QubeHealth, an embedded-finance, and health tech company on Tuesday announced to partner with Bengaluru-based employee wellness startup Nova Benefits for launching a full-coverage, employee health benefits product that combines 0% pre-approved healthcare financing, health insurance, and a healthcare marketplace for Indian corporates and their employees.
The combination of 0% financing with health insurance takes aim at the massive out-of-pocket expenditure (OoPE) spends on healthcare by Indians every year. ‘OoPE’ accounts for over 60% of India’s entire healthcare expenditure, with seven out of 10 Indians not being covered under any health insurance or those with insurance, being under-covered.
Both companies have brought together their complementary strengths—Nova with their technology-led, insurance and employee wellness discovery and purchase platform, and QubeHealth with their healthcare financing and marketplace platform, to change the way Indian companies are addressing employee health benefits post the pandemic.
“We are on a mission to help Indians take control of their healthcare, one working Indian at a time. We share a common mission with Nova Benefits and want to simplify Indian healthcare for the employed Indian. This partnership is a step in that direction,” Chris George, chief executive officer and co-founder of QubeHealth, said.
Collectively serving over 500 companies in India, both companies aim to help HR teams make better healthcare decisions for their employees and for the employees to access and easily pay for the healthcare they need.
“Historically employee health insurance and wellness has just been a checkbox item for corporates. The pandemic has changed that. We are excited to partner with QubeHealth, to improve the employee well-being of 10 million Indians by 2025 through the application of targeted wellness programs, personalized care, and a seamless insurance experience. With our help, employee-first companies can drive employee happiness and retention,” Saransh Garg, co-founder of Nova Benefits said.
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