Final answer:
In the insurance industry, MRA stands for Medical Reimbursement Account, which is used by employers to provide tax-free reimbursements for employees' qualifying medical expenses.
Step-by-step explanation:
In the insurance world, MRA most commonly stands for Medical Reimbursement Account. This is a type of account where employers can reimburse employees for out-of-pocket medical expenses and individual health insurance premiums, tax-free. It is one of the various types of accounts that may be offered as part of a company's benefits package.
The MRA can help employees manage their healthcare costs by allowing them to get reimbursed for qualified medical expenses. These expenses typically include co-payments, deductibles, and other healthcare costs that are not covered by insurance. Employers will usually fund an MRA up to a certain limit, and the use of these funds can be a significant benefit to employees looking to manage their medical expenses more effectively.