to give more families the flexibility to spend their FSAs and HSAs on youth sports, fitness center dues, and other physical activities.”
Rep. Greg Landsman (OH-1)
“Americans can keep themselves healthier when they’re able to afford things like gym memberships, fitness programs, and equipment for physical exercise. The PHIT Act will help make America the healthiest nation on the planet by encouraging people to use their own money in a tax advantaged way to get healthier.”
Rep Brad Wenstrup (OH-2)
The Specifics of The PHIT Act:
PHIT allows a tax deduction for up to $1,000, ($2,000 for a joint return or a head of household), of qualified sports and fitness expenses per year.
- Allowable expenses include:
- Membership to fitness facilities, participation or instruction in physical exercise, purchase of fitness equipment, youth sports, and also for
- Exercise apparel and sports apparel used exclusively for exercise not to exceed $250
According to Marco Fiorini, General Manager of the Cincinnati Sports Club, “The PHIT Act is an elegantly simple solution to encourage people to lead an active life. The research is overwhelming 150 minutes of weekly moderate physical activity will dramatically change the trajectory of health care costs in our country. We are proud to be part of the solution.”
For more information on how to help pass the PHIT Act, visit www.passphit.org.