The Personal Health Investment Today Act (PHIT) passed the House of Representatives for the first time in 2018 and will be reintroduced in the House and Senate in 2019. This bill will allow Americans to use flexible spending accounts (FSAs) and health savings accounts (HSAs) to pay for health club memberships, fitness equipment, exercise videos, and youth sports leagues. Currently, the IRS code only allows these accounts to be used for medical expenses like prescription medications and doctor visits. If passed, it will allow individuals to use up to $1,000 per year to cover these expenses and families to use up to $2,000 per year.
PHIT will help Americans save 20-30% on yearly expenses related to physical activity.
PHIT will make being physically active an easier financial choice for hard-working Americans.
PHIT has bipartisan support in both the House and Senate.
PHIT was introduced in Congress in 2006. On July 25, 2018, the House of Representatives passed the PHIT Act. See the full list of PHIT sponsors in the 115th Congress at Why Pass PHIT!
What does PHIT cost? PHIT was scored July 22, 2014 at an estimated $2.5 billion dollars over 10 years. There is ample evidence showing that this cost will be more than offset by healthcare savings derived from Americans becoming more active. According to the Centers for Disease Control and Prevention, the U.S. spends around $74 billion each year on physical inactivity-related medical costs.