Voya Financial expands its critical illness and accident insurance, offering new benefits and coverage to focus on mental health
Enhancements align with growing employee expectations that their employer provide mental health benefits and associated support resources, new Voya research shows
MINNEAPOLIS, August 29, 2023--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA), a leading health, wealth and investment company, announced today several new enhancements to its critical illness and accident insurance offerings — two supplemental health insurance products that have become increasingly popular components of employers’ benefits packages.
Among many features, the enhancements to both offerings provide mental health benefits and come at a time when new Voya research has found that more than half (54%) of working Americans strongly or somewhat agree they are interested in receiving more mental health benefits/resources from their employer. Interest in such resources is specifically high among Generation Z (74%), caregivers (71%) and those with children at home (60%).1
"When it comes to employee benefits, there is no ‘one size fits all’ approach," said Nate Black, vice president, Health Solutions Product Development, Voya Financial. "This is particularly important to remember when it comes to the design of supplemental health insurance, which is why we’ve made enhancements to our critical illness and accident insurance products that not only provide greater flexibility but also offer additional features and coverage."
Expanded coverage includes benefits for mental health disorders and increased flexibility available with critical illness insurance
Voya is introducing two new riders to its critical illness insurance offering, which pays a lump-sum benefit upon the diagnosis of a covered illness or condition. These benefit payments can be used by employees for any purpose, including out-of-pocket medical costs, unplanned expenses and non-medical bills. The new riders present:
Expanded coverage for covered mental illness and/or neurodevelopment disorders (such as Attention-Deficit/Hyperactivity Disorder and Autism spectrum disorder), where employers can tailor the coverage levels and conditions based on the needs of their own employees.
Enhanced coverage enabling the employer to offer an additional benefit percentage for a covered condition. As an example, an employer could elect to offer an additional 15% enhanced benefit for a covered cancer diagnosis, which would be in addition to the 100% critical illness benefit amount that is paid based on the base schedule.
Accident insurance offers expanded family care and mental health benefits
The enhancements to Voya’s accident insurance offering, which pays benefits for specific injuries and events resulting from a covered accident, also include two new features that are expected to make this coverage appealing for employees:
Family Care will now provide benefits for adult care when the insured individual is confined in a hospital as the result of a covered accident. This expanded coverage is anticipated to be particularly beneficial for caregivers, providing an additional resource to support continuity of care for their loved ones in the event the insured caregiver is hospitalized.
Mental Health Therapy has also been added to the benefit schedule and pays a benefit for psychological or psychiatric care prescribed by a doctor and provided in an office, hospital or other eligible facility on an inpatient or outpatient basis after a covered accident.
The supplemental insurance solutions offered by Voya — including the new critical illness riders and accident insurance enhancements — are offered through the workplace as voluntary or employee-selected coverage that are processed and administered similarly to traditional group insurance. Employers may choose to: fund the plan for their employees; offer it as an option employees can purchase through their workplace benefits; or create a combined option in which the employer pays a portion of the benefit, and the employee can purchase additional coverage.
"By helping employers provide meaningful workplace benefits solutions, we are responding to the growing expectations from employees that their employer support more than just their medical and dental insurance needs. Specifically, our research has found 55% of employed Americans strongly or somewhat agree that their employer has a responsibility in ensuring they are both mentally healthy and emotionally well," added Black.2
As an industry leader focused on the delivery of health, wealth and investment solutions to and through the workplace, Voya Financial 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.
1-2. Based on the results of a 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 7,200 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 14.7 million individual, workplace and institutional clients become well planned, well invested and well protected. Benefitfocus, a Voya company, extends the reach of Voya’s workplace benefits and savings offerings by providing benefits administration capabilities to 16.5 million individual subscription employees across employer and health plan clients. 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 the Ethisphere Institute; 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.
Accident Insurance and Critical Illness Insurance are limited benefit policies. It is not health insurance and does not satisfy the requirement of minimum essential coverage under the Affordable Care Act. Critical Illness may be referred to as Specified Disease in some states. The new benefits presented here are not available in all states at this time. Insurance products are issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Product availability and specific provisions may vary by state.
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Contacts
Media Contact:
Laura Maulucci
Voya Financial
(508) 353-6913
Laura.Maulucci@voya.com
