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