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Voya Financial expands its workplace benefits offerings with new supplemental health insurance solutionVoya 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."
"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.
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. VOYA-EB
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