FAQ
Available to Australians and Australian Residents Only
⚡ QUICK FACTS — BEFORE YOU READ THE FAQs
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0 days
waiting period
🔐
Forever
fees locked in
🏛️
NAB
custodian bank
✅
ASIC
AFSL 500574
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👁 Optical
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🦴 Physio
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🏥 Hospital Gaps
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💊 Allied Health
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🩺 GP Gaps
Frequently Asked Questions
No. Your Health Wallet is a licensed financial product (ASIC licensed), not health insurance. It works like a health savings account — you contribute daily, your balance grows with interest, and you spend it on health services. You still need hospital cover from a health fund if you prefer to have private hospital cover.
That is your choice, you only need to cancel your extras cover — not your hospital cover. We recommend keeping your hospital cover with your current fund (or switching to a hospital-only policy, which is often cheaper).
There are no waiting periods. Your balance is available from day one for most services. After 12 months of your membership, you can use the funds for your pets needs or even use the funds to pay for your hospital cover
Your funds are held by a NAB-approved custodian, completely separate from Your Health Wallet’s operating funds. Your Health Wallet is ASIC licensed and AFCA member.
Your remaining balance is refunded when you cancel, subject to a cancellation fee. The fee reduces the longer you have been a member: 20% of your balance for memberships up to 10 years, 10% for memberships between 10 and 15 years, and 5% for memberships over 15 years. The longer you stay, the more of your balance you keep. See the PDS for full terms.
Yes. You can gift extras to family members or anyone you care about from your balance. Only caveat here is the gift can only be redeemed at at a health provider registered with yourhealthwallet.com. Its a requirement that has to be met as per Australian Rules of financial transactions and traceability of fund movement.
Log in to your portal at app.yourhealthwallet.com.au, upload your receipt, and your claim is processed within 2 business days.
The minimum contribution is $5/day ($150/month). You can increase or vary this at any time subject to the minimum.
Yes. Your unspent balance earns interest at a competitive rate, held by a NAB-approved custodian.
Your Health Wallet is Australia’s closet equivalent of a Health Savings Account (HSA) — a concept that has been available in the US for decades. It gives you the flexibility and control that traditional extras cover doesn’t. Unlike the HSA accounts in the US there is not tax concessions something we are lobbing for and with your help may be we can get it done for all Australian.
Yes — general dental, major dental, and orthodontics are all covered from day one. No waiting periods.