Let’s get PHIT! How Trump’s election may help the fitness industry

First, if you are looking for the latest tips on burning fat, getting stronger, running faster or diet-of-the-week, you can close this page now.  If you are looking for a political post, this is kinda, sorta, maybe for you.  Read on to see why…

The PHIT (Physical Health Investment Today) Act has been in limbo since 2006, when it was first presented to Congress.  It was designed for the general public to save 20-30% on the costs associated with physical activity, such as exercise classes, memberships, personal training, sports dues and fees, etc. No longer would cost be (such) a prohibitive factor for individuals and families to get healthy.

The PHIT Act would make this a reality by allowing people to use existing pretax health savings accounts (HSAs are medical savings accounts available to U.S. citizens enrolled in a high-deductible health plan) and flexible savings accounts (FSAs are funds set aside for certain healthcare costs that are not taxed) for fitness and sports related expenses.  These funds are typically used for medical expenses; PHIT aims to use those funds for prevention and proactive expenses.  If passed, the bill would allow individuals
up to $1000 annually to be set aside for physical activity and fitness expenses.

It has been a slow climb in the last decade but the newly elected administration may finally be the break that is needed for its passage.  The Trump regime seek to improve the Affordable Care Act (via modifying, or repealing/replacing it), opening the door for expanded use of HSAs. Democrats generally don’t favor the use of HSAs or FLAs.  However, this bill has generally been a bipartisan topic with roughly equal members sponsoring its approval.

Stay tuned to see how this will play out.  You may not like the new President but he may directly affect how fitness and health outcomes are being paid.

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