Senator Thune Raises PHIT Act to Secretary Mnuchin at Finance Hearing on FY2021 Budget (2/12/20)
What is the PHIT Act?
A Way to Reduce Your Physical Activity Expenses!
The Personal Health Investment Today (PHIT) Act will allow consumers to pay for physical activity expenses (from youth sports fess to gym memberships to sports equipment) using funds in pre-tax medical accounts (Health Savings Accounts and Flexible Savings Accounts).
Good health requires a commitment of time and money. Prevention and wellness are key to the future of our healthcare system but cost is a barrier to active lifestyles that did not exist in previous generations. The PHIT Act will lower consumers' cost and increase physical activity in America.
At a time when the parties do not agree on healthcare or taxes, the PHIT Act is an outlier with strong support from both republicans & democrats for this Active Lifestyle incentive.
Summary: The PHIT Act allows individuals & families to use funds in pre-tax medical accounts to lower cost of sports, fitness and other qualified physical activities & equipment
The PHIT Act Covers
- Youth & Adult Sports League Fees
- School Pay-to-Play Sports Fees
- Gym & Health Club Membership Dues
- Exercise & Yoga Classes
- Personal Trainers
- Bike Rentals
- Sports & Fitness Equipment
- Sport-Exclusive Footwear
- Tournament & Race Registration Fees
- Youth Camps
- Fitness Tracking Devices
- & Much More!
Consumers will see a 20-37% discount on sports related expenses
The PHIT Act would make any expense exclusively intended for the sole purpose of being physically active eligible for FSA/HSA reimbursement
Breaking PHIT News
Thank you for your membership and investment in the Sports & Fitness Industry Association. In 2019, the industry was faced with several unexpected challenges, including a damaging tariff war with China and complex product standards and compliance issues. SFIA made these top priorities. We remain prepared to deal with both the unpredictable and...
On September 19, 2019, Ivanka Trump, joined by the Health & Human Services Secretary, Alex Azar, and members of the President's Council on Sports, Fitness & Nutrition, released the National Youth Sports Strategy. (Watch video here)