Real-life customer results show myVoyage is helping improve employee outcomes

myVoyage is our first-of-its kind digital tool that provides holistic decision support during enrollment and throughout the year to help employers and employees realize greater value by getting their workplace benefits and savings in sync.

And based on the latest outcomes data from 28 customers who offered myVoyage to their employees in 2023, this decision-making tool is indeed yielding positive results for the employees who used it:

• 69% of users elected a high-deductible health plan (HDHP)¹
• 59% of users elected supplemental health insurance¹
• 80% of HDHP users chose a health savings account (HSA)¹
• 7% of users increased their retirement savings rate¹

“The latest outcomes are a clear demonstration of how impactful it can be to help employees get aligned with the appropriate health plan,” says Marilyn Corbin, AVP, Strategic Solutions. “Often times, this can free up paycheck dollars that can be allocated to their HSA, their retirement savings and even their emergency savings.”

The myVoyage experience can provide employees with a complete view of their financial picture. This includes workplace benefits, savings and retirement — along with the integration of external accounts such as personal banking and credit accounts — to help better manage their health and financial well-being. It was built to deliver three key outcomes: 1) Designed to help improve health and financial outcomes, 2) Boost employee engagement, and 3) Simplify the experience.

What’s driving the need for benefits guidance?

The myVoyage experience was developed against the backdrop of an evolving benefits landscape, with employees finding themselves faced with an ever-increasing number of health and savings options to choose from. The sheer number of choices can lead to confusion. According to a recent Voya survey, 27% of benefits-eligible Americans said they don’t fully understand any of the employee benefits they enrolled in.²

And while the overwhelming number of decisions can make it difficult for employees to see the big picture — especially regarding how health and wealth decisions affect each other — many are experiencing first-hand the effects health care costs can have on their finances, now and in the future. In fact, KFF.org health policy polling data reveals that nearly half of adults are finding it difficult to afford health care costs and lowering out-of-pocket costs is a top priority.³

Given these findings, it’s no surprise a Voya Plan Participant Survey found that 79% of respondents want help maximizing benefit dollars across workplace benefits and retirement savings.⁴

A one-stop solution that helps bring benefits and savings in sync

We’ve long recognized the value that workplace benefits and savings provide in helping employees achieve their broader health and wealth needs. But what’s been missing is a simple, connected way to integrate these elements to help employees see the bigger picture — and better understand how their health and wealth decisions affect each other.

myVoyage can help employees overcome challenges and find savings opportunities where their health and financial decisions intersect with:

• Personalized benefits and savings decision support at open enrollment and beyond
• A consolidated view of financial accounts and benefits, with one login
• Seamless access to medical claims with reminders for preventative care
• Interactive journeys provide nudges and resources to navigate life events

Not only has myVoyage helped employees maximize their savings potential, it’s also helping employers achieve a better return on their benefits spend. According to our myVoyage customer results:

• Up to $1,200 employee savings and $800 employer savings per employee when employees choose a health plan that matches their needs^{1, 5}
• 86% of users familiar with benefits offered by their employer⁶
• 98% of users satisfied with benefits offered by employer⁶

Give added power to your benefits program

Through myVoyage personalized enrollment guidance, employers can advance their goals and enable employees to see how they could save money by better optimizing their spend across benefits offerings.

Results from the myVoyage user survey demonstrate the power of a connected digital experience to help employers impact employee decision making across health and wealth.

“The general survey sentiment is that clients want to provide tools that help their employees make the right decisions,” says Yuliya Alt, Voya Customer Experience Director. “They are very excited about myVoyage and enthusiastic for their employees to use it.”

Contact your Voya representative today to learn more about the myVoyage workplace digital experience.

Text representation of article graphics (for screen reader accessibility):

Graphic 1: Series of myVoyage app screens as seen on a mobile phone

• The next generation of your Financial Life
• The modern way to help improve your financial future
• See goals and track your progress
• Organize your financial life
• Get insights on your spending habits

Graphic 2: Give added power to your benefits program

• Help allocate your dollars: Dynamically optimizes spending across health benefits, retirement savings and emergency savings – and not just for the current year, but into retirement
• Make benefits decisions easier: Interactive digital experience that helps employees see how small changes can help get them closer to their goals and provides actionable steps
• Build employee appreciation: Help encourage employee loyalty and satisfaction through helping employees better optimize and understand their benefits