Having a healthy lifestyle could potentially get a lot easier. The Personal Health Investment Today Act (PHIT) would allow people to use pre-tax medical accounts to pay for costs associated with being physically active. Currently, these accounts can only be used to pay for medical expenses. Individuals will be able to spend up to $1,000 a year on fitness expenses. Families will be able to spend up to $2,000 a year. If PHIT passes, people can use the accounts for expenses such as health club memberships, fitness equipment, and youth and adult sports leagues. This act will relieve the financial burden of being physically active.
Why PHIT is Important
Current expenses for health club memberships and fitness classes make it difficult for people to be physically active. There is a great financial burden associated with it. While people may want to join a health club or have a personal trainer, they are not able to do so because of the costs. However, current medical expenses are through the roof due to health issues associated with a sedentary lifestyle. PHIT will allow people to be physically active without the financial burden, and will therefore reduce the cost of other medical expenses. What stands out most in the argument in support of PHIT is the idea of prevention. PHIT will allow the healthcare system to prevent problems in addition to fixing them. It has been proven that being physically active leads to a healthier life. Therefore, it is important to make sure that everyone is able to lead an active lifestyle.
The Legislative Process
PHIT was introduced to Congress on March 1, 2017. In order to be approved, it must pass both houses of Congress and then be signed by the president. This is not an easy process. Different committees will consider the bill. It has strong bipartisan support, which is rare in today’s political climate.