Your Health Wallet is a specialized managed investment scheme tailored to meet the healthcare funding needs of Australians. It acts as a personal health savings account, allowing members to set aside funds for current and future medical expenses.
Your Health Wallet offers a strategic advantage to members of the scheme by eliminating the common pitfalls of extras health insurance, such as loss of unused benefits, gap payments, and the frustration of annual limits. With our managed investment approach, you have the freedom to use 100% of your account balance for the health services you deem necessary without the recurring cost increases often associated with insurance premiums.
Unlike traditional health insurance, Your Health Wallet pools together the contributions of all its members, which can grow over time and be used for any health-related expenses.
With Your Health Wallet, there are no predefined spending limits on health services that you may need. You are free to use the balance of your account to pay for your healthcare needs as you see fit. The only limitation is the available balance in your account; you can spend up to the amount you have accumulated. This gives you the flexibility to manage your healthcare expenses according to your individual needs and financial planning.
All member funds are held by a Custodian. The funds under management are held in Custody by Certane Corporate Trustee Pty Ltd who hold the funds with NAB.
Traditional health insurance has limitations on claimable services and often includes waiting periods. Such Insurance companies have their own rule which differ company to company. Your Health Wallet on the other hand offers more flexibility with your funds and potential for growth.
Your Health Wallet was founded by a dedicated team of financial and healthcare professionals and members of the public who are committed to providing Australians with a more effective way to manage their health-related finances. Our organization is comprised of experts with deep roots in the healthcare financing sector, all working together to ensure that Your Health Wallet is a secure, trustworthy, and beneficial service for all members. We operate with full transparency and in compliance with Australian financial regulations, giving you peace of mind in the management of your health savings.
Membership is exclusively available to Australian residents and citizens who seek a more flexible and potentially cost-effective way to manage their health care financing.
The primary benefits of Your Health Wallet are:
Financial Control: Members have complete autonomy over how they use their funds, allowing for 100% utilization of their account balance on health needs of their choosing.
Fund Accumulation: Unlike traditional extras health insurance, where benefits are lost if not used within the year, Your Health Wallet ensures that all unused funds roll over annually and continue to earn interest, maximizing your investment.
No Gap Payments: You can avoid the typical gap payments associated with extras health insurance, ensuring that your out-of-pocket expenses are significantly reduced depending on your account balance.
Flexibility and Freedom: Free from the restrictions of combined limits, annual caps, and exclusions of service, Your Health Wallet empowers you to spend your savings on a wider range of health services that matter to you, which are excluded by traditional extras health insurance.
Cost-Effectiveness: With a structured and potentially lower cost framework, Your Health Wallet can be a more economical option over time, especially as traditional health insurance premiums tend to increase annually.
Capped Fees for Life term of your membership:
Yes, Your Health Wallet prides itself on transparent and fair pricing. When you join, we guarantee that the management fees and platform fees for the scheme you sign up for are capped for the life of your membership. This means no unexpected fee increases, allowing you to plan your health finances with certainty. Our fee structure is designed to be competitive and to provide value, ensuring that more of your money is invested in your health, not in administrative costs.
By joining Your Health Wallet, you’re investing in a future where your health finances are predictable, your savings are growing, and you’re in complete charge of how every dollar is spent on your well-being.
Yes, you certainly can. Your Health Wallet is an excellent tool for budgeting for future health-related expenses. You can regularly contribute to your account to build up a balance specifically for anticipated health needs. Whether it’s for routine dental check-ups, optical needs, specialist treatments, or elective surgeries, you can plan and save accordingly. With the ability to rollover and accumulate funds, as well as earn interest, Your Health Wallet empowers you to financially prepare for both your expected and unexpected healthcare needs.
If your Your Health Wallet balance doesn’t fully cover the cost of a health service, you have options. You can pay the provider directly for the remaining amount. Many health service providers offer payment plans, which allow you to pay off the balance over time in a manner that suits your financial situation. Your Health Wallet is there to contribute towards your costs, but it’s important to consider the balance available and plan accordingly for any healthcare services you anticipate requiring.
No, there is no waiting period imposed on your funds with Your Health Wallet. From the moment your account is funded, you have the immediate ability to allocate your balance towards the health services you need, when you need them. This contrasts with extras health insurance that typically enforces waiting periods for certain benefits, thus providing you with instant access to your resources.
Absolutely. After signing up for Your Health Wallet, you have a 14-day cooling-off period. If during this time you decide that the service does not meet your needs, you can cancel your membership. You will be refunded any contributions you have made during this period excluding transaction fees charged by credit card processors and banks. This policy is in place to ensure that you have the peace of mind in knowing that your decision to join can be reconsidered, giving you the freedom and confidence to make the best choice for your health savings needs.
The funds in Your Health Wallet are pooled together in a managed investment scheme where the funds are carefully managed and invested with a long-term, conservative strategy aimed at preserving capital while generating steady growth. Our investment approach is tailored to mitigate risk and is compliant with Australian financial regulations, ensuring that your health savings are not only secure but also have the potential to grow over time. We prioritize low-risk investment options that align with the goal of having funds readily available for your healthcare needs.
The returns are the interests paid by the Custodian that manages the funds. The current rates of return of interest can be found by here
Joining Your Health Wallet involves a $5 charge to verify your ID with RapidID.
Yes, there is a monthly platform fee of $16.50 that is deducted from your account on the 15th of each month. There are also two additional types of fees associated with Your Health Wallet. A contribution fee of 1% is levied on each new contribution you make to your Wallet, reflecting the cost of processing and allocating your funds. Additionally, a management fee of 0.5% of your monthly account balance is charged, covering the investment management and operational costs of your account. There are no hidden fees; we ensure complete transparency so that you can plan your health investments with certainty.
No, we keep it simple at Your Health Wallet. Your Health Wallet maintains a straightforward and transparent pricing structure without tiered levels. We offer a single, comprehensive package that includes all the features and benefits we’ve described, such as the rollover of funds, interest earnings on your account, and flexibility in healthcare spending. This ensures every member receives the full range of services and advantages for an monthly fee of $16.50, a contribution fee of 1%, and a management fee of 0.5% of the monthly account balance. This approach is designed to keep things simple and avoid the confusion that can come with multiple tiers of service.
To ensure ease of transactions for our members, Your Health Wallet accepts bank transfers, credit cards, and debit cards for payment of contributions and fees. We recommend setting up bank transfers for regular contributions as this method incurs no additional processing fees, allowing you to maximize your investment in your health. While we provide the option to pay via credit or with debit cards for your convenience, please note that these methods may involve additional processing fees. Our priority is to offer you secure and cost-effective options to manage your health savings efficiently.
Yes, you have the flexibility to vary the amount you contribute to Your Health Wallet as long as you meet the minimum contribution thresholds, which are set at $5 per day, $35 per week, or $152 per month. This allows you to adjust your savings to suit your changing financial situation while ensuring a consistent investment in your health.
Yes, and you get access to your funds as well.
Your Health Wallet understands that financial circumstances can change unexpectedly. In the event of financial hardship, you have the option to pause your contributions. Our goal is to provide a flexible health savings solution that adapts to your life’s needs, offering support during challenging times. There is a fee that applies, please refer to the PDS
Yes, if you choose to cancel your membership with Your Health Wallet, a cancellation fee applies. This fee is structured based on the length of your membership period: 20% for a membership of 10 years or less, 10% for a membership period between 11 to 15 years, and 5% for memberships extending beyond 15 years. These fees are in place to maintain the integrity and sustainability of the investment pool, ensuring that the long-term interests of all members are taken into account.
When using health providers who are not registered there is additional costs incurred in validating information and the health providers. The fee is capped at $10.
Sign up online through our secure portal by clicking on the ‘Open my Health Wallet Now’ button.
No sorry, the only way to join the platform is via the secure portal which can be accesses by clicking here
The charge for the 100 point ID verification is incurred due to the use of a specialized third-party service that conducts these checks. This third-party service is tasked with securely handling, scrutinizing, and verifying your identification documents to comply with the stringent identity verification requirements set by Australian law. The fee essentially covers the cost of this expert service, ensuring that your identity is verified with the highest level of diligence and accuracy, thereby maintaining the security and integrity of the financial services provided by Your Health Wallet. This process is a critical component of our commitment to prevent fraud and protect our members’ accounts.
That is your choice. Your children can stay in your membership if you want them to. However, if they want separate access to the funds, they will need to undergo 100-point ID check and your consent is required on what areas to the platform they have access to.
We do not have discounts as such. The monthly platform fee of $16.50 covers a family of 6. However, adults who want individual access must provide a 100 point ID check.
Funds are restricted for use towards your health needs. After 12 months you may withdraw 25% of your accumulated funds (Fees apply please refer to PDS) for other needs e.g. Your pet’s needs.
Yes, you can, you will have to add them to your account. Access will be limited, and you will need to provide all the required authorisations for them to pay for the health needs. However, it is not an alternative to overseas visitors’ health insurance required for Visa Purposes.
Yes, we have a mobile app for both iOS and Android for easy account management.
We have a help section within the app. However, if you need help please ring 1300 949 287. Or email at memberserivces@ yourhealthwallet.com
A Phone PIN, or Personal Identification Number, is a unique code that you set up to verify your identity when you contact customer support or access your account over the phone. This PIN is typically 4 to 6 digits long and is used to protect your privacy and secure your personal information. When you call in, you’ll be asked to provide your Phone PIN to confirm that you are the account holder, ensuring that sensitive information and account changes are only discussed with or authorized by you. It’s a critical component of our security protocol to prevent unauthorized access and to provide safe and secure telephonic support for your account with Your Health Wallet.
Your Tax File Number (TFN) is requested as part of Your Health Wallet’s account setup process due to Australian financial regulations. The main reasons include:
Tax Compliance: To comply with Australian Tax Office (ATO) requirements, especially for accounts that earn interest, and to ensure the correct tax treatment of your investment earnings.
Tax Reporting: It allows us to report to the ATO as required by law, which includes attributing the interest earnings to the right taxpayer.
Withholding Tax: Providing your TFN helps avoid withholding tax being taken out of your interest earnings at the highest marginal rate. While providing your TFN is not compulsory, not doing so may result in Your Health Wallet being obliged to deduct tax at the highest marginal rate plus the Medicare levy from any interest accrued on your account.
It’s important to note that your TFN will be handled with strict confidentiality and used only for lawful purposes as outlined under Australian tax laws.
Appointments with registered providers is booked via the app. Click on book appointment, select the service and enter the postcode or suburb. All available health providers by the suburb will be listed. Select the provider you wish to book with and select the time and date. If you wish to use your extras health insurance be sure to select this at this time. This information is then sent to the registered health provider and they will get in touch with you to confirm your appointment.
You must call the health provider you booked the appointment with to make changes to your booking.
The health provider will provide you with the cost of your visit.
Paying for health services with Your Health Wallet is designed to be both secure and user-friendly. Once your health provider has rendered the service and submitted the invoice to us, the process for you to authorize the payment is straightforward:
You will receive an OTP (One Time Password) on your registered mobile phone.
Simply enter this OTP along with your T-PIN (Transaction PIN) into the secure payment authorization section of the Your Health Wallet portal or app.
With just these two quick steps, your payment is authorized and the funds are promptly released to your health provider.
This secure yet simple procedure ensures that payments are handled swiftly, and you have full control over the authorization of each transaction. It’s a hassle-free way to manage your healthcare expenses without the need for traditional payment methods or paperwork.
After you authorize the payment of a health invoice using your T-PIN and the OTP sent to your registered mobile, you will immediately receive a payment confirmation on your screen. Additionally, you can always verify the status of your payments by visiting the ‘Invoices’ section within your Member Dashboard. Here you will find a detailed record of all invoices submitted, including those that have been paid. Each invoice will show a ‘Paid’ status once the transaction is complete, providing you with a clear and real-time update of all your health service payments through Your Health Wallet. This ensures you have full visibility and traceability of your healthcare expenses at all times.
Yes, interest earned on the funds in your Your Health Wallet account is considered taxable income by the Australian Taxation Office (ATO). It is your responsibility to report this interest as income in your annual tax return. Your Health Wallet will provide you with an annual statement that details the amount of interest your account has accrued over the financial year, which you can then include in your tax filing. It’s important to note that the tax liability will depend on your individual circumstances and the current tax laws. We recommend speaking with a tax professional to understand how this may affect your personal taxes.
Understanding that financial circumstances can change, Your Health Wallet provides an option for members experiencing financial hardship. If you find yourself in such a situation, you have the ability to suspend your contributions for up to three years. A nominal suspension fee of $30 per quarter is applied to maintain your account during this period. This approach allows you to retain your membership and the accumulated funds while alleviating the immediate pressure of ongoing contributions until you can resume them. Please contact our support team to discuss this process or to activate a suspension due to financial hardship.
Reactivating your Your Health Wallet account after a period of suspension is straightforward. To recommence your membership and contributions, simply begin by sending regular contributions again. There is no need for additional paperwork or fees to restart your account; resuming your regular contributions will automatically lift the suspension. Should you require any assistance or have further questions about restarting your contributions, our customer support team is available to guide you through the process.
After the first 12 months, you can withdraw 25% of the funds in your account per year. Withdrawal fees apply please refer to PDS.
Withdrawals are processed within 7 days.
Your Health Wallet is committed to protecting the privacy and confidentiality of our members’ personal and financial information. We adhere to the Australian Privacy Principles (APPs) contained within the Privacy Act 1988 (Cth), which govern the way we collect, use, disclose, and protect your information. We only collect personal data that is necessary for managing your account and providing you with our services, and we do not share your information with third parties without your explicit consent, except where required by law.
Any data collected is stored securely and is accessible only to authorized personnel. Our members have the right to access their personal information and to request corrections if needed. The full details of our privacy policy are available on our website, and we encourage members to review it to understand our practices fully. If you have any questions or concerns about your privacy, our dedicated team is ready to provide assistance.
Here is a link to our Privacy Policy
Your Health Wallet operates primarily as an online company to provide efficient, cost-effective service to our members across Australia. While our head office is located in Rockhampton, Queensland, we do not offer in-person services with regards to signing up, booking appointments and similar tasks. All of this is designed to be done via the member portal which enables transparency and tracking. This online model allows us to minimize overhead costs, thereby keeping the fees lower for our members. All interactions and transactions can be conveniently conducted through our secure online platform, ensuring ease of access and use for all our members, no matter where they are located in Australia.
Australian Owned and Operated
Designed ground up by consumers and health professionals for a better extras cover.
AFSL: 500574
ARSN: 627076411
ABN: 92618020885
*For the sake of simplicity, annual extras health insurance premium hikes and interest paid on funds held by Your Health Wallet are not factored into the comparison chart due to their variability. Premiums paid are calculated at $5/day as it is the minimum with Your Health Wallet. All Your Health Wallet fees are charges have been debited to ensure it complies with the PDS that applies to Your Health Wallet. All fees and charges levied by Your Health Wallet are deducted for the period calculated. GAP is calculated at 49.11% based on APRA Sept 21 quarter data.
Your Health Wallet is not an insurance policy, and you should consider your personal circumstances before deciding whether to open an account. Funds deposited to an account will not be eligible for a private health insurance rebate. Your Health Wallet may be considered as a replacement for or to act supplementary to private health insurance depending on your personal circumstances. Your Health Wallet does not warrant that Your Health Wallet is suitable for your personal circumstances, and you should consider your health and financial needs before deciding whether to open an account. There is a risk that you may have insufficient funds in your account to meet the costs of health treatment depending on the treatment required and the amount deposited to your account.