Secure your health with a Health Savings Account

What is a Health Savings Account? Discover the benefits of a Health Savings Account for your family’s well being and bank account.

Secure your health with ExtrasJar’s Health Savings Account

A growing number of Aussies are looking towards health-focused savings accounts to lessen the out-of-pocket costs of health products and services. Considering that health insurance and extras doesn’t always cover everything, a health savings account can be a beneficial means to plug the gaps, allowing families all over the country to confidently put their health first with a financial safety net.

ExtrasJar has long been advocating the power of such savings accounts and emergency health funds, but we wanted to do something a little different. That’s why we created the ExtrasJar Health Savings Account – a self-managed account that lets you invest in yourself as we invest in you. 

The ExtrasJar Health Savings Account was designed to help you prioritise your wellbeing without breaking the bank. We wanted to lessen the blow of health insurance gap payments, cover wellbeing appointments that aren’t usually handled by extras and also secure your self-care shopping trips. It covers anything that makes you healthier, without limits.

Keep reading to get the rundown on how ExtrasJar’s Health Savings Account works and discover the health products and services it covers. (Hint: if it uplifts your health – it’s covered).

How does ExtrasJar’s Health Savings Account work?

ExtrasJar’s Health Savings Account flips the script of traditional health costs to allow all Aussies to look after themselves, all while keeping more of their hard-earned cash. Our pioneering approach redefines health expenses as health investments that ensure to give you the chance to back as much as you put in – maybe more thanks to our pioneering investment model.

  • Invest in your future: Contribute to your Health Savings Account in a way that suits you. Select from our popular investment plans, or create your own, starting at $10 a month. The cash you invest in your ExtrasJar Health Savings Account is held in a custodian account, which means your money all remains yours and stays secure. 
  • Invest in your health: Pay for any health-related expense with your own ExtrasJar MasterCard. We’re not here to dictate what you can and can’t spend your cash on, or punish you for not using it, so you do you!
  • We’ll invest in you: Your contributions are invested into an ASIC registered Managed Investment Scheme when you’re not using them. That means there’s potential for your health investment to grow. You won’t have to do a thing – that’s our job.

What’s the difference between health insurance and extras?

Our Health Savings Account is brimming with benefits that will help you unlock every opportunity to put your health first and save – all at once. 

  • Choose a plan to suit your lifestyle: Our popular and customisable plans give you full control of your spending limits by saying goodbye to paying for things you don’t need. Simply invest the amount that best serves you or your family.
  • Grow your health nest egg: ExtrasJar’s pioneering investment mechanism ensures your contributions are hard at work while you stay healthy. Our ASIC registered Managed Investment Scheme sees your funds invested in cash assets, ETFs and term deposits, with all returns going straight to you. This means there’s great potential for you to come back to more than you put in!   
  • Tap into funds that never expire: Instead of expiring, whatever funds you have left at the end of a term will roll over to the next. You shouldn’t have to forfeit your health investments just because you stay healthy. 
  • Enjoy uninterrupted access to your savings: It’s your health and your money, which is why the funds growing in your Health Savings Account are yours to spend on whatever treatments or healthy products you need. After signing up, you’ll be sent an ExtrasJar Mastercard that lets you tap into your fund directly at the point of sale – anytime, anywhere. 
  • Spend as you see fit: Unwind knowing that your Health Savings can pay for things that regular health cover doesn’t. That not only includes health services and treatments, but also nourishing goodies like protein powder and day-to-day health activities such as gym memberships! 
  • Cover gap payments: ExtrasJar understands that some health expenses aren’t at all covered, or only partially covered, by typical health insurance policies. Use your Health Savings Account in combination with your health insurance to cover these gap payments and minimise the upfront costs you’d usually have to fork out to stay healthy.

Combine other health cover with ExtrasJar’s Health Savings Account

Realise true control and the ultimate support by combining any existing hospital, extras or ambulance cover with your Health Savings Account. We know that ordinary cover doesn’t cover everything, so we’ve flipped the script with a health product that plugs the holes.

Look forward to minimising your gap payments from regular cover and gaining more freedom to invest in beneficial health products and services outside the scope of the insurance status-quo. Stay in control of health expenses with less out-of-pocket costs. 

Is ExtrasJar’s Health Savings Account for me?

ExtrasJar’s cutting-edge Health Savings Account applies to all Aussies looking to budget for their health better and stay healthier with less stress on the bank account.

Explore a few case studies below to understand how it could fit into your life:

Laurel, 26

Laurel is an active and healthy 26 year-old earning under $90k. Not in need of any hospital, ambulance or extras cover at this point, she looks to ExtrasJar’s Health Savings Account to cover the occasional dental, massage and physio treatment she might need. She invests in herself on her own terms and never pays for what she won’t tap into.

Dan, 30

With the Lifetime Health Cover loading fee looming, Dan takes out basic hospital cover to avoid the charge. Knowing that it doesn’t cover much, he pairs it with ExtrasJar’s Health Savings Account to save for the gap payments and excess he’ll encounter if he’s ever admitted to hospital. Dan knows that if he stays healthy, he’ll be able to spend his investment on his gym membership or pay for his psych appointments if need be.

Libby, 33, and Rio, 32

Libby and Rio are an active couple living in NSW. They’re planning to have kids, so they take out Gold hospital cover that includes pregnancy and ambulance cover. With regular chiro, mental health and physio treatments, they opt for a Gold level of extras cover too.

Libby and Rio plan to save for the $1500  excess they chose on the hospital cover and the extras gap payments they’re expecting, so they look to ExtrasJar’s Health Savings Account to pick up the slack. Not only can they budget with confidence, they earn the freedom to continue treatments once the limits on their insurance and extras is reached, and can also build their nest egg for their upcoming baby’s health.

The information in this article is general in nature as it has been prepared without taking account of your objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement & Target Market Determination, and obtain appropriate financial and taxation advice, before making a decision about whether ExtrasJar’s products are right for you.