By: Thibodaux Staff
According to phitamerica.org, “The PHIT (Personal Health Investment Today) 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.”
If approved, “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” (America 2018).
The PHIT Act may encourage Americans to stay healthy now, while saving the government money on medical expenses later. According to Forbes, “Under current law, weight loss programs and fitness classes are only tax deductible as a treatment for a diagnosed disease or condition and must be specifically ordered by your doctor. If you meet that criteria, it’s considered a medical expense and may be deductible. You can only deduct medical expenses which exceed 7.5% of your adjusted gross income (AGI) if you itemize on Schedule A” (Erb 2018).
The activities eligible for Pre-Tax reimbursement under the PHIT Act include:
We will follow the progress of the legislation closely, as it can have a positive impact on our members and our community. For more information on membership types and offerings at the Fitness Center of Thibodaux Regional, please visit the Member Services desk.
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