Health Care Reform

Read this on the Transworld Blog today. GObama is trying to get those gears turning. Hope.

Pending PHIT Bill Will Reimburse For Hardgoods

The Personal Health Investment Today Act (H.R. 2105), also known as PHIT, a bill pending in Congress, would allow for customers to be reimbursed for purchases focused on physical fitness, specifically hardgoods.

According to SIA the bill would allow for reimbursement of physical activity expenses using pre-tax dollars, including snow sports activities and purchase of products that are directly related specifically to snow sports activities and particularly hard good. More “generic” products such as jackets or hats would not qualify under this legislation.

SIA is partnering with SGMA and the National Coalition for Promoting Physical Activity to generate a groundswell of support for this legislation NOW. For details and to send a letter of support to your Congressional representative, go to www.getphit.sgma.com. Feel free to pass along this information to colleagues, friends and family.

PHIT would reduce the costs of physical activity to encourage healthier lifestyles. This bill is part of the overall health care reform legislation that is a top priority for the Obama Administration. Currently pre-tax medical accounts are primarily used for reimbursement of medical expenses once you become sick. 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.

The rationale behind the push for this legislation is simple. Healthcare spending continues to rise at an alarming rate. Medical expenditures account for 17% of the money generated by the U.S. economy. By 2015 the U.S. will spend $1 of every $5 ($4 trillion) on medical expenses.