Voya Financial expands its workplace benefits offerings with new supplemental health insurance solution

Rhea-AI Summary

Voya Financial introduces Voya Protect, a new Group Limited Benefit Insurance solution covering over 13,000 medical conditions. The innovative offering aims to ease out-of-pocket medical costs for employees with quick and easy claim processes. The solution provides extensive coverage, efficient claims processing, and simple administration, benefiting both employers and employees.

New ‘Voya Protect’ solution covers more than 13,000 medical conditions and offers a simplified claims experience

MINNEAPOLIS--(BUSINESS WIRE)-- Voya Financial, Inc. (NYSE: VOYA), announced today that it continues to enhance its growing portfolio of workplace benefits by offering an innovative, technology-enabled solution to help employees ease the burden of out-of-pocket medical costs. Voya Protect, a new Group Limited Benefit Insurance powered by the insurance technology company Ansel Health, is a supplemental health offering that is designed to pay benefits quickly and easily when covered conditions are diagnosed.

“At Voya, we understand that an unexpected medical emergency can be costly. We also know that the ability to save for emergencies has remained a challenge given the realities of inflation over the past several years,” said Rob Grubka, CEO, Workplace Solutions, Voya Financial. “Recent industry data has found that just one in five households has increased its emergency savings since the start of 2023.¹ Even with health insurance coverage through their employer, it’s not uncommon for employees to still have out-of-pocket medical expenses — which can have a financial impact on workers and their families. With Voya Protect, both employers and their employees can benefit — because it’s extensive, efficient and easy.”

• Extensive – Voya Protect pays benefits for more than 13,000 covered conditions, which are determined by International Classification of Diseases (ICD-10) diagnostic codes. Three categories of coverage — moderate, severe and catastrophic — are available, covering conditions like simple fractures and concussions to more complex medical issues, such as a stroke or heart attack. Plus, there are no limitations or exclusions for pre-existing conditions and no medical underwriting requirement.
• Efficient – The claims experience for employees is simple. A covered individual can file a claim in minutes, either online or by using the app. Eligible, approved benefit payments are typically made within 72 hours. The benefit payment (with amounts determined by the employer within approved plan ranges) can be used for any purpose, including paying bills — such as mortgages, rent and utilities — or covering other out-of-pocket medical costs, including co-pays, deductibles and coinsurance.
• Easy – Administration is simple for employers with self-administered billing and a single certificate that can be distributed or posted for employees. In many cases, Voya will be able to automatically pay customer claims when an event occurs via integration with medical claims data, offering a more streamlined and enhanced experience for both employers and employees, particularly when an insured may have overlooked a claim opportunity. Voya Protect was also designed to be compatible with health savings accounts (HSAs).

“We continue to see employees turning to their employers for help with their comprehensive workplace benefits and savings needs. And, while many employers have made changes to their benefit lineups to help support their employees, the reality is that workplace benefits are complex,” explained Nate Black, vice president, Health Solutions Product at Voya Financial. “As a result, more and more employees are becoming interested in a simple solution to help ease the burden of out-of-pocket medical costs when they’ve experienced a covered condition — and Voya Protect does just that.”

In fact, according to new research from Voya, half (50%) of working Americans are “extremely likely” or “likely” to participate in more voluntary benefits offered through their employer in 2024² and even more (77%) of employed Americans who are benefits eligible strongly agree or agree they are more likely to work with an employer who offers voluntary benefits.³

“It’s clear that voluntary benefits — or supplemental health insurance coverage — offered through the workplace are a growing interest for individuals when it comes to their health insurance needs,” Black added. “As we continue to invest and enhance our solutions at Voya, we’re excited to introduce Voya Protect to our comprehensive portfolio offering, providing individuals the option of one comprehensive solution to pay benefits for more than 13,000 covered conditions and through a more simplified claims experience.”

“We’re excited to be working together with Voya to help make health hardships less of a financial burden for Americans today by offering benefits that help minimize the financial impact that can come with out-of-pocket medical costs,” said Kim Heald, vice president of Sales at Ansel Health.

Beyond its normal base plan, Voya Protect also offers employers additional optional benefits they can elect for their employees. Notably, there is optional benefit coverage for mental health conditions, such as anxiety, bipolar disorder and major depressive disorder. With Voya research noting that more than half (55%) of working Americans “strongly” or “somewhat agree” that their employer has a responsibility in ensuring they are mentally healthy and emotionally well, the topic of mental health in the workplace continues to draw interest from employers and employees.⁴ Voya Protect also provides optional benefit coverage for chronic conditions such as asthma, diabetes and epilepsy.

Voya Protect is the latest example of how Voya is focused on providing innovative solutions and capabilities to help employers and their employees optimize their workplace benefits and savings needs. Last year, the company expanded its critical illness and accident insurance, offering new benefits and coverage to focus on mental health, and Voya most recently announced enhancements to the participant homepage experience, offering data-driven, personalized insights to help inform employees of their complete health and financial picture. More solutions are planned throughout 2024.

As an industry leader focused on the delivery of benefits, savings and investment solutions to and through the workplace, Voya is committed to delivering on its mission to make a secure financial future possible for all — one person, one family, one institution at a time.

1. “Survey: 81% of Americans didn’t increase their emergency savings this year as majority feels behind,” Bankrate (October 2023).

2. Voya Financial Consumer Insights & Research survey conducted Oct. 2-3, 2023, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 467 Americans working full time or part time.

3. Voya Financial Consumer Insights & Research survey conducted Jan. 22-23, 2024, on the Ipsos eNation omnibus online platform among 1,005 adults aged 18+ in the U.S., featuring 313 benefits eligible Americans working full time or part time.

4. Voya Financial Consumer Insights & Research survey conducted June 12-13, 2023, on the Ipsos eNation omnibus online platform among 1,004 adults aged 18+ in the U.S., featuring 483 Americans working full time or part time.

About Voya Financial^®

Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and investment company with approximately 9,000 employees who are focused on achieving Voya’s aspirational vision: Clearing your path to financial confidence and a more fulfilling life. Through products, solutions and technologies, Voya helps its 15.2 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company and a leading benefits administration provider, extends the reach of Voya’s workplace benefits and savings offerings by engaging directly with over 12 million employees in the U.S. Certified as a “Great Place to Work” by the Great Place to Work^® Institute, Voya is purpose-driven and committed to conducting business in a way that is economically, ethically, socially and environmentally responsible. Voya has earned recognition as: one of the World’s Most Ethical Companies^® by Ethisphere; a member of the Bloomberg Gender-Equality Index; and a “Best Place to Work for Disability Inclusion” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Instagram.

Ansel Services is a third-party administrator that performs certain administrative functions for the insurance company. It is not affiliated with the Voya^® family of companies.

Group Limited Benefit Insurance is underwritten by ReliaStar Life Insurance Company (Minneapolis, MN), a member of the Voya^® family of companies and it is not available in all states. For more information, please contact a Voya representative.

About Ansel Health Inc.

Founded in 2019, Ansel Health Inc. (“Ansel”) is an insurance technology company on a mission to build a world where health hardships don’t create financial hardships. Their new type of supplemental health insurance plan covers 13,000+ conditions and pays cash benefits upon diagnosis of a covered condition with no accident or hospitalization requirements. Ansel is made available in partnership with established insurance carriers that insure tens of millions of Americans and their families. For more information, visit joinansel.com and follow us on LinkedIn.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20240221342406/en/

Media Contact:

Laura Maulucci

Voya Financial

(508) 353-6913

Laura.Maulucci@voya.com

Source: Voya Financial, Inc.

FAQ

What is the name of the new Group Limited Benefit Insurance solution introduced by Voya Financial?

The new Group Limited Benefit Insurance solution introduced by Voya Financial is called Voya Protect.

How many medical conditions does Voya Protect cover?

Voya Protect covers over 13,000 medical conditions.

What are the three categories of coverage available under Voya Protect?

The three categories of coverage available under Voya Protect are moderate, severe, and catastrophic, covering a range of medical conditions.

What is the claims processing time for Voya Protect?

Eligible, approved benefit payments for Voya Protect are typically made within 72 hours.

Is there any medical underwriting requirement for Voya Protect?

No, there is no medical underwriting requirement for Voya Protect.