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

  1. It is savings based and is not under written by an insurance company
  2. Any unused funds in the account accumulates year on year for your benefit
  3. Interest is paid for the funds in the account
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