McKinsey vs BCG vs Bain - Comparing employee health benefits at MBBs
Which company offers the best health insurance benefits? In this blog we compare health insurance cover at the top 3 consultancy firms (McKinsey, BCG and Bain)
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In India, with medical inflation soaring at a staggering 14%, having a comprehensive health insurance coverage is paramount. While MBBs offer lucrative salaries and perks, it's essential to dissect your health insurance benefits as your well-being and financial security depend on it.
Whether you're currently employed at MBB or are considering an offer, this blog provides a detailed analysis of health insurance benefits offered by MBBs (McKinsey, BCG, and Bain).
Summarising the benefits: McKinsey, BCG & Bain
Let's deep dive into the key elements to consider:
- Members covered: In addition to the employees, corporate health insurance might provide coverage for their dependents (spouse, children) and parents or parents-in-law.
- Bain: Offers coverage for employees, their families (spouse and children), and parents. However, parental coverage requires an additional premium.
- McKinsey and BCG: Provide coverage only for employees and their families (spouse and children).
- Sum insured: Sum insured is the maximum limit up to which the health insurance company pays for medical expenses that are covered under the policy. The minimum recommended coverage in a metro city is typically around INR 10L.
- McKinsey: Offers unlimited cover for employees and their families.
- BCG: Provides a family floater sum insured of INR 15L
- Bain: Offers a family floater sum insured of INR 5L. Parents are covered within the same pooled limit.
- Base coverage benefits: Health insurance covers expenses related to inpatient hospitalisation. Let's examine how McKinsey, BCG and Bain compare on key parameters:
| Features | Description | McKinsey & Company | BCG | Bain & Company |
|---|---|---|---|---|
| Copayment | % of addmissable claim that you need to pay |
5-20% claims on certain expenses |
No copayment | 10-20% (only for parental claims) |
| Pre & post hospitalisation |
Expenses incurred before and after hospitalisation are covered upto certain no of days |
Not covered | Pre-hospitalization: 60 days Post-hospitalization: 90 days |
Pre-hospitalization: 30 days Post-hospitalization: 60 days |
| Room rent limit | Highest category room or rent a person can avail. If they opt a higher category room, proportionate deduction may apply |
Semi private room (Cigna policy); Single private AC room (UHC policy) |
Single private AC room | Single standard AC room |
| Waiting period | Time frame after which the benefits are covered |
No waiting period | No waiting period | No waiting period |
| Ambulance charges |
Coverage for ambulance expenses in case of emergency |
No limit on road & air ambulance |
Road ambulance upto INR 5000, air upto INR 5L |
Road ambulance upto INR 4000 |
| Non medical expenses |
Expenses not directly limited to medical treatment |
Not covered | Covered with a 50% copay | Not covered |
- Additional benefits: Beyond inpatient hospitalisation benefits, corporate health covers offer supplementary benefits like maternity, OPD, vision, dental, etc., for the overall well-being of employees.
| Benefits | McKinsey & Company | BCG | Bain & Company |
|---|---|---|---|
| Maternity benefits |
No coverage limit Covers pre & post natal care (5% copay) |
Limit of INR 3L Pre & post natal cover within 3L limit |
Limit of INR 2L Pre & post natal cover up to INR 25K |
| OPD | Copay of 20% on consultation and pharmacy |
Not covered | INR 20/35K limit on consultation, diagnostics and pharmacy |
| Vaccinations | Covered | Not covered | Covered within OPD limit |
| Dental | Copay of 25%+ on dental treatments | Covered upto 5% of sum insured | Covered within OPD limit |
| Vision | Spectacles, lenses covered up to INR 30K (20% copay) |
Spectacles, Lenses covered up INR 10K (within dental limit) |
Spectacles, lenses covered within OPD limit |
| Mental health (OPD) |
Treatment of mental and nervous conditions covered |
Not covered | Covers cost of mental health counselling & treatment |
| Annual health check-up |
Covered | Covered | Covered |
| Infertility treatments |
Covered | Covered | Covered |
| Other wellness benefits |
Provides cover for nutritional counselling, acupuncture, therapeutic massage, speech therapy, etc. |
While MBB firms offer excellent health insurance plans, it's crucial to remember that corporate health cover is not a comprehensive solution. Consider supplementing it with a personal health insurance plan for these reasons:
- Coverage Gaps: Corporate plans have limitations or coverage gaps (e.g., room rent limit, copayments, limits on daycare and modern treatments)
- Family Coverage: Corporate policies may not cover your family members comprehensively
- Job Transition: If you decide to leave jobs or become freelancer, your corporate plan will cease. Personal health insurance provides continuity.
- Coverage at retirement: It becomes increasingly challenging to find a comprehensive health insurance plan at affordable premiums during retirement.
Private health insurance acts as a safety net, offering comprehensive coverage, flexibility, and long-term protection for you and your family. With a premium individual health plan, you get a comprehensive cover, no claim bonus, no limits/ restriction, restoration benefits, coverage for day care, home care and modern treatments.
Simple Insure AI can help you find the right plan that complements your corporate coverage and provides robust protection for you and your loved ones.
Use the links below to learn more about your corporate cover and find the best personal health insurance plans for your family based on the gaps:
McKinsey: Click here
BCG: Click here
Bain: Click here
By understanding the nuances of corporate health insurance and recognizing the importance of personal health cover, you can make informed decisions that safeguard your health and financial well-being. Stay protected, stay healthy!
Looking for best health insurance plans for your family, explore our AI health insurance advisor here.
For any queries reach out to us at founder@simpleinsure.ai