As ACE celebrates the recent victory of the Personal Health Investment Today (PHIT) Act (H.R. 6199) being passed in the U.S. House of Representatives, we are working hard to prepare the Senate to take up the issue prior to the end of the year and hopefully vote it in to law. PHIT allows Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to be used for physical activity expenses like gym memberships, personal training services and group fitness classes which would not only be a huge win for consumers but also for fitness facilities and exercise professionals as well.
Although the bill is not yet a law, ACE wants you to understand how PHIT could impact your gym, studio or organization and how you might best leverage passage of the bill if it becomes law. With proper thought and communication, your facility or organization could benefit through increased usage. The benefits will impact each business differently – for example, it might mean more people enrolling in group exercise classes at a community level or perhaps it is increased gym memberships at a private of public gym or studio. Some businesses might see an increased number of people seeking personal training or small group training classes.
To ensure your business maximizes the benefits of the PHIT Act, here are 3 things you can do now to prepare for its passage into law:
Create a Social Media Campaign
Use ACE’s PHIT Act one-pager to focus on creating awareness of this new use of funds and how your clients could potentially use them. Be sure to include facts and resources. ACE’s Cycle of Inactivity is a good graphic to visually explain the health and financial importance of increasing physical activity.
Create a Plan for Increased Demand
Allowing pre-tax medical accounts to be used for physical activity services, may mean you experience an increase in demand from new and existing clients. Be sure you have a plan in place to handle the increase in business, whether that be adding additional classes, trainers/instructors, or purchasing more equipment.
Keep Clients Informed
Utilize bulletin boards, newsletters, regular email pieces, and other communication methods to spread the word and keep clients up to date on the latest news on the PHIT Act.
Stay tuned for more information on how you can contribute to getting PHIT passed in the Senate.