When is Vspry launching?
Vspry is currently seeking the various licences and permissions from regulators to offer its services.
Where does Vspry invest my health savings?
When you deposit money into your Vspry Live Well savings account, you are investing into a regulated, retail Managed Investment Trust with an independent trustee whom invests all funds into an Australian bank account. You can read the documents associated with the Vspry Live Well Trust at vspry.com/terms.
How does Vspry protect and use my personal information?
Why do I need to provide you my identification documents?
Similar to a bank, Vspry is obligated to comply with Anti-Money Laundering and Counter-Terrorism Financing laws and regulations, which are designed to identify threats and criminal abuse of the financial system, which keeps our national economy safe from financial and other serious crime.
How will you verify my identity?
Vspry uses modern technology to securely verify your identity and identity documents against national databases such as those containing passport, drivers’ licence, healthcare card and other identity information.
Can I open one account for my family?
Yes. You can open 1 account, and then nominate family members whom are permitted to use health savings to pay for health, wellness and veterinarian services.
I hear that Vspry also includes spending on pets?
That's true - for many people, their pets are their children and best friend, so we believe that they also deserve the best health and wellness cover. You can use your Vspry LIve Well savings account for veterinarian care!
How do I deposit money into my Vspry Live Well savings account?
In order to deposit money, you need to logon to your Vspry account and select “Add Funds”, and once you have completed the request, Vspry will initiate a direct debit from your nominated bank account.
Is savings and paying with Vspry really free?
Yes. As further context, the Vspry LIve Well Trust targets a return of around 0.75% p.a. above the Reserve Bank Overnight Cash Rate. So if the RBA Cash Rate is 0.75% p.a., the Trust aims to earn 1.50% p.a., with the Trustee earning a Management Fee of 1.00% p.a. subject to the earning rate of the Trust being greater than the Management Fee. By way of example, if the earning rate of the trust was 0.75%, the Management Fee would be capped at 0.75%, so Vspry is free of cost to use for consumers. Refer to the Vspry Live Well Trust Product Disclosure Statement for more information.
So how does Vspry make money?
Vspry earns a fee payable by a health practitioner whenever you spend with them. This fee may vary from time to time, but it is circa 2.00% of the transaction value. Vspry also earns an Investment Management Fee from the trustee of the Vspry Live Well Trust. Vspry may also earn a fee on the sale of hospital cover policies, paid by the registered health fund which Vspry originates policies to.
How do I know if a health practitioner accepts Vspry?
You can find practitioners by searching on your app
Look for a "we accept Vspry" sign or sticker
How do I pay a health practitioner?
You first start by advising the health practitioner that you want to pay using Vspry. If they have not signed up with Vspry, you cannot pay using Vspry. If they are signed-up with Vspry, this is what will occur:
The health practitioner will logon to their Vspry Merchant portal and create a payment request which will generate a unique code.
The health practitioner will ask you to key the 4- or 5-digit code into your app. This ensures that you do not need to provide the health practitioner with any personal data relating to your Vspry account.
You need to enter the unique code into your Vspry app (there is a box at the bottom of your Dashboard)
Once entered, a payment request will appear, which allows you to choose how you want to pay:
in full with your health savings, or
in full with your accumulated Voints, or
A mixture of health savings and Voints.
Once you have selected how you want to pay, you will be presented with a confirmation to pay with two options “Pay Now” or “Reject”. “Reject” is used if you don’t recognise the payment request, or if you don’t have sufficient funds to pay. If you want to part pay with other payment mechanisms, you will need to “Reject” the request and ask the health practitioner to amend the payment request for the amount you wish to pay from Vspry, and generate a new 4- or 5-digit code.
How does the rewards program work?
You can earn Voints at selected Vspry health practitioners. 100 Voints equals $1 in value, so if you have accumulated 90,000 Voints, you have $900 in extra spending power to spend on health services. The amount you earn depends on the generosity of the health practitioner, but Vspry encourages health practitioners to award at least 5 Voints for every dollar spent.
Do I receive Voints on all transactions?
No. It is at the discretion of the health practitioner to award you with Voints. In some cases, a health practitioner may not be legally permitted to offer reward-type incentives, such as on the purchase of PBS-subsidised medicines.
When do I receive Voints after spending with a health practitioner?
When a health practitioner sends you a payment request, it will show you how many Voints that will be awarded to you upon payment from the Vspry app. Upon pressing the “Pay Now” button, you will pay the health practitioner, and they will award you the Voints outlined on your payment request, which will be reflected on your Voints balance on your Dashboard within a few minutes. Please note that not all Vspry merchants offer Voints.
Can I pay someone else’s (e.g. a family member) bill for a health service?
Yes. This is useful if the family member has not been added to your Vspry account. You don’t need to be present, but you will need to be contacted by the family member so that they can advise you of the unique code generated by the health practitioner, so that you can key it into your app.
Do I need a plastic card?
No. Vspry is 100% mobile. No cards, no PIN numbers and no account numbers to remember.
Can I close my health savings account with Vspry?
Yes. We understand that Vspry may not be everyone’s cup of tea, so you can close your account by giving 30 days notice. During the 30 day period, you can continue to pay and continue to deposit. At the end of the 30 day period, your account will be closed, and any savings you still hold in the account will be refunded back to your nominated bank account.
How secure is Vspry’s technology?
Vspry data centres use hardware built with custom-designed servers, running a proprietary hardened operating system and file system for the highest security and performance. Data is encrypted in transit and at rest. To protect against cryptanalytic advances, we use 2048 bit RSA encryption keys, which we change regularly. Endpoint security is taken very seriously at Vspry, with our adoption of enterprise-wide device hardening, device management, patch and vulnerability management.
How can I contact Vspry?
message us on social media using our handle @VspryMe
telephone us on 1800 934 185
message us from within the Vspry app
Where is Vspry located?
Vspry’s headquarters is located at Level 19, 10 Eagle St Brisbane, Queensland Australia. We also have an operations centre at Wynnum, a bayside suburb located 20 km east of the Brisbane CBD.
What is a Direct Debit Request Agreement?
A Direct Debit Request Agreement (DDR Agreement) is an agreement you enter into with us, which authorises us to debit funds from your nominated bank account, either on a once-only or recurring basis. You need to ensure that enough funds are available in your account to meet a drawing on the agreed date, and that the authorisation you give us, is identical to the account signing instruction held by the drawing institution.
How do I setup a Direct Debit?
You can initiate a new request via the Vspry app. It is quick and easy. Just make sure that you have all of the details of the account for which you want to draw from. You will receive a confirmation via the Vspry app that a direct debit has been set up.
How can I modify or cancel a Direct Debit?
You can modify or cancel a direct debit via the Vspry app. It is quick and easy. You will receive a confirmation via the Vspry app that a direct debit has been modifies or cancelled.
How can I dispute a transaction made on my account?
Please call us on 1800 934 185, or use the self-serve form on your app or our website.
Is Vspry a bank or insurance company?
No. Vspry is seeking authorisations and the appropriate licences from financial services regulators before launching. All balances in a Health Savings Account will be held within a regulated Managed Investment Trust, with an independent trustee, with all funds invested with an Australian bank.
Do I get any tax benefits by using Vspry?
Yes, if you take out Vspry's low-cost hospital cover, which Vspry arranges via a large Australian health fund, which allows you to reduce or avoid paying the Medicare Levy Surcharge.
What happens if my health practitioner doesn’t accept Vspry?
You will need to pay via an alternate payment mechanism, but you can upload your receipt and receive a reimbursement within 2 business days.
What happens if I lose my mobile phone or it is stolen?
Report a stolen device to your local police station.
Also report a stolen device to your telecommunications provider, so they can disable your account to prevent calls, texts, and data use.
Reset your Vspry account password on another device, or call Vspry on 1800 934 185.
Depending on what brand of device you have lost or had stolen, you may be able to remotely locate the device – please check with your device manufacturer.
Depending on what brand of device you have lost or had stolen, you may be able to remotely erase the data from the device – please check with your device manufacturer. N.B. When you erase your device, you won't be able to locate it remotely. Also, if you remove the device from your mobile device manufacturers account after you erase it, another person whom has the device may be able to turn on and use your device.
What happens to my health savings if I die?
The health savings become an asset of your estate. Once Vspry is provided the following documents, the balance of your Health Savings Account, will be transferred as directed by the authorised person(s) administering your estate to a bank account belonging to the estate.
Proof of Death, and
Notification, Direction and Indemnity Letter, and
Identification documents for the authorised person(s) administering your estate.
What is private health insurance?
We categorise health insurance into to three categories:
hospital insurance cover
extras insurance cover (also known as General Treatment Cover or Ancillary Cover).
ambulance insurance cover
Does Vspry sell private health insurance?
Vspry only sells hospital insurance cover.
What are the advantages of NOT having Hospital Insurance cover?
If you earn less than $90,000 a year (double that for couples and families) the only financial incentive to get hospital cover is that you will have to pay the Lifetime Health Cover (LHC) loading if you take out hospital cover after you're 31.
The public hospital system serves people who require emergency surgery well.
For more complex and expensive medical conditions, you'll end up in public regardless of whether you have private hospital cover or not, because public hospitals have the equipment.
If you are admitted to public hospital as a public patient, Medicare will foot the doctor's bills.
But if you're admitted to a private or public hospital as a private patient, you may end up paying a 'gap fee' to your doctor or sometimes even to the hospital. That's the gap between what Medicare and your health fund pays, and what the actual doctor's fee is, and it can run into thousands of dollars.
What are the disadvantages of NOT having Hospital Insurance cover?
For elective surgery you'll end up on a waiting list.
You won't be able to choose your own doctor.
You'll be in public hospitals instead of private hospitals.
If you earn over $90,000 a year (double that for couples and family), you'll be charged the Medicare levy surcharge of at least 1% of your income, which steps up to 1.25% and then 1.5% for higher income levels. It's on top of the two percent Medicare Levy everyone pays.
If you're over 31, and you do eventually decide to get private hospital insurance, then you'll pay more for it in the form of the Lifetime Health Cover loading.
What is Lifetime Health Cover (loading) or LHC?
This is a government levy for people who don't have hospital insurance cover once they turn 31. It's designed to get people to take out hospital insurance early in life, and to keep it. For every year you don't have hospital insurance on 1 July following your 31st birthday, you'll pay two percent of your premium to the government, which is actually added as a loading on top of your premium. It can add up to 70% and applies for the first 10 years of your hospital cover – after 10 years' of continuous cover the loading will be removed. It doesn't apply for people born on or before 1 July 1934. Note: you only need hospital insurance, there is no loading for extras insurance.
What is the Medicare Levy Surcharge or MLS?
This is a surcharge the federal government charges 'high income earners' at tax time (on top of the Medicare Levy) if you don't have private hospital insurance. If you're single and earning up to $90,000 (double that for couples and families) you're exempt, but above $90,000 (or $180,000 for couples and families) it steps up to 1%, 1.25% then 1.5% depending on your income.
What is the Private Health Insurance Rebate or PHIR?
A single person earning up to $90,000 a year (or a couple or family earning $180,000) gets a 25.059% (1 April 2019 to 31 March 2020) rebate on their private health insurance premium (hospital and extras). For those earning above $90,000, the rebate steps down incrementally until it reaches 0% for people earning over $140,000 (families or couples earning over $280,000). If you're aged 65 and over you receive a higher rebate. In effect, the rebate reduces the premium you would otherwise have paid to the health insurer by the % amount.