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Congressman Ron Kind (D-WI), according to the SGMA, has introduced the Personal Health Investment Today Act of 2009 (PHIT) in the United States House of Representatives. Kind was joined in supporting the PHIT Bill by Congressmen Earl Blumenauer (D-OR), Kevin Brady (R-TX), and Zach Wamp (R-TN).
The PHIT Act would amend current federal tax law to enable the deduction or use of pre-tax expenditures for sports, fitness, and other physical activities. Americans might invest up to $2,000 each year in current pre-tax Flexible Spending Accounts (FSA), Medical Savings Accounts (MSA), and/or medical reimbursement agreements to pay for physical activities. PHIT would merely broaden the types of expenses eligible for reimbursement to include physical activity costs as a method of preventive; it would not increase contribution limits to these accounts. Individuals and families that spend 7.5% of their income on eligible medical costs may deduct physical activity expenses directly.
"SGMA has been a strong supporter of this measure in previous years, and we are pleased that Representative Ron Kind is spearheading the work on this legislation," said Bill Sells, SGMA's VP of government relations. "It decreases expenditures related with exercise, fitness, and sports involvement for consumers by utilizing monies in pre-tax accounts." We will enhance health, minimize medical costs, and reduce absenteeism at school and work by promoting increased physical exercise through financial incentives. PHIT has the potential to significantly improve people's lives, the economy, and health-care costs."
"The best preventative medication we can give is regular physical exercise," Kind, a member of the Ways and Means Committee, said. "This law will provide people with the motivation they need to get more active - to attend that workout class, join an intramural sports team, or sign up for a gym membership."
With Kind, Blumenauer, and Brady all serving on the Ways & Means Committee, PHIT's prospects have increased. Health care reform is a prominent concern in Washington, and PHIT is congruent with the core goal of reform efforts: lowering health expenses.
The Congressional support produced by physical activity advocates last month at SGMA's National Health Through Fitness Day is one of the key reasons PHIT is garnering attention on Capitol Hill (NHTF). On National Heart, Stroke, and Thyroid Awareness Day, a delegation of well-known athletes, sporting goods and fitness manufacturers, sports retailers, concerned citizens, physical educators, and association leaders met with members of the United States House and Senate to advocate for the passage of two legislative initiatives that will help Americans (of all ages) become more physically active and healthy. Aside from PHIT, the sports industry advocated for more support for effective physical education through the Carol M. White Physical Education Program (PEP). PEP funds innovative physical education and exercise initiatives in school systems and community-based groups. PEP has funded about $600 million in equipment purchases and P.E. training since 2001.
"Both pieces of legislation are critical," Sells added. "Essentially, PEP supports school-age children, whereas PHIT provides financial incentives for all Americans to live more active and healthy lifestyles."
The PHIT Act would amend current federal tax law to enable the deduction or use of pre-tax expenditures for sports, fitness, and other physical activities. Americans might invest up to $2,000 each year in current pre-tax Flexible Spending Accounts (FSA), Medical Savings Accounts (MSA), and/or medical reimbursement agreements to pay for physical activities. PHIT would merely broaden the types of expenses eligible for reimbursement to include physical activity costs as a method of preventive; it would not increase contribution limits to these accounts. Individuals and families that spend 7.5% of their income on eligible medical costs may deduct physical activity expenses directly.
"SGMA has been a strong supporter of this measure in previous years, and we are pleased that Representative Ron Kind is spearheading the work on this legislation," said Bill Sells, SGMA's VP of government relations. "It decreases expenditures related with exercise, fitness, and sports involvement for consumers by utilizing monies in pre-tax accounts." We will enhance health, minimize medical costs, and reduce absenteeism at school and work by promoting increased physical exercise through financial incentives. PHIT has the potential to significantly improve people's lives, the economy, and health-care costs."
"The best preventative medication we can give is regular physical exercise," Kind, a member of the Ways and Means Committee, said. "This law will provide people with the motivation they need to get more active - to attend that workout class, join an intramural sports team, or sign up for a gym membership."
With Kind, Blumenauer, and Brady all serving on the Ways & Means Committee, PHIT's prospects have increased. Health care reform is a prominent concern in Washington, and PHIT is congruent with the core goal of reform efforts: lowering health expenses.
The Congressional support produced by physical activity advocates last month at SGMA's National Health Through Fitness Day is one of the key reasons PHIT is garnering attention on Capitol Hill (NHTF). On National Heart, Stroke, and Thyroid Awareness Day, a delegation of well-known athletes, sporting goods and fitness manufacturers, sports retailers, concerned citizens, physical educators, and association leaders met with members of the United States House and Senate to advocate for the passage of two legislative initiatives that will help Americans (of all ages) become more physically active and healthy. Aside from PHIT, the sports industry advocated for more support for effective physical education through the Carol M. White Physical Education Program (PEP). PEP funds innovative physical education and exercise initiatives in school systems and community-based groups. PEP has funded about $600 million in equipment purchases and P.E. training since 2001.
"Both pieces of legislation are critical," Sells added. "Essentially, PEP supports school-age children, whereas PHIT provides financial incentives for all Americans to live more active and healthy lifestyles."
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