New York Life Launches Voluntary Benefits Designed to Support Employees’ Financial Wellbeing
New suite of supplemental health offerings designed to be used and not forgotten
As healthcare costs continue to rise and companies shift towards health plans that require more cost-sharing, employees face financial risks from unexpected health issues and out-of-pocket medical expenses.
“Recognizing that many employees may not anticipate all costs related to health issues, our benefits are specifically crafted to bridge gaps in medical coverage and even address additional expenses associated with receiving care. Our aim is to ensure employees derive the utmost value from these benefits, fostering both better health and greater financial security,” said
The new voluntary benefit offerings from
Beyond covering direct medical expenses, New York Life’s voluntary benefits also cover a range of health-related costs. These include travel, lodging, and care for dependents and pets, ensuring comprehensive and flexible support for employee’s unique needs. Many of these benefits are paid in a single lump sum payment that the employee can use any way that they want, including to cover day-to-day living expenses.
In support of this launch, NYL GBS conducted research into employee sentiment and the current healthcare landscape. These findings shed light on how employees engage with healthcare benefits and survey results will be released in early 2024.
For further details about these new offerings, please visit New York Life GBS Voluntary Benefits.
About
Product availability may vary by state and is subject to change. Voluntary benefit products are not available in
Accident insurance, critical illness insurance, and hospital indemnity insurance are limited benefit policies. Accident insurance pays benefits for accidents only. These products are not health care insurance and do not satisfy the requirement of minimum essential coverage under the Affordable Care Act. New York Life Group Benefit Solutions Accident insurance, Critical Illness insurance, and Hospital Indemnity insurance are underwritten by
1 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),”
2Individual independent rating agency commentary as of 10/19/2023:
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AWScott@newyorklife.com
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