What is Your Health Wallet?

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.

Is Your Health Wallet an insurance policy?
No, Your Health Wallet is not an insurance policy. It is a savings mechanism that provides you with more direct control over your health care funds, without the typical restrictions and limitations imposed by extras health insurance.
How is it different from health insurance?

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.

How does it work?

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.

Are there limits on health services that I can use the funds for?

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.

Where are the pooled funds held?

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.

Why choose Your Health Wallet over traditional extras health insurance?

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. 

Who is behind Your Health Wallet?

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.

Who can join Your Health Wallet?

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.

What are the benefits of joining Your Health Wallet?

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.

Can I budget for an upcoming health need?

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.

What happens if I haven’t got enough money? (can I pay it off)

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.

Can I use the funds for any health service?
Absolutely. Your Health Wallet offers unparalleled flexibility, allowing you to use your accumulated funds for any health service that you consider necessary. Whether it’s for dental work, physiotherapy, mental health services, or any other health-related expense, the choice is entirely yours. This empowers you to prioritize your health needs without being confined by the limitations and exclusions often imposed by extras health insurance policies.
Is there a waiting period?

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.

Can I change my mind after I signup?

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.

Do I get a tax benefit?
It is important to note that Your Health Wallet is a health savings investment scheme and not private hospital cover; therefore, it does not provide an exemption from the Medicare Levy Surcharge. In Australia, only private hospital insurance qualifies for such tax benefits. Your Health Wallet complements your health financing strategy by providing a way to save for and manage your health expenses with more freedom and flexibility, rather than offering tax incentives. For comprehensive tax guidance, please consult with a tax advisor.
How are the funds invested?

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.

Do you provide financial advice on how to invest the funds?
At Your Health Wallet, we offer general advice about the structure and management of the funds within the scheme, ensuring that our members are well-informed about our conservative and strategic approach to investment. While our team expertly manages the investment to align with the overarching goal of fund preservation and growth, we do not provide personalized financial advice. Each member’s financial situation and goals are unique, and we recommend that members seeking specific investment advice tailored to their personal circumstances engage with a licensed financial advisor.
I can get higher returns when investing elsewhere.
Yes, that is true. However, the aim of Your Health Wallet is to provide you with a dedicated platform for your health needs and to maximise the value of your health investment.   Your Health Wallet acknowledges that some members may find opportunities with higher returns elsewhere. However, it’s important to consider, our reason for being. It is designed to be a vehicle for accumulation of funds specifically for health needs combined with the unique combination of benefits we offer, such as the rollover of unused funds which ensures you do not forfeit your unused funds, capped fees for life, the flexibility of using funds for a wide range of health services without restrictions. These features, along with the peace of mind knowing your investment is managed with a conservative strategy to mitigate risk, can often outweigh the potential for higher returns that may come with increased risk. Your Health Wallet is dedicated to offering a stable and secure environment for your health savings, which may be more valuable than speculative returns in the context of planning for your healthcare needs.
What are the expected returns?

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

Is the investment risk-free?
Your Health Wallet takes a conservative approach by pooling members’ funds to secure wholesale interest rates from our custodian, rather than investing in stocks, bonds, or other investment vehicles. This method is focused on risk mitigation and capital preservation, aiming to deliver a more stable and predictable return. However, it’s important to note that no financial investment can be entirely without risk. Even with a conservative strategy centered on interest accrual, factors such as fluctuating interest rates can affect returns. We are dedicated to transparency and manage the funds with the utmost prudence, but as with all investments, the principle of ‘risk-free’ does not apply in absolute terms.
How often are returns calculated?
Interests are calculated daily and paid monthly.
How much does it cost to join?

Joining Your Health Wallet involves a $5 charge to verify your ID with RapidID.

Are there other fees and charges?

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.

Are there different tiers and pricing?

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.

What payment methods are accepted?

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.

Can I vary my contributions?

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.

Can I stop my contributions due to financial hardship?

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

Is there a cancellation fee?

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.

Are there other fees?

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.

Are there any hidden costs?
There are no hidden costs. All fees are transparent and can be found in the PDS.
How do I sign up?

Sign up online through our secure portal by clicking on the ‘Open my Health Wallet Now’ button.

Is there a paper application?

No sorry, the only way to join the platform is via the secure portal which can be accesses by clicking here

What is a 100 point ID?
The 100 point ID check is a personal identification system adopted by Australian financial institutions to combat financial fraud and money laundering. Under this system, you are required to provide documents that are assigned a point value, and the total must add up to at least 100 points to satisfy the identity verification process.   Typically, primary documents like an Australian passport or birth certificate have higher point values, and secondary documents like a credit card or utility bill have lower point values. The goal is to provide a combination of documents that verify your identity conclusively. This check is standard procedure when opening a new account with financial institutions in Australia, including joining Your Health Wallet.
Why is there a charge for 100 point ID?

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.

Can family members join under one account?
Yes, up to 6 family members can join under one account.
Do my children lose their benefits if they are not a student or above the age of 24 not a full-time student?

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.

Do you offer family discounts?

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.

Can I use the funds overseas?
Sorry, the use of funds is restricted to Australia only and cannot be used to pay for health services accessed overseas.
What are the rules with regards to the use of the funds with Your Health Wallet?

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.

Can I use the funds for overseas visitors?

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.

Do you have a mobile app?

Yes, we have a mobile app for both iOS and Android for easy account management.

What can I do with the app?
The app is your gateway to all your financial information with Your Health wallet. Such as checking your account balances, interest paid, fees and charges applied. Booking appointments with registered health providers and authorisations of payment of health invoices are all done on the app.
What if I need help?

We have a help section within the app. However, if you need help please ring 1300 949 287. Or email at memberserivces@ yourhealthwallet.com

How do I update my profile?
Login to your app and click on Account profile to update your details.
What is a T Pin?
A T-PIN, or Transaction PIN, is a secure 4-digit number chosen by you, the member, that serves as an electronic signature to authorize transactions within Your Health Wallet. It’s a crucial security feature that ensures only you can access and approve the use of funds, changes to your account, or any transactional operations. This personalized PIN adds an extra layer of protection to your account, safeguarding your financial resources from unauthorized access and providing peace of mind that your health investments are securely managed. It’s important to keep your T-PIN confidential to maintain the integrity of your account security.
What is a Phone Pin?

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.

Why should I setup security questions?
Security questions setup an additional level of security for your account.
Why do you need the Tax File Number?

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.

Is my information secure?
Absolutely. The security of your information is a top priority for Your Health Wallet. We employ a comprehensive range of security measures to ensure that your personal and financial details are protected at all times. This includes advanced encryption technology to safeguard data transmission, robust firewalls to defend against unauthorized access, and secure data storage systems. Our security protocols are designed to meet stringent Australian standards and are regularly reviewed and updated in response to the evolving landscape of cyber threats. Moreover, access to your information is strictly controlled and monitored, with entry limited to authorized personnel only. We are committed to maintaining your privacy and have implemented policies that are fully compliant with the Australian Privacy Principles. Rest assured that every precaution is taken to keep your information secure with Your Health Wallet.
How do I book an appointment?

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.

How do I make changes to my appointment that I booked?

You must call the health provider you booked the appointment with to make changes to your booking.

How do I know what the visit will cost me with the health provider?

The health provider will provide you with the cost of your visit.

How is an invoice processed?

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.

How do I know if the health invoice is paid?

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.

Can I get a copy of the invoice that was paid from my account?
Yes, you can easily obtain a copy of any invoice that has been paid from your account. Once a payment is made, a digital copy of the invoice is stored within your Member Dashboard. To access and download a copy:   Log in to your Your Health Wallet account. Navigate to the ‘Invoices’ section. Locate the paid invoice in question. Select the option to view or download the invoice. This copy can be saved for your personal records, printed for your files, or used for claiming purposes if required. Your Health Wallet ensures that you always have access to your transaction history, maintaining transparency and ease of record-keeping for your healthcare finances.
Do I have to pay tax on the interest received?

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.

What happens if I have financial hardship?

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.

How do I reactivate my account after I have suspend my contributions for 6 months?

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.

How much can I withdraw each year?

After the first 12 months, you can withdraw 25% of the funds in your account per year. Withdrawal fees apply please refer to PDS.

How soon are the withdrawals processed?

Withdrawals are processed within 7 days.

Is my information secure?
The security of your information is paramount at Your Health Wallet. We employ robust security measures that comply with Australian standards to safeguard your personal and financial data against unauthorized access, misuse, or disclosure. Our systems are fortified with industry-leading encryption, firewalls, and secure protocols to ensure the integrity and confidentiality of your information.   Regular security reviews and updates to our technology stack are conducted to address emerging threats and vulnerabilities. We are committed to maintaining the trust you place in us by handling your information with the utmost care and in line with both our privacy policy and the Australian Privacy Principles. If you have any specific queries about our security practices, our support team is readily available to provide detailed information.
What is your privacy policy?

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

Is the platform regulated?
Yes, Your Health Wallet operates within the stringent regulatory framework of the Australian financial system. We are regulated by the Australian Securities and Investments Commission (ASIC), ensuring compliance with the financial services laws that protect consumers, investors, and creditors. ASIC’s oversight ensures that we maintain the highest standards of transparency and integrity in all our operations, providing our members with confidence in our commitment to their financial well-being.. Our AFSL is 500574 and Scheme ARSN is 627076411
Do you have an office where I can visit Your Health Wallet personal in person?

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.