If you are an employee with a monthly salary of Rs 15,000 or more and your company has tied up with CubeHealth, a Mumbai based health/fintech company, you can now use a card that does not charge any interest . medical expense, Based on the ‘Buy Now, Pay Later’ concept, the card allows credit of up to Rs 10 lakh per employee, especially for healthcare expenses. You have up to two years to pay the amount through no-cost EMI.

“A person can avail credit which is 1-7 times of his monthly salary and can use the card for himself, his family, even non-blood relatives or pets. However, this is not a retail product and you can only get it through your employer, who needs to sign up with us,” says Chris George, co-founder and CEO of CubeHealth, which launched in November last year. card was launched. The company has tied up with 180 corporates and will have deployed 30,000 cards giving Rs 100 crore by the end of next month. credit line,

CubeCard aims to ease the process of out-of-pocket medical expenditure, which is especially useful in India, where 63% of all healthcare spending is out-of-pocket expenditure (OOPE), according to a 2021 NITI Aayog report. is according to. While 30% of the population is not insured, even for those who are insured, many procedures are not covered and they pay out of their own pocket.

The card is powered by Visa and Rupay, and can be used to pay for any health or medical expenseIncluding medications, diagnostics, physical and mental health counseling, health, dental or eye procedures, assisted pregnancy, hospital or clinic bills, physiotherapy, etc.

This does not include gym or spa use, or any other non-medical expense. While CubeHealth has tied up with over 11,000 hospitals, clinics and diagnostic centres, the card can be used at any medical outlet. It is free for lifetime, with no need to pay anything to the employee. “Only the employer has to pay an annual subscription of ₹450 per person on behalf of the employee,” says George. The credit line can be activated through the employer by downloading the app, linking the employee’s bank account and providing the ECS mandate. It doesn’t even need to be linked to your salary account. “If a person leaves the company, the credit line freezes until the next employer’s details are updated,” says George.

On the other hand, the new employer may not offer benefits and employees in lower pay brackets may be unable to take advantage of higher credits. Also, it is not a substitute for insurance plans. However, it provides easy access to a large sum of money without any cost, and hence, it can be a good idea to opt for it.