The San Francisco’s Medical Reimbursement Account (SF MRA) program is designed to assist workers with expenses related to medical, dental, and vision care. While the SF MRA is a valuable benefit for eligible employees, managing and reimbursing yourself from these funds can sometimes be complex and time-consuming. In addition, if you don't submit a claim for 36month, your MRA account might be closed.
This is where Silver FSA comes into play, offering an innovative solution to identify eligible expenses and automatically submit claims to the SF MRA.
Where Can Silver Find Expenses?
It's rare that we store all of our receipts and know which items are eligible for reimbursement. However, there are tens of thousands of eligible items, such as sunscreens, feminine hygiene products, and more. Based on data from existing Silver users, approximately 4% of all our online and physical purchases are eligible for reimbursement.
Fortunately, most retailers store your receipts and allow you to download your historical purchases. Once you create an account, you can ask Silver to check your purchases from more than 20 different retailers, with Amazon, Costco, and Target being the most commonly used. Silver will download your receipts, identify which of your historically purchased items are eligible for reimbursement, and prepare the claim on your behalf, which can than be submitted directly to SF MRA.
You'll receive your reimbursement in just a few days.
Which Expenses Can Silver Find?
To submit an expense for reimbursement, the expense needs to meet two basic criteria:
- It must have been made after you opened your SF MRA account.
- It must be an eligible item according to IRS regulations.
For example, if you opened your account on January 1, 2019, and bought sunscreen two years later, this expense can be submitted for reimbursement. Silver will download all of your purchases since 2019, compare the items you've bought to our database of over 3,000,000 products, and determine how much money you can recover by submitting your expenses.
So don't let your funds sit unused. Create an account and get back as much as we can find for you.
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