Voya offers new supplemental health insurance solution

Voya Financial 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. 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 like 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 — like mortgages, rent and utilities — or covering other out-of-pocket medical costs like 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 line-ups 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.

“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,” added Black. “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 alike. Voya Protect also provides optional benefit coverage for chronic conditions like asthma, diabetes and epilepsy.