Health Account Solutions

With Voya’s Health Account Solutions, employers can offer their employees plans that can help them live for today — and plan for tomorrow.

Solutions that make life easier

With our Health Account Solutions, both employees and employers benefit from tax advantages.

Employees

Don’t pay federal income tax or FICA taxes on contributions to these accounts made through payroll. In most states, they don’t pay state income tax either. This puts more money into the hands of employees.

Benefits for employees

Employees receive high-touch service, including:

• 24/7/365 customer service with text/chat and language translation capabilities.
• Online portals and mobile applications for easy account access at any time.

Employers

Benefit from lower payroll taxes due to the tax-free payroll contributions.

Benefits for employers

Employers benefit from a dedicated account manager and implementation manager, as well as a dedicated data exchange team for file setup, testing and production processing. Plus:

• Flexible administration and customized plan designs: Ability to exchange files with 100+ payroll, benefit systems and file vendors with flexibility on data intake models — and expertise in divisional complexities.
• Innovative employee engagement: Targeted communications and nudges, based on employee situation — and robust real-time employee portals and mobile apps, multi-account debit card.

Health Savings Accounts (HSAs)

HSAs can help employees financially prepare for the future — and manage medical expenses with more confidence. Employees enrolled in an HSA-qualified high-deductible health plan (HDHP), can open an HSA to pay for HSA qualified expenses with pre-tax dollars, now or in retirement — or anytime in between.

The account is owned by the employee and the balance rolls over year after year. Employees can opt to invest their HSA funds through Voya’s HSA investment options.

Flexible Spending Accounts (FSAs)

FSAs help employees manage current health care and child care costs by enabling them to set aside pre-tax dollars to pay for health or dependent care throughout the year — such as prescriptions, contact lens and child care — with one debit card.

The balance does not roll over; it must be spent before the end of the year or be forfeited, per IRS regulations. There are options an employer can place on their plan to reduce chance of forfeiture.

These tax-advantaged accounts are available in three different types:

1. Health FSA: Can help pay for qualified medical, dental and vision out-of-pocket healthcare expenses like co-pays, coinsurance, deductibles, prescriptions, glasses, vision correction surgery, dental and orthodontia services and more.
2. Limited Purpose FSA: Similar to a Health FSA, this plan is limited to dental (including orthodontia) and vision expenses only. Enrollment in a Limited Purpose FSA is permitted for those enrolled in an HSA, whereas a Health FSA is not.
3. Dependent Care FSA: Use for qualified expenses like daycare, before and after school care, or summer day camps for employee’s tax dependents under age 13, as well as care for tax dependents of any age with special needs (such as those needing adult day care services).

For a full list of qualified health care expenses, visit irs.gov and see Section 213(d) of the Internal Revenue Code.

Commuter Benefit Accounts

Voya’s Commuter Benefits help employees manage costs by setting aside pre-tax dollars each month to pay for eligible expenses related to their commute to and from work. Employees can choose to enroll in a parking and/or transit account.

And they can enroll effective for the first of any month and choose a monthly election amount not to exceed the federal maximum. The amount is deducted by the employer according to the employee’s payroll schedule. Election amount and balances roll over month to month and employees can change their election amount each month.

These tax-advantaged accounts are available in two different types:

1. Transit Account: For qualified out-of-pocket mass transit expenses like commuter rail, buses, ferries, subways, vanpools and UberXShare and Lyft Shared rides.
2. Parking Account: For parking expenses at lots/garages/meters near place of employment or near mass transit facilities used to commute to work.

Health Reimbursement Arrangements (HRAs)

Every HRA is constructed with similar features that benefit both employers and their employees. For employers, HRAs are a tool that can help them minimize effects of future retiree health care costs — and pre-funding reduces exposure to potential future cost increases.

Our administration includes claims review and processing — and employers can select a trust vehicle that meets their needs. For employees, they can take advantage of triple tax savings on their HRA contributions, earnings and distributions for qualified medical expenses.

Reimbursement for qualified medical expenses, including health, dental and vision, is available for participants, their spouse and eligible dependents. Plus:

• There is no “use it or lose it” — employees can carry over any unused, accumulated assets into future years. 
• There are no age restrictions or penalties on payout for qualified medical expenses.
• Since contributions are held in trust, they are safeguarded from creditor claims.

Tuition Reimbursement

Voya provides full-service Tuition Reimbursement services through the use of software, which automates interactive approvals between employees, their managers and Human Resources.

We can base the setup components of our system to be completely tailored to a company’s Tuition Reimbursement Policy. In addition, we offer student loan debt benefit solutions that can be tailored to employee populations.

Ready to take the next step?

Talk to a Voya representative to start designing your Health Account Solutions product plan today.