Voya Financial, a prominent player in the health, wealth, and investment sectors, has announced the expansion of its workplace benefits offerings with the launch of Voya Protect.
Partnering with InsurTech company Ansel Health, Voya Financial aims to alleviate the financial strain of medical expenses on employees through this cutting-edge, technology-driven solution.
The creation of Voya Protect stems from a pressing need to support employees facing unexpected medical costs. In an era where saving for emergencies has become increasingly challenging, especially with the inflation surge in recent years, Voya Financial strives to provide a safety net for employees through this supplemental health insurance solution.
Voya Financial’s core activities revolve around delivering comprehensive solutions across health, wealth, and investment spheres. With a workforce of approximately 9,000 employees, the company is dedicated to ensuring financial confidence and a fulfilling life for its 15.2 million individual, workplace, and institutional clients.
Voya Protect stands out as a Group Limited Benefit Insurance that pays benefits swiftly and effortlessly upon the diagnosis of covered conditions. Designed to cover over 13,000 medical conditions, it offers varying levels of coverage without the limitations typically imposed on pre-existing conditions.
The product not only provides extensive coverage but also boasts an efficient and easy claims process. Employees can file claims within minutes, with eligible benefits typically disbursed within 72 hours. This flexibility allows benefit payments to be used for a wide range of purposes, from bill payments to covering other out-of-pocket medical expenses.
Further details about Voya Protect include its compatibility with Health Savings Accounts (HSAs) and a simplified administration process for employers. The solution is part of Voya’s ongoing commitment to enhancing workplace benefits, following previous expansions in critical illness and accident insurance, particularly with a focus on mental health.
In addition to traditional benefits, Voya Protect offers optional coverages for mental and chronic conditions, reflecting Voya’s acknowledgment of the growing concern for mental health in the workplace. This initiative aligns with Voya’s mission to support its clients’ comprehensive health and financial well-being.
Voya Financial CEO, Workplace Solutions, Rob Grubka said, “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.
“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.”
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