Senators Chris Murphy (D-CT) and John Thune (R-SD) reintroduced the Personal Health Investment Today (PHIT) Act in Congress. In a statement, SFIA said the PHIT Act will make sports and fitness more affordable to Americans, as the country recognizes the value of physical activity in promoting good health.
The PHIT Act will allow pre-tax Flexible Spending (FSA) and Health Savings (HSA) Accounts to cover the costs of activity-related expenses. In 2020, almost 4,000 organizations, businesses and medical groups sent letters to Congress requesting passage of the PHIT Act.
“The pandemic highlighted a critical issue — inactive individuals were at higher risk of severe COVID-19 outcomes,” said SFIA CEO and president, Tom Cove. “We also know that recessions typically drive down sports and physical activity participation rates. Making PHIT law will make a huge difference to encourage and assist families and individuals to be active at this most critical time. SFIA applauds Senators Murphy and Thune for their leadership in helping Americans live more active and healthy lives.”
“Now more than ever, particularly as the country begins to recover from the coronavirus pandemic, we need to do more to reduce barriers to play and improve the opportunity for all kids to get in the game,” said Kim Davis, NHL senior executive vice president of Social Impact, Growth Initiatives and Legislative Affairs. “The PHIT Act will help families get back on the ice after more than a year of navigating uncertainty, and we commend Senators Chris Murphy and John Thune for leading this important effort to encourage fitness and access to sport.”
Nearly 70 million Americans have access to pre-tax medical accounts. The PHIT Act would allow a preventative approach to costly chronic conditions like obesity, diabetes, heart disease, depression, and respiratory illness, rather than paying more to treat them over a lifetime.
SFIA will continue to work with member companies, partners and friends to secure PHIT’s approval in Congress and signed into law by President Biden.
Photo courtesy Nike, Find Your Greatness