Compared to the global average of 4.1%, only 0.4% of Indians have health insurance. But the scenario gets worse due to inadequate coverage as pre-existing diseases/critical illnesses are not always covered by a standard package, or there is a long waiting period.

Mumbai-based QubeHealth was set up in 2019 to help the under-insured, especially salaried employees, and introduced the concept of no-cost EMIs to meet their out-of-pocket medical expenses.
When a company opts for QubeHealth’s services, it has to add its employees to the startup’s customised dashboard to extend access to a money-on-tap feature. Based on their salary details, QubeHealth’s finance partner Apollo Health provides a credit line to the employees of the registered company.

Employees can raise additional amounts for healthcare/medical expenses not covered by the company-provided health insurance. One can use the physical/digital health card or QubeHealth’s Android/iOS app to raise money. But to avail of this medical financing, they must be treated at one of the 11K+ QubeHealth-affiliated hospitals and clinics.

The startup charges a subscription fee from employers and an affiliation fee from hospitals and clinics. It claims to have disbursed more than INR 1,000 Cr in medical loans and eyes an annual revenue run rate of nearly INR 60 Cr by March 2023.