Fitness Friday

PHIT Makes Fitness Affordable

The PHIT Act is looking to make fitness more appealing for those pinching pennies.

The PHIT Act was introduced to Congress on March 3, 2015 and has gained a large bipartisan group of supporters with 51 Democrats and 38 Republicans signing on as co-sponsors. The bill would support the use of health savings account's and flexible spending arrangements for up to $1,000 for single non-dependents and $2,000 for joint households. Under the bill, gym memberships, athletic equipment (gold clubs, baseball bats, weights) and cleats would be eligible for coverage under the bill. Private clubs operated by members or golf, hunting and riding facilities would not be covered. Clothes also won't be covered due to their frequent alternative use as a leisure item.

The bill has come under scrutiny, however, due to the Act requiring at least 10% of your adjusted gross income for it to be deducted. This makes it unrealistic for it to be useful for those who are sick and are already unlikely to go out and exercise. The other problem with this plan is that it targets those who already make more than the average amount income, and have health spending accounts with a higher deductible plan. The bill does however save families who spend vast amount of money on their children's sports an average of up to 30% on their expenses. This bill will be an interesting one to keep an eye on, as there are sure to be many modifications made as it makes its way to the Hill.