New Supplemental Health enhancements offer mental health benefits for employees

At a time when more than half (54%) of working Americans have expressed a desire to receive more mental health benefits and resources from their employers,¹ we have enhanced our Critical Illness and Accident Insurance coverages to offer new benefits focusing on mental health. An interest in mental health benefits and resources is particularly high among those who identify as Generation Z (74%), caregivers (71%), and those with children at home (60%).¹

“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,” said Nate Black, vice president, Health Solutions Product Development, Voya Financial.¹

Critical Illness Insurance: Now with mental illness and benefit enhancement options

Voya has unveiled two new riders to its Critical Illness Insurance² offering, which pays a lump-sum benefit upon the diagnosis of a covered illness or condition.

• The Specified Conditions Rider provides a benefit for the diagnosis of covered mental illness and/or neurodevelopment disorders (such as Attention-Deficit/Hyperactivity Disorder and Autism spectrum disorder), giving employers the ability to tailor the coverage levels and conditions based on the needs of their own employees.
• The Benefit Enhancement Rider provides an additional, or enhanced, benefit for a covered condition. As an example, an employer could choose to offer an additional 15% of the base benefit amount for a covered cancer diagnosis.

Accident Insurance: Offers mental health, expanded family care coverage

Our new Accident Insurance offering, which pays benefits for specific injuries and events resulting from a covered accident, now includes two new features that are expected to make this coverage appealing for employees:

• Mental Health Therapy has 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.
• Additionally, the Family Care benefit option will now provide benefits for adult or child 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 their loved ones in the event the insured caregiver is hospitalized.

Flexible coverage funding and purchase options

Our Supplemental Insurance solutions — including the new Critical Illness Insurance riders and new Accident Insurance offering — are offered through the workplace as voluntary coverage that is processed and administered as traditional group insurance. Employers may choose to:

• Fund the coverage for their employees,
• Offer it as coverage employees can purchase as part of their workplace benefits options,
• Or create a combined option in which the employer pays a portion of the coverage, and the employee has the option to purchase additional coverage.

“When it comes to employee benefits, there is no ‘one size fits all’ approach,” added Black. “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 continue to provide great flexibility but also now offer some additional features and coverage.”

It’s important to note that availability and provisions may vary by state.

Voya is committed to helping employers address employee mental health needs in the workplace – and keep their benefits packages competitive – with innovative Supplemental Health Insurance solutions that include resources employees want and can help them minimize the financial impact of mental health challenges.

Want to learn more about our Supplemental Health Insurance solutions? Contact your Voya representative today.

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.

Read related articles:

• 3 ways employers can reimagine workplace mental health benefits
• How EAPs are turning to technology to support employee mental health
• Voluntary Benefits: The mental health-financial wellness connection