Medical Reserve Account (MRA) 

The Medical Reserve Account is a savings vehicle designed to help offset medical expenses that occur at the most inconvenient time, when you are sick or injured. Combined with the Companion Life Mini-medical, an indemnity reimbursement health insurance plan, your MRA Card provides your insurance Policy Number for claims and the MasterCard symbol for co-pays, service charges or any medical needs.

Part of your monthly insurance premium is used to fund your Medical Reserve Account.

During the year any amount available in your account used to pay medical costs will reduce your income basis therefore reducing your taxes.

At the end of the year any unused contributions or re-imbursements remain yours.

  1. Spend them on any thing you want without penalty or charge
  2. Put them in your IRA to reduce your income basis therefore reducing your taxes (IRA funds may be withdrawn without penalty for medical emergency)
  3. Put them in your Childs College fund to reduce your income basis therefore reducing your taxes
  4. Roll them over for next years medical expense and reduce your insurance premium