Voya Financial's newest product is a suite of health saving and spending accounts to be offered as optional workplace benefits.
The suite will initially include the following tax-advantaged accounts: an HSA to be used in combination with high deductible health plans, a health flexible spending account, a limited purpose FSA, a dependent care FSA and a commuter benefit account.
“Our new suite of savings and spending accounts will give employees even more tools to help them realize their financial goals, offering options for handling unexpected health care costs without dipping into their retirement savings,” said Rob Grubka, president, Voya Employee Benefits. “And we are giving employers the flexibility to choose what best fits their benefits portfolios and the ability to meet the needs of their employees.”
Voya’s research has found approximately one-third of retirement plan hardship withdrawals are due to an unexpected medical expense.
The health savings and spending accounts will have the following features:
Ease of use, flexibility of choice and outcomes for employers and employees are at the heart of the new suite of solutions. Some of the offerings include:
- One portal for employers, and one portal or mobile app for employees who opt into the accounts, allowing access and management of all of their Voya health savings and spending accounts in one place and with one password.
- One multi-purse, Voya Health Savings and Spending Accounts debit card - meaning one card and one PIN for account holders. And, payments using the card are automatically drawn from the appropriate accounts, eliminating a step and potential stress point.
In addition, HSA account holders with $2,000 or more in their HSA may choose to actively manage their account and select their investment options within their HSA. For the Voya HSA, Voya Investment Management is providing manager selection and oversight and has constructed the HSA investment menu that includes a mix of funds managed by Voya Investment Management and other managers.