The PHIT Act is legislation pending in Congress which will allow Americans to use Pre-Tax Medical Accounts to pay for physical activity expenses. The PHIT Act will provide an incentive for adults and their children to get fit which will help prevent healthcare costs related to preventable chronic diseases.
Currently, Pre-Tax medical accounts are primarily used for reimbursement of medical expenses once you become sick. PHIT would allow taxpayers to place up to $2,000 a year in existing Pre-Tax medical accounts for reimbursement of physical activity expenses. Lower costs will promote active lifestyles and improve the health of Americans.
The PHIT Act will put prevention in our healthcare system. What we have today is basically "sickcare". PHIT will help promote "wellness care" or true healthcare.
Click on Advocate to contact your Members of Congress today to show your support.
The activities eligible for Pre-Tax reimbursement under the PHIT Act include:
No. The total amount does not change. The only thing that changes is what's covered by Pre-Tax accounts.
As currently structured pre-tax medical accounts are great once you become sick. The PHIT Act would promote healthy behavior to prevent illness by allowing consumers to place up to $2,000 a year in existing pre-tax medical accounts for reimbursement of physical activity expenses. Lower physical activity costs will promote healthier lifestyles in America.
Many Americans have access to Pre-Tax Medical Accounts via employer-provided healthcare or the Affordable Care Act. A Pre-Tax Medical Account allows you to set aside part of your salary each pay period on a pre-tax basis to pay for the out-of-pocket medical, dental, and vision care expenses not covered by your health benefits plan.
During the plan year, when you pay for eligible expenses, you will be reimbursed for them with the tax-free money you have set aside in your Pre-Tax Medical Account.
The PHIT Act (H.R. 1218 & S. 2218) is a health-related tax bill. The Chairman of the top tax committee in Congress, house Ways & Means Committee, is past PHIT Act Sponsor. W&M members Charles Boustany (R-LA) and Ron Kind (D-WI) are leading PHIT Act sponsors and the bill has House 48 co-sponsors split evenly between Republicans and Democrats. Senator John Thune (R-SD) #4 Republican in the Senate is the lead on PHIT Act. He serves on Senate Finance (tax) Committee and the bill has bi-partisan support.
In today's political environment, it is extremely unique to get this type of support. Momentum is extremely positive for passage of the PHIT Act. It is one of the few pieces of legislation which will allow Americans to use their money as a incentive to promote healthy, active lifestyles while preventing and reducing health care costs.
Encourage your Members of Congress to Co-Sponsor and pass the PHIT Act.
The PHIT Act is new legislation and needs the support of you and your US Members of Congress. Here are four ways you can help:
There is another way you can help. Make a donation to PHIT America. Your support will help create A Movement for a Fit & Healthy America.
Healthcare spending continues to rise at an alarming rate. Medical expenditures account for 17% of the money generated by the U.S. economy. By 2015 the U.S. will spend $1 of every $5 ($4 trillion) on medical expenses.
A top priority of healthcare reform is to reduce spending. The World Health Organization reported that in the U.S. an investment of $1 in physical activity leads to $3.20 in medical costs savings. Let's prevent healthcare costs by having a more fit and healthy America.