At MINDBODY, we’re passionate about improving the wellness of the world. That’s why we’re excited about the Personal Health Investment Today (PHIT) Act, a piece of legislation pending in the United States Congress. A campaign designed to increase physical activity and fitness, the PHIT Act has the potential to help transform the health of all Americans.
What is the PHIT Act?
The PHIT Act would allow Americans to use pre-tax accounts like Health Savings Accounts (HSA) and Flexible Savings Accounts (FSA) to pay for qualified fitness expenses including memberships, classes and personal training appointments.
The PHIT Act would allow taxpayers to place up to $2000 a year in existing Pre-Tax medical accounts for reimbursement of physical activity expenses, lowering the cost of living an active lifestyle for adults and children alike.
How will the PHIT Act be beneficial?
The PHIT Act could help save Americans 20 to 30 percent on yearly expenses related to physical activity—encouraging them to be more active and utilize health and wellness businesses like yours.
By encouraging more Americans to be active, the legislation hopes to decrease the rising costs of healthcare by focusing on the benefits physical activity and making it accessible to more Americans.
How can I help get this legislation passed?
The PHIT Act passed the House Ways and Means Committee—the top tax committee in Congress—with bipartisan support. To support this cause, all you need to do is ask your local members of Congress to support the PHIT ACT using a simple form found here.
If you want to do more to support the legislation, you can call or write a letter your representatives. You can find their contact information here.
Where can I go to learn more about the PHIT Act?
This blog post was originally published in June 2017.