Skip to main content
All ExtrasJar Terms Decoded

Unsure of the meaning of some terms we frequently use? Learn about those through this glossary

Reece Frazier avatar
Written by Reece Frazier
Updated over a week ago

“Accredited Provider” means a health and pet care specialist, licensed professional, hospital, or any treatment facility recognised and approved by ExtrasJar to provide treatments and/or services in their respective fields to ExtrasJar members. Examples of these are dentists, veterinarians, physiotherapists, and the like.

You may view the complete list of ExtrasJar’s growing network of accredited providers here.

“Annual Limit” means the total maximum amount of benefits or costs that the insurer covers (or pays) towards general treatment and/or services within a calendar year.

Note that we do not impose annual limits on our customers. We only use this term to emphasise the uniqueness of ExtrasJar and how we bring the healthcare revolution by saying goodbye to the usual problems surfacing in the industry, like annual limits, among others.

“Appointment” means a scheduled visit to an accredited provider where you use your ExtrasJar Health or Pet Extras Account to pay for general treatments or services.

“Authorised Transactions” means treatments and/or services recognised and approved by ExtrasJar where you can use your extras (or the available balance in your ExtrasJar Extras Account) performed by accredited providers. Examples of these are psychology & counselling, dental, pet grooming, and the like.

You may view all the authorised health and pet care treatments here.

“Available Balance” means the total running balance held in your ExtrasJar Extras Account that you can spend on authorised health and/or pet care treatments.

“Benefit” may have the same meaning as “Cover”. But, it may also mean an advantage gained, in the form of a rebate, when you reach your annual limit per treatment.

“Calendar Year” means a one-year period between 1 January to 31 December.

“Claim” means the act of using the funds or available balance in your ExtrasJar Extras Account to pay for authorised health and/or pet care treatments.

“Cooling-off Period” means the 14-day window where you can exercise your right to cancel your purchase of the Units as an investment. This commences on the earlier confirmation of your investment or five (5) days after your Units are issued to you.

“Cover” (or “Coverage”) means the level of benefit for a health or pet care treatment and/or services. There are full and partial covers; full cover means that all the treatment cost is paid (or covered) by your insurer, while partial cover means that only a percentage of the treatment cost is paid (or covered) by your insurer, which means you may have to pay for out-of-pocket expenses.

At ExtrasJar, you can be covered in full all the time as long as your available balance covers the treatment costs.

“Custodian” means Certane CT Pty Ltd (ABN 12 106 424 088; AFSL 258829), the one holding the Fund’s assets in its name and acting in the direction of the Responsible Entity to affect cash and investment transactions.

“Customer” (or “Member”) means a person who has an existing and active ExtrasJar Extras Account, including any dependent (adult, children, senior, pets).

“Dependent” means anyone who is included under a customer’s existing and active ExtrasJar Extras Account who can be covered by their membership. They can be the entire family or pets.

“Direct Debit” is a mode of payment where the customer authorises ExtrasJar to automatically collect (or debit) money from their nominated bank account. This mode of payment is typically used for transactions related to putting funds in their ExtrasJar Extras Account, such as purchasing Units as investments and depositing additional funds to increase their available balance.

“Exclusions” means the treatments and/or services not included in your extras or insurance policy.

“ExtrasJar Card” (or “ExtrasJar Mastercard®”) means the reloadable digital card issued by EML Payments Solution Limited (ABN 30 131 436 532 AFSL 404131) that customers can use to access the funds in their ExtrasJar Extras Account when paying for health or pet care treatments.

“ExtrasJar Fund” (or “Fund”) (ARSN 660 982 507) means a managed investment scheme registered with the Australian Securities and Investment Commission or ASIC.

Specifically, the “ExtrasJar Managed Investment Scheme” is ExtrasJar’s pioneering investment model where unused funds are invested, gaining the potential to grow and where customers can draw from these savings when they need it most.

Learn more about the ExtrasJar Managed Investment Scheme here.

“Extras” means the amount of benefit or funds in the customer’s ExtrasJar Extras Account used to pay for an authorised transaction. You can spend your extras the way you want. You may use all of them to pay for treatment in full as long as your available balance suffices for the treatment cost.

“Financial Institution” (or “Insurer”) means the company or organisation that provides health or pet extras and hospital or pet insurance coverage.

For example, ExtrasJar is a financial institution that provides genuine and revolutionary protection for the customers’ complete peace of mind.

“General Treatments” has the same meaning as “Authorised Transactions”.

“Inclusions” means the treatments and/or services included in your specific extras or insurance policy.

“Insurer” has the same meaning as “Financial Institution”.

“Investment” means an act of purchasing Units that serve as an asset and may have the potential to grow and generate income when unused.

“Member” has the same meaning as “Customer”.

“Out-of-pocket Expenses” means the remaining percentage of treatment costs not covered by your insurer (previously known as “gap”).

At ExtrasJar, we say goodbye to out-of-pocket expenses. You can pay for your treatments in full as long as you have a sufficient available balance in your account. Note that we only use the term “out-of-pocket expenses” to emphasise the advantages of ExtrasJar compared to other traditional insurers.

“Plan” (or “Policy”) means the specific tier of extras coverage that the customer chooses or avails. ExtrasJar has three pre-designed plans: Active Extras, Athlete Extras, and Custom Extras. Customers also have the freedom to design their own plan that suits their lifestyle, budget, and needs.

“Premium” means how much your policy costs depending on your chosen mode of payment, if yearly, monthly, or fortnightly.

“Product” means the innovative services that ExtrasJar offers our customers. We currently offer health and pet extras, and are looking to launch hospital and pet insurance soon.

“Product Disclosure Statement”, or PDS in short, means a document containing a summary of significant information to consider before deciding on investing through the ExtrasJar Extras Account in the “Extras” class of Units in the ExtrasJar Fund.

You may read through the PDS here.

“Responsible Entity” means Quay Fund Services Limited (ABN 84 616 465 671 AFSL 494 886), the issuer of the Units.

“Restrictions” means the situations where you cannot claim or access your funds for health or pet care. These restrictions may come in the form of a waiting period, annual limits, and the like.

At ExtrasJar, we hate the idea of restrictions that’s we only provide flexibility and control to our customers so they can tap into quality healthcare with confidence.

“Roll over” means the automatic transfer of unused funds in your ExtrasJar Extras Account to the following year.

At ExtrasJar, your money will not expire even if you do not make a claim. Instead, it will roll over to the following year and be invested in the ExtrasJar Managed Investment Scheme to potentially put more cash in your back pocket for future use.

“Units” are fully digital investment products acquired in the Fund and accessible through the ExtrasJar mobile and web applications. It represents an undivided beneficial share in the assets of the Fund as a whole (but not in any particular assets).

“Waiting Period” means a certain period of time you have to serve before you can access your funds for treatments, especially if you are a new customer/member.

Note that ExtrasJar does not impose waiting periods for customers. We allow you to access your funds at the point of sale right after Units have been issued to you. We only use the term “waiting period” to emphasise the uniqueness of ExtrasJar compared to traditional insurers.

“We, Us, Our” means ExtrasJar Pty Ltd (ABN 95 635 535 545; AFSL 519599).

“Withdrawal” means either of the following:

  • The act of withdrawing or taking out your investment in the Units; or

The same meaning as “Claim”.

Did this answer your question?