Voya Protect: A simplified supplemental health insurance solution

Voya aspires to clear the path to financial confidence for more fulfilling lives — and is dedicated to simplifying experiences and clarifying confusion around workplace benefits. With that goal in mind, we are now offering Voya Protect — a supplemental health insurance solution.

Voya Protect is Group Limited Benefit Insurance powered by the insurance technology company Ansel Health. This innovative, technology-enabled solution is a supplemental health offering that is designed to pay benefits quickly and easily when covered conditions are diagnosed and provides broad coverage to complement medical plans. In their moment of need after experiencing a covered diagnosis, employees can quickly and efficiently get eligible paid benefits.

“It’s clear that voluntary benefits — or supplemental health insurance coverage — offered through the workplace are a growing interest for individuals when it comes to their health insurance needs,” said Nate Black, vice president, Health Solutions Product at Voya Financial. “As we continue to invest and enhance our solutions, we’re excited to introduce Voya Protect to our comprehensive portfolio offering, providing individuals the option of one comprehensive solution to pay benefits for more than 13,000 covered conditions and through a simplified claims experience.”

Extensive supplemental benefits

Voya Protect pays cash benefits for more than 13,000 covered conditions, which are determined by International Classification of Diseases (ICD-10) diagnostic codes. Three categories of coverage — moderate, severe and catastrophic — are available, covering conditions like fractures and concussions to more complex medical issues like a stroke or heart attack. Plus, there are no limitations or exclusions for pre-existing conditions and no medical underwriting requirement.

Efficient claims process

The claims experience for employees is simple. A covered individual can file a claim in minutes either online or by using the app, and typically benefit payments are made within 72 hours. The benefit payment can be used for any purpose, including paying bills like your mortgage, rent, utilities or covering other medical costs like co-pays, deductibles and coinsurance.

Easy plan administration

Administration is simple for employers. We also plan to include a Medical Claims Integration option that is intended to help with claims utilization and offers an enhanced experience for both employers and employees by providing a nudge when an insured may have overlooked a claim opportunity. Voya Employee Benefits does not provide tax or legal advice. Although we developed Voya Protect with the intent that it be HSA-compatible, employers should consult with their own tax and/or legal advisor for assistance in developing their employee benefit plans.

Employees are starting to realize how medical costs can impact their short-term and long-term financial picture. According to Voya research, 50% of working Americans are “extremely likely” or “likely” to participate in more voluntary benefits offered through their employer in 2024.²

More about Voya Protect

Voya Protect is adaptable to virtually any enrollment platform or benefits administration system. And employees can select their benefits as part of their annual or open enrollment process. Other product highlights include:

• Perpetual Guaranteed Issue: Guaranteed Issue at all times — whether it’s elected during the initial enrollment or any enrollment in the future.
• Self-administered billing: An employer can be the system of record, providing us with the lives and volumes to reconcile each month. There are no tedious list bills to review.
• True group product: Voya Protect is a true group product designed to integrate enrollment and administration to match an employer’s core benefit offerings. Employers are provided with a single certificate they can distribute or post on their intranet.
• Portability: Employees can choose to continue their insurance coverage when they terminate employment and pay the insurance company directly.

Voya Protect also offers an optional Chronic Condition Benefit for covered conditions like asthma, diabetes and epilepsy. More than half (55%) of working Americans “strongly” or “somewhat agree” that their employer has a responsibility in ensuring they are mentally healthy and emotionally well, according to a Voya survey.³ Employers can also elect to add an optional Mental Illness Benefit for covered conditions, such as anxiety, bipolar disorder and major depressive disorder.

Voya prides itself on being a company that’s easy to work with. With Voya Protect, employers can offer their employees extensive, efficient and easy to use voluntary benefits — while streamlining behind-the-scenes plan administration.

Interested in adding Voya Protect to your employee benefits suite? Contact your Voya representative to learn more today — and learn more about our other Supplemental Health Insurance solutions.