Health Account Solutions

Voya’s Health Account Solutions can help your employees prepare for the road ahead, enabling them to plan, save and invest in their health and financial wellness. And with our administrative services, we manage the details for you and your HR team.

Health Savings Accounts (HSAs)

Focused on long-term savings with investment options curated by Voya Investment Management, employees can receive a connected experience with their Voya retirement plan.

Flexible Spending Accounts (FSAs)

Simple to administer and easy to use, you can provide your employees with tax savings opportunities and access to a fast and easy claims process.

Commuter Benefit Accounts

Offers your employees the flexibility to offset work-related transit and parking expenses with pre-tax savings.

Health Reimbursement Arrangements (HRAs)

With customizable plan designs, these tax-advantaged accounts can help you and your employees manage health care costs.

COBRA Administration

Our full-service solution maintains COBRA compliance, manages premium collection, and helps minimize administrative obligations.

Direct Bill

Our premium billing solution helps ease the process of premium collection when your employees go on leave or retire.

Solutions that can offer advantages for everyone

Both employers and employees benefit with our Health Account Solutions. For employers, you receive Voya’s industry expertise and account support with our customized solutions. Plus, we make it easy to manage your benefits and we offer advanced security compliance.

Dedicated service: Each client receives a dedicated implementation manager and data integration specialist intended to help drive seamless setup and transition. Once on board, clients receive designated, ongoing support from our tenured client service team.
Easy administration: For easy setup and ongoing support, data integration is available across 100+ payroll and benefits administration vendors. Clients have access to an integrated employer portal for plan administration, employee information and on-demand reporting.
Customized plan designs: We’re equipped to support clients with complex operating structures across multiple subsidiaries and divisions — offering flexible administration and billing capabilities.
Cost efficiency: With all-inclusive and competitive pricing, Voya doesn’t charge fees for setup, annual renewal or plan compliance services. Our full suite of capabilities enables cost efficiency with fewer vendors to manage.

For your employees, we make benefits easy to use — our employee experience includes:

24/7/365 customer service so employees have access to live customer support anytime.
Single portal and mobile app to make it easy to track balances, request reimbursements, store receipts and more.
One debit card for all plans with smart card technology that automatically withdraws funds from the appropriate account.
Voya education to help employees better understand the use and advantages of health spending and savings accounts, with the goals of driving participation and smart usage.
Account security with multi-factor and biometric authentication available, plus ID theft protection with a Mastercard® debit card.
Easy shopping for eligible expenses with access to an item eligibility scanner in the app and online stores with eligible products.

Health Savings Accounts (HSAs)

We’re uniquely positioned between the worlds of investment management, retirement planning and group benefits administration. The Voya HSA infuses our in-house expertise and connects experiences across these worlds into one comprehensive solution and platform.

An HSA can be used to pay qualified medical expenses today, tomorrow and throughout an employee’s retirement years, as long as there are funds in the account. In fact, as health care costs continue to rise, many American workers face a widening health savings gap in retirement.¹ Our user experience is intended to help boost employee confidence and improve financial outcomes by offering integrated access across retirement and health accounts. Plus, it’s easy for employees to use today, with a focus on saving and investing for the future.

Connected experience with one holistic view across retirement and health accounts.
Long-term focus with investment opportunities — HSA fund menu curated by Voya Investment Management and access to invest at a designated balance threshold and automatic investment sweeps.
Employee engagement and education to help drive health and financial wellness.
Payroll tax savings potential for employers who make HSA contributions directly via payroll deduction.
Simple snap-and-save feature to store receipt images for eligible expenses for future reimbursements.
Easy shopping for eligible expenses with access to an item eligibility scanner in the app and online stores with eligible products.

Flexible Spending Accounts (FSAs)

Voya’s tax-advantaged FSAs help employees manage health care and child care expenses. We offer three types of tax-advantaged FSAs that enable employees to put aside pre-tax dollars to help pay for eligible expenses:

Health FSA: Helps employees manage eligible out-of-pocket health care expenses not covered in full by insurance.
Dependent Care FSA: Helps employees manage eligible expenses for care for their kids, aging parents or family members with special needs — and care expenses employees or their spouses incur when they work, look for work or attend school.
Limited Purpose FSA: Helps employees manage their eligible dental and vision expenses. A Limited Purpose FSA is often used with an HSA to help allow funds in their HSA to grow, while still using tax-free dollars to pay for eligible dental and vision expenses.

Proprietary auto-substantiation processes that reduce receipt requests to employees.
Fast claims processing with a three- to five-day average claims turnaround time and claims paid each business day.
Easy shopping for eligible expenses with access to an item eligibility scanner in the app and online stores with eligible products.
Simple snap-and-save feature to store receipt images for eligible expenses for future claims or reimbursements.

Commuter Benefits

Voya’s Commuter Benefits help employees manage costs by setting aside pre-tax dollars to pay for eligible expenses related to their work commute. Employees may choose to enroll in a parking account, a transit account or both.

Flexible plan design with two different account types available. The transit account can be used for eligible expenses such as commuter rail, buses, ferries, subways, vanpools and ride shares to commute to work. The parking account can be used for eligible expenses like parking lots, garages and meters for parking while at work.
Easy employee self-service process removes employer from the transit and parking pass procurement process.

Health Reimbursement Arrangements (HRAs)

Our HRA is a tax-advantaged, employer-funded account can help both employers and employees save on the cost of health care.

Our solution is flexible and customizable to accommodate a variety of plan design requirements and reimbursement options. As the employer, you have the ability to define eligible expenses, reimbursement amounts and what happens to unused funds. You can also have confidence in Voya’s experience and expertise in managing complex plan designs.

Flexible and customizable solution that allows employers to determine the plan design
Fast claims processing with a three- to five-day average claims turnaround time and claims paid each business day.

COBRA Administration

Our COBRA administration allows you to focus on other important tasks while we focus on COBRA compliance, COBRA communications and premium collection. From sending required notices and tracking COBRA time frames, to processing open enrollment and providing numerous payment options, our full-service administration strives to make it easy on you and your COBRA population.

On-demand reports including COBRA status, paid through dates, and coverage.
COBRA subsidiaries handled — coupons and payment schedules reflect subsidy and show the amount the Qualified Beneficiary is responsible for paying.
COBRA compliance including any required notices and notice language, secondary events, COBRA period tracking and adherence to the COBRA payment grace period.
Open enrollment/plan renewal notification and processing, including carrier communications.
Easy process for employees to manage premiums when they are on COBRA through billing communications, multiple payment methods, and access to the mobile app and portal anytime.

Direct Bill

With our full-service Direct Bill administration, we mange premium collection for you — from handling carrier eligibility and processing open enrollment, to providing numerous premium payment options. We take care of the details, so you don’t have to.

On-demand reports to include paid through dates and if monthly premium has been met.
Ability to isolate by population to allow variable processes and notices (e.g., pre-65 vs post-65 versus Leave of Absence).
Customized plan design with defining deadlines, grace periods and notice language.
Open enrollment and plan renewal notification and processing.
Easy process for employees to manage premiums when they go on leave or retire through billing communications, multiple payment methods and access to the mobile app and portal.

Ready to take the next step?

Connect with us today to learn more about our Health Account Solutions or contact your broker or Voya representative.

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1. Spiegel, Jake and Fronstin, Paul. “Projected Savings Medicare Beneficiaries Need for Health Expenses Increased Again in 2023 – Some Couples Could Need as Much as $413,000 in Savings.” Employee Benefits Research Institute (EBRI), EBRI Issue Brief, ebri.org, Jan. 18, 2024.

Products and services offered through the Voya® family of companies.

Health Savings Accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by Voya Institutional Trust Company.

Mutual fund investment option advisory services are provided by Voya Investment Management, an independent investment advisor and its affiliated FINRA-registered distributing broker-dealer, Voya Investment Distributors, LLC, 230 Park Ave., New York, NY 10169. Shares are offered through Charles Schwab & Co., Inc., a registered broker-dealer. Healthcare Bank is not a broker-dealer or registered investment advisor. Neither Healthcare Bank, WEX Health, Inc., nor Charles Schwab & Co., Inc., are members of the Voya family of companies.

Health Account Solutions, including Health Savings Accounts, Flexible Spending Accounts, Commuter Benefits, Health Reimbursement Arrangements, and COBRA Administration offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC). Custodial services provided by Voya Institutional Trust Company.

This highlights some of the benefits of these accounts. If there is a discrepancy between this material and the plan documents, the plan documents will govern. Subject to any applicable agreements, Voya and its subcontractors reserve the right to amend or modify the services at any time.

The amount saved in taxes will vary depending on the amount set aside in the account, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed, tax bracket and state and local tax regulations. Check with a tax advisor for information on whether your participation will affect tax savings. None of the information provided should be considered tax or legal advice.

Investments are not FDIC Insured, are not guaranteed by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC), and may lose value. All investing involves risks of fluctuating prices and the uncertainties of return and yield inherent in investing. All security transactions involve substantial risk of loss.

Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency

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