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©2019 Vspry Australia Limited ABN 41 631 026 330

AUSTRAC entity 100596167    AFCA member 70636

Level 19, 10 Eagle St Brisbane QLD Australia 4000

Phone 1800 934 185

FAQs

When will Vspry be launched?

Vspry is currently seeking the various licences and permissions from regulators to offer its services. Once these have been gained, Vspry will launch on a progressive geographic basis, much like Uber did. We need to sign-up health practitioners in advance of enabling consumers to open a Health Savings Account. If you have subscribed to our updates, we will keep you informed of our roll-out plans.

Where does Vspry invest my health savings?

When you deposit money into your Vspry account, you are paying into a controlled monies account held with an Australian bank.

 

How does Vspry protect and use my personal information?

When you trust Vspry with your personal information, we know that you expect us to protect it and keep it safe. Our Privacy Policy explains why and how we collect and manage your 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. Collection and verification of your identity documents helps us remain complaint and to keep the country safe.

 

How will you verify my identity?

Vspry uses modern technology to verify your identity and identity documents against national databases such as those containing passport, drivers’ licence, healthcare card and other identity information. There may be cases where we cannot adequately verify the information you give us.   

 

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 healthcare services.

 

How will I know when my Vspry account is activated?

When you login to your Vspry account, you will see the status of your account on your Dashboard.

 

How do I get money into my Vspry Health 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 as per your request, which gives you the option of a once-only deposit, or recurring options.

Is savings and paying with Vspry really free?

Yes. Consumers pay no fees – ever!

 

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% of the transaction value. Vspry also earns portfolio fees from the bank where savings are deposited, fees which come out of the bank’s profit margin, not from your savings balance. Vspry also earns income from health practitioners and merchants for the access to and administration of the rewards program.

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:

  1. The health practitioner will logon to their Vspry Merchant portal and create a payment request which will generate a unique code.

  2. 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.

  3. You need to enter the unique code into your Vspry app (there is a box at the bottom of your Dashboard)

  4. 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.

  5. 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.

 

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.

 

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.

 

How does the rewards program work?

You can earn Voints every time you invest in your health and spend with a Vspry health practitioner. 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. Vspry also rewards you for saving, with Vspry awarding you each month based upon your savings balance. For example, if you had $2,500 as an average daily balance in your health savings account, you would receive 2,500 Voints in total for the year, awarded monthly in arrears.

 

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 36, 71 Eagle St Brisbane, Queensland Australia. We also have an operations centre at Burleigh Heads in Queensland Australia.

 

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 in a controlled monies account with an Australian bank.

 

Do I get any tax benefits by using Vspry?

No. Vspry is not a health insurer, nor does it provide, sell or recommend health insurance policies. Vspry provides Health Savings Accounts for which there are no specific tax benefits for using.

What happens if my health practitioner doesn’t accept Vspry?

You will need to pay via an alternate payment mechanism. 

 

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 and the value of any Voints accumulated, 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

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 Extras Insurance cover?
Theoretically, the whole idea of paying insurance premiums is to put a financial cap on how much money comes out of your pocket when the unexpected occurs. Take for example comprehensive car insurance .... if you collided with a Rolls Royce and it was your fault, barring any illegal acts you would simply pay your excess of say $750 and the insurer picks up the rest of the bill. Similarly house insurance .... if your house is destroyed by a cyclone, pay the excess and the insurer will re-build your house. Need a hip replacement? Pay the excess and your insurer will pay the hospital costs, and maybe some of the doctor's fees. Need to go to the dentist? Your extras insurance will pay the first $200 (for example) and you'll pay the rest. Do you see the difference? The insurer's liability is capped, yours isn't. For that reason, extras 'insurance' really isn't insurance at all, it's a budget management tool. Not having private hospital insurance can mean you pay extra tax and higher premiums should you take it up again, but these penalties don't apply to extras (ancillary) cover. This type of insurance rarely covers the full cost of your treatment. On average, health funds pay out just over half (55%) the cost for the dentist, 60% of the cost at the optometrist, half (52%) of physiotherapy treatments, over a third (39%) for medicines not covered by the Pharmaceutical Benefits Scheme (PBS), and a quarter for hearing aids and audiology. And there are wide variations between funds and policies, too. But there are two groups of people who benefit most from extras insurance: Families pay the same health insurance premium as couples – or double the singles premium – so children are effectively insured for free. People aged 55 and over make the most use of their extras cover benefits, compared to other age groups whom subsidise their care!

What is Ambulance Cover?

Ambulance expenses are not covered by Medicare and the extent of coverage by state governments varies. By definition you can't really predict if or when you're going to need an ambulance so it's worth making sure you're covered. Queensland and Tasmanian residents are covered by their state government. Northern Territory, South Australia, Victoria and Western Australian residents can purchase insurance through a private health fund – it's sometimes included with hospital cover and sometimes with extras cover, so if you purchase health insurance in these states make sure you check that you have ambulance cover, or subscribe to the state ambulance service. It's included in private hospital insurance in NSW and ACT but if you don't have hospital cover in these states, check if it's included in extras cover. Check with your health fund to see what kind of ambulance cover is provided. Some funds only cover ground transport, thereby excluding air ambulance for example, and others may only cover emergency ambulance, thereby excluding transfers between hospitals.

What is Lifetime Health Cover (loading) or LHC?

This is a government levy for people who don't have private health insurance once they turn 31. It's designed to get people to take out private 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 (again, this only applies to hospital insurance, you don't need extras to avoid this). 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. Note: there's no cap on co-payments.

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.

Do I need health insurance?

All Australian residents have the protection of public health insurance through Medicare. Excepting very high and very low income earners, Medicare costs 2% of annual taxable income in return for 'free or subsidised' access to doctors, specialists, optometrists and treatment and accommodation in public hospitals, plus a few other perks. In Australia, not everyone needs private hospital insurance, especially if you are in a life-threatening situation, which will see you end up in the nearest public hospital as an emergency-ward patient and receive high quality emergency care for free. Even assuming you get transported in an ambulance, private cover isn't necessarily going to help with that cost. It's worth noting that private health insurance can help with the costs for ambulance, albeit for residents in Queensland and Tasmania, ambulance cover is provided for free by their state governments. In Victoria, Northern Territory, South Australia and rural Western Australia, you can purchase an ambulance subscription. Only in ACT, NSW and metropolitan Western Australia is hospital insurance an easy way to get cover for ambulance. Putting aside life-threatening situations, there are two financial incentives the government uses to encourage people into private health insurance. The first is the Medicare Levy Surcharge (MLS), which is an additional tax paid by high income earners (singles earning over $90,000 and couples over $180,000) who don't have private hospital cover. It begins at $900 a year for singles, and increases the more you earn. Since there are budget hospital policies that cost less than this, if you're on a high income you can reduce your tax bill by simply buying hospital insurance. The other stick the government wields to drive people to private health insurance is a charge called the Lifetime Health Cover (LHC) loading. The LHC loading affects you if you take out hospital cover after your 31st birthday, or if you have any long gaps between cover. If you don't take out hospital cover before you turn 31, and you do eventually take it out, you'll pay an extra 2% on your premiums for every year you waited. If you never get private health insurance, the LHC loading will never affect you