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How To Save Money on Health Care Expenses

This year I will save over $400 on my family's eligible health care expenses and next year you can too! I was able to achieve these savings by signing up for a Medical Reimbursement Account (MRA) during my employers' annual open enrollment period. 

What is an MRA and How Does It Work?

If an MRA is offered by your employer, you can elect to enroll in the MRA during your new hire eligibility period or during the annual open enrollment period. First you will need to estimate how much you expect to spend in eligible health care expenses for the upcoming year and then elect that amount for your MRA. You can use an MRA for numerous items such as co-pays at the emergency room, urgent care center, dentist, your doctor, etc ... There are limitations so be sure to review the information provided by your employer. Once you decide on an annual amount, that amount you elected will them be deducted equally from each paycheck, before taxes, and set in a separate account for use during the year for eligible health care expenses.

Click here to continue reading: How To Save Money on Health Care Expenses

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Tags: Account, MRA, Medical, Reimbursement, Savings

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