Target Market Determination for Your Health Wallet


This Target Market Determination (TMD) is prepared in line with the Design and Distribution Obligations under Chapter 7 of the Corporations Act 2001, as informed by the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.


To provide clarity on the target market for the Xtras Health Plan Savings Scheme trading as Your Health Wallet (ARSN 627076411) for extras only cover, alongside the product’s distribution conditions, and review requirements.

Legal Disclaimer

This is not a product disclosure statement (PDS) for Your Health Wallet. Please consult the PDS or seek independent advice for comprehensive information.

Product Suitability & Target Market

Your Health Wallet is designed for Australians with or seeking extras health cover. It should be viewed as an alternative, not a replacement, for traditional extras health insurance. There are no tax advantages. Medicare levy Surcharge applies to complying Hospital insurance cover.

Intended Customer Objectives

– Manage out-of-pocket extras health expenses

– Retain unused funds, contrasting traditional loss

– Plan for future health needs

– Give a gift of health to anyone you care about.

– Utilize funds for other health-related costs, like Hospital Gap Payments.

Unsuitability Indications

Not suitable for Hospital Cover, Overseas Student Cover, or Visa-related health covers.

Key Product Features

– Accumulation: Unused funds carry forward

– Fees: Capped Platform and Scheme Fees detailed in the PDS

– Usage: Funds can be used for licensed health services in Australia

– Health Gift: Balance transfers for health needs permitted

– Suspension: Allowance for contribution suspension during financial hardship

– Withdrawals: Up to 25% annually for non-health purposes

– Cancellation: Account balance refunded upon membership cancellation

– Fund Safety: Funds are custodian-held.


– Method: Exclusive online enrolment

– Conditions: Ensuring product sales align with this TMD, with primary distribution through the issuer’s online platform.


– Verified under KYC

– Minimum age of 16

– Australian resident and citizen

– Able to engage online and possesses a mobile phone

Financial Considerations

– Minimum contribution: $5/day, $152/month, or $1825/year

– Monthly recurring Platform Fee: $16.50

– Contribution Fee: 1% of Contributions

– Management Fee: 0.5% of Monthly account balance.

Review Mechanisms

– Triggers: Regulatory changes, product modifications, inconsistent dealings, feedback, or regulatory issues.

– Schedule: Initial review within 12 months; subsequent reviews every 5 years.

Distributor Obligations

– Report complaints on the same day of receipt

– Report significant dealings or changes within 10 business days

– Provide referral information or direct to the product’s PDS

TMD Appropriateness

The Issuer has reasonably concluded the product’s consistency with the target market’s needs when adhering to the stipulated distribution conditions.

Issuer Details

Issuer Xtras Health Plan Pty Ltd
Issuer ABN
Issuer ARSN
Your Health Wallet
TMD Approval Date
TMD Next Review Date
TMD Version
TMD Status