Pre-Tax Accounts Gaining in Popularity — Good News for the PHIT Act
As Amazon adds more health & wellness products to their website, and begins to increase their presence in the healthcare market, it makes perfect sense for consumers to have the option to use their HSAs and FSAs when shopping on Amazon.com for products considered eligible medical expenses elsewhere.
With that being said, the Personal Health Investment Today (PHIT) Act (S. 680, H.R. 1679), is a bill currently under consideration in Congress. PHIT would allow consumers to use pre-tax medical accounts, such as HSAs and FSAs, for all activity-related expenses. Physical activity is a proven means of prevention for many costly illnesses, and the ability to use pre-tax dollars to cover these expenses, will make them up to 45% more affordable for all Americans.
The great news is, pre-tax medical accounts are more common than ever before, which means even more Americans would benefit from the PHIT Act and be more encouraged to participate. In turn, by decreasing the financial barrier between individuals and an active lifestyle, it will also allow for more of our nation’s youth to get active. Youth activity fees are increasing and opportunities for free activity is decreasing. Parents are facing difficult financial decisions when it comes to formerly-simple choices to allow a child to play or not. If we can lessen the financial burden of activity, more people, and specifically, more children, will get up off the couch and make their way to a more active, healthier lifestyle, leading to a lifetime of decreased health expenses.