A health plan is not health insurance.
By nature, it is a plan that you create for your health needs over time. Having small amounts set aside over time helps you create a nest egg when you need the money for your health needs.
XHP offers a way for you to set aside funds you may need in future to pay for your extras health needs. Extras Health is not covered by Medicare. Dental, Optical, Physiotherapy, Chiropractic and other allied health services come under this category. Very few items of these service may be covered under Medicare. Bulk of the services has to be paid for by individuals themselves. Some people choose to purchase extras health insurance, but find that there is a lot of limitations with insurance and are often out of pocket. The health plan offered by XHP is not insurance and is a dedicated health saving account, similar to Super for your retirement. Funds in the health savings account can only be used for health and any claims for payment must be supported by a health invoice generated by a health provider in Australia who is appropriately registered to practice in Australia.
Significant differences of a health plan to Traditional health insurance are
- It is savings based and is not under written by an insurance company
- Any unused funds in the account accumulates year on year for your benefit
- Interest is paid for the funds in the account
Xtras Health Plan Ltd (ACN 618 020 885) is an unlisted public company registered in Australia.
Xtras Health Plan is a managed investment scheme registered with ASIC.
Managed Investment Scheme is defined in Section 9 of the Corporations Act 2001. Management investment schemes are regulated by the Australian Securities and Investments Commission (ASIC). Our AFSL number is 500574 and Xtras Health Plan Savings Scheme is registered with ASIC and the Scheme number is 627 076 411. Our AFSL allows XHP to offer General Advice only, invest in cash and non cash products or own Managed Investment Scheme and to hold the scheme assets in Cash.
Portability is only between health insurance funds. Xtras health Plan is not an insurance company and hence you are not able to port from a health insurance company to XHP.
If you are seeking value for the investment you make for your extras health cover, check out the comparison calculator at https://xhp.com.au
A custodian is a company that has physical possession of your assets. The money that you pay for your membership is held by the custodian separate from that of Xtras Health Plan for your account security and convenience to pay for your health needs. The custodian charges a fee for service.
Certane Corporate Trustee is the custodian appointed by Xtras Health Plan Ltd as the responsible entity to hold your funds.
A custodian bank, or simply custodian, is a specialized financial institution responsible for safeguarding a firm’s or individual’s financial assets and is not engaged in “traditional” commercial or consumer/retail banking .The role of a custodian is to:
- hold in safekeeping your investment
- arrange settlement of health invoice and other invoices that you authorise that XHP has validated and submitted to the custodian to effect payment.
- collect information on and income of the investments such as interests generated on the funds held and report to authorities as required
- administer the accounts
- Conduct due diligence on instructions issued by XHP, fund reporting if necessary, maintain compliance of the funds and provide taxation support.
A “managed investment scheme” can be defined as a scheme where people contribute money or money’s worth to acquire rights to benefits produced by the scheme. Any contributions made are pooled or used in a common enterprise to produce financial benefits for the members of the scheme but the members do not have control over the day-to-day operation of the scheme.
a managed investment scheme, each of the following elements must exist:
- it must be a “scheme”
- it must involve a contribution of money or money’s worth to acquire rights to benefits
- the contributions are to be pooled or used in a common enterprise to produce benefits for the scheme members and
- the members do not have day-to-day control over the scheme operations.
There are multiple ways to contact XHP. the details of each contact method is as below.
Address: Suite 2, 36 Macaree Street,
Telephone: 07 4807 6424,
Email: [email protected]
Our representatives are not authorised to provide you personal advice, any advice provided does not take into consideration your personal, financial or health status As such the advice should not be construed as legal advice financial advice or health advice
Yes there is a chat line that is available during regular business hours, Monday to Friday.
Platform is payable at the time of sign up. This is done via your credit or debit card. At present platform fee is $199. From the second year onwards the platform fee can be paid from your account balance. Non payment of platform fee will result in restricted access to the platform.
Your funds are held by the Custodian of Xtras Health Plan Savings Scheme. The custodian charges fee for holding the funds. The custodian charges a contribution fee of 1% of your contributions and scheme management fees are 0.5% of monthly account balance.
Account balance is your actual balance after the deduction of fees and charges. It is what is available for you to spend this very moment on your extras health needs.
Available Now is the funds that are available for you to spend at any given moment.
Available Hold is the funds that have been held for the payment of health invoices that you have accepted from a preferred health partner
After the first anniversary of your membership, the minimum account balance that you must have is called account minimum which is $100 per month. You will be notified of this at your account anniversary. The minimum account balance is always protected. If the minimum account balance is triggered you will have 21 days to rectify your account balance and ensure that the minimum is paid to keep your account active.
At the end of each financial year, the balance in your account is carried forward to the next year. The account balance carried forward to the next year is called rollover balance.
Your member dashboard has a summary of all your financial transaction, both inward and outward transaction as well as details of all health invoices
You can book appointments online with preferred partners any time of the day. You can choose the health provider that you wish to see.
You cannot book appointments with non partners.
Services that have hicaps codes associated with them are available on the platform. As XHP evolves and develops we will continue to add more and more services and service codes
Your favourite doctor may not be listed on our site as they have chosen not to be a preferred partner or have not yet signed up as a preferred partner. You can probably encourage them to become a preferred partner of Xtras health plan as a preferred partner so that you can access them via your platform to book your appointment and even pay for the services you avail through them them.
Each time you choose to have treatment done with a preferred provider and accept the informed financial consent generated by the preferred provider, that amount associated with the Informed Financial Consent is set aside from your account in a Lien account to pay for the services so the invoices associated with that particular Informed Financial Consent is fully funded.
If you have a lean set against an informed financial consent and you choose to discontinue the treatment, you can do so from your online dashboard by discontinuing the treatment. This will cancel any further appointments and release the lien back into your account
The interest rate payable on the funds held in your account is set by the bank where the custodian holds the funds. Interest rate changes are notified in the continuous disclosure documents on the website.
Lien is part of your total account balance and interest is calculated on the total account balance including the lien amount. So you are earning interest on the lien amount as well.
On the completion of a treatment the preferred partner would generate health invoice which you would receive as an email or on your platform where it will be shown in your dashboard. By clicking on either of the two links you will be taken to the page that asks you to confirm payment of the invoice. You are advised to check the invoice amount to ensure that you have received the services as described in the invoice. When you are satisfied you can accept the invoice by entering your transaction pin and the one time password sent to your mobile phone when all details are verified. Your instructions to pay the invoice, is sent to Xtras health plan and the partner is sent a confirmation of payment by Xtras health plan on your behalf. Payment of the invoice is done as soon as you confirm payment instructions and you will be notified
Health providers were not registered with XHP can be paid by the platform as well to do this you must have a complying invoice that clearly itemizes the services you have received name of the health provider who provided you the health service and the name of the health business along with the ABN number for verification. On your dashboard navigate to non partner, and upload the invoice along with the bank details off and on partner for payment to the non-patent directly or you can provide your bank details and the front will be transferred to your bank that is nominated on the account.
Informed financial consent is the process by which the health practitioner provides details of costs involved in the treatment you choose to have and that the health practitioner elects to provide you. It is designed to eliminate any concerns about cost associated with the treatment so that you are in a position to make that informed decision. Informed financial consent is a binding financial agreement between you and the preferred health practitioner.
The most common reason you have a gap to pay is that you have insufficient account balance to pay for the treatment you have elected to have. You will be made aware of the gap that you would have to pay for the treatment if you choose to proceed and they health practitioner would also be informed of the same. You would have to pay the gap to the health practitioner directly at the time of service.
When you authorise payment of a health invoice raised by a practitioner. Upon validation of your instructions. Xtras health plan will send you a payment confirmation by email. The preferred partner would also be notified of the successful confirmation. This is done online at the preferred providers location.
Yes you can send a gift to anyone as long as the recipient of the gift is in Australia. The gift can only be redeemed at a preferred partner. Gift is sent as a digital token and has a validity of 3 years
If the gift is not used at the end of the validity period, 80% of the gift amount is returned to you. If the gift is partially used the gift coupon expires in full.
Yes the funds in your account can be used to pay hospital gap. However a complying health invoice that clearly identifies the Health Business, Name of the Health Practitioner and their provider number must be uploaded via the portal using the GAP Invoice in the dashboard.. Once verified the gap amount is paid to your nominated bank account as in your member profile.
Funds in your account can be used to pay for medication and other health related services where a complying health invoice must be produced. If the invoice is non complying and fails verification no funds will be transferred. A complying invoice must identify the following
Name of The Health Business
ABN of the business
Name of the Health Practitioner
Provider number of the Practitioner
If faced by financial hardship or other reasons where you are unable to continue paying the minimum of $5/day. After the first six month of your membership, you can suspend future payments upto a period of 3 years, a suspension fee of $30/quarter applies and is charge in advance and is held in lien for the nominated period. XHP will deduct suspension fee in advance of each quarter from the lien amount. At the end of you nominated suspension period you will be notified and if the account is not reactivated XHP will continue to charge the suspension fee. Should account minimum be triggered, the account will proceed to automatic cancellation. After a period of 7 years and the account is still suspended, it will be surrendered to ASIC.
Contributions paid by you will reactivate your account upon reconciliation.
Withdrawal is where you are able to withdraw upto 25% of your account balance in a financial year. Financial year is 1st of July to 30th of June. Withdrawal is only available after the first anniversary of your membership.
You can cancel your account at any time via the portal. There is a 14 day cooling off period. When you cancel your account. You will get 80% of your account balance returned to your nominated bank account. To cancel your account, you must provide cancellation instructions from your member platform.
Bank details can be updated from the member portal. It is located in your account profile
Credit and debit cards attract a transaction fee that is levied by the provider of the service and that charge is passed on to you. XHP does not make any profit on transaction fees.
Extras cover has no tax benefits even if you purchase that from an insurance provider. XHP offers an extras product and there is no tax benefits.
There is no government rebates available to Xtras Health Plan.
XHP has no jurisdictional authority or means to verify registration details of overseas health providers. Funds can only be used with health providers in Australia who are registered with AHPRA. Transfer of funds to pay for health service is only effected when a complying health service invoice is produced from a registered health practitioner in Australia who can be verified by XHP in conducting its due diligence to ensure compliance with constitution of the scheme and various regulatory authorities in Australia.
Treatment done overseas does not comply with the requirements of a complying invoice and hence an invoice from an overseas health business or provider is not accepted.
You are able to dispute an invoice via your platform and raise concerns with the preferred partner.
Preferred Health Partners are required to meet minimum Australian standards set by the relevant board that govern the services. XHP is unable to mediate disputes related to the outcome of health treatments. Every attempt must be made to resolve the issue with the preferred partner and or the preferred provider to rectify the issues as soon as possible. If the complaint relates to the standard of health care provided by the preferred partner and you are not satisfied with the outcome then you are able to register your complaint with AHPRA who can help resolve matters in relation to standards of healthcare.
If the dispute is of financial nature and if a satisfactory outcome is not achieved or you are not satisfied with the response.The dispute can be escalated with XHP who will seek information from both you and the preferred partner and attempt to mediate to resolve the issues as quick as possible. If this resolution is to not satisfactory then the matter can be referred to an external mediator but fees and charges would apply that would be appropriated equally between you and the preferred partner.
If you’re not satisfied with the dispute resolution outcomes, you can still pursue the matter independently and seek legal advice on the matter.
If you have a dispute with XHP in relation to your membership, in the first instance you can register a complaint with XHP via the website clearly identifying what they complain relates to. XHP has an internal dispute resolution process by which it will attempt to resolve the matter is at the earliest having carried out it’s due on due diligence in relation to their complaint. if the matter cannot be resolved Within 5 days XHP will get back to you within a 45 day period with a resolution to your complaint. If you’re not happy with the resolution of the complaint, you can pursue the matter with Australian financial complaints authority off which extras helpline is a member. the dispute resolution process is provided to you free of charge.
You can add family members via the online portal, You must grant them permission on your account as you need to.Family members aged 16 and above must provide 100 point ID.This is done online via the platform. When verified, the new family member is sent an email with a link for them to register on the platform. Using the link they are able to set up their own login and will inherit the permissions you have granted them.
Xtras Health Plan Savings Scheme is only for extras cover and is not health insurance and hence it is not compatible for immigration visa.
Yes you can use the funds in your account to cover your extended family. You can do this by adding them to your account or if prefer not to add them to your account you can send them a gift of health that they can use with a preferred provider.
Yes you can use the funds to cover anyone you want to. Beware Xtras Health Plan Saving Scheme is not suitable for hospital cover as hospital based care is expensive and you may not have sufficient funds in your account which can leave you with a substantial out of pocket expense.
To be a member of Xtras Health Plan Savings Scheme, you need to be a resident of Australian and or an Australian Citizen. If you do not meet those criteria you will be denied membership of the platform.
Your account may be suspended for multiple reasons which include your own request to suspend your account, multiple login attempts of suspicious nature and failure to answer authentication questions. Your account security is our highest priority. For the safety of your account, we will ask that location detection is allowed on your devise.
Yes you can reset the password online using the reset password in the log in screen.
Your personal information can be updated through your portal. When logged in navigate to account and profile, you can update all your details here and do not forget to save the changes you have made.
The amount you pay as contribution can be updated using the my contribution update link on your dashboard. you will need to ensure that your bank details are up to date, if you need to update your bank details you can do so here. what’s the details updated you will be provided with the contribution screen. you will be able to update the amount you pay for your contributions at the screen. if you’re paying through your bank, please upload the new transaction receipt that has the changed contribution amount. If you like to use your credit card or the debit card do remember that your financial institution may consider it as a cash advance and may charge you a higher fees in this regard.
The minimum contribution to be paid for your membership is equivalent to $5 a day and is checked on a monthly basis. If you do not pay the minimum contributions and are in default assuming the account is not in suspension mode. XHP will at its discretion cancel your account under the powers granted by the constitution of the scheme.
There is a 14 day cooling off period from the date of joining as a member. Within the 14 day period, if you choose to cancel your membership provided you have not had any transactions on the platform such as booking appointments, issuing gift etc, any funds you have contributed to your membership will be refunded in full. Transaction Fees or other fees such as online identity verification fees will not be refunded.
If the unfortunate thing happens and you pass away, your estate can get in touch with Xtras health plan and provide the required documentation such as death certificate, details of the executor of the estate and other documents as necessary. When verified, 80% of your account balance is returned to your estate
If you want to authorise someone else to operate your account, you will have to add them to your account with full authorisation to transact on your account. Full access means the same access and control that you have in your account. This decision must be made carefully. The new person you have authorised to operate you account will be recognised by XHP as having provided XHP with the necessary instruction to act on your behalf and you bear the responsibility of that decision.
All incoming and outgoing expenses can be tracked on your portal.
At the end of each financial year you will be provided with a tax statement for the interest that has been paid into your account. The tax statement is available to you via your dashboard
There is no restriction on how much you can pay in contributions in any one year that is your decision to make, subject to a minimum of $5/day or $1825/year
You can use the funds in your account to cover your children living in any city or region of Australia. The only condition being that the funds in your account can only be used for health-related purposes and a complying health invoice must be produced before any payment is processed on your behalf from your account.
We make every effort to secure your personal details and have implemented procedures to ensure protection of your information and your privacy. To control who has access to your personal details we have implemented login systems along with other forms of authentication or information to ensure that your details are only shared with you, but if you share your details with someone else they can gain access to your personal information.
Yes you can set up appointment reminder services on your dashboard on XHP you would find this under your privacy settings. You can set the frequency of the reminders for your convenience.
If your mobile phone is stolen or you have lost your mobile phone you can update the mobile number why you’re online dashboard.