MINNEAPOLIS–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), announced today that it has expanded its critical illness insurance coverage to help employers meet the growing needs and resources of their workforce. The development – which offers new ways to manage infectious diseases and / or hospitalization – comes at a time when the worry of getting sick and bringing unexpected medical expenses has become a priority for the American workforce.
Voya’s survey shows that almost half of Americans (48%) say that the COVID-19 pandemic has made them think more about the types of benefits offered by their employers.1, many companies have been rethinking their benefits to provide additional voluntary benefits to their employees that go beyond basic benefits at work – such as medical, dental and vision. In particular, industry research shows that while less than one-third (32%) of US employers currently offer critical illness insurance to their employees, among those who do not offer it voluntarily (68%), more than two in 10 employers (22%). is interested in providing critical illness insurance in the future.2 This is in line with the high level of interest from their employees – nearly half of US workers (47%) who currently do not have critical illness insurance are showing interest in purchasing this voluntary benefit in the future.3
Voya’s critical illness insurance offers a high benefit for the diagnosis of a covered illness, such as heart disease, cancer or stroke. This benefit can be used for out-of-pocket medical expenses, as well as household expenses such as rent, utilities or mortgage. Since the beginning of the global pandemic, COVID-19 has been used under the Infectious Disease Benefit option in our critical illness insurance. That method pays a percentage of the amount of the benefit of serious diseases, if the insurance is found with infectious diseases that cause them to stay in the hospital for several days in a row.
Now, Voya is offering employers the opportunity to integrate Infectious Conditions Increase Profits (“Rider”) as well. Using the COVID-19 disease, this is how the new Passenger can support the existing Infectious Disease Benefit, if the employer includes all of them with their health insurance.4 This model also includes the Wellness Benefit, which provides an annual benefit for the final health check-up.
A covered employee, John, completes a doctor-administered COVID-19 test. Regardless of his results, and because he has not used them yet, he is eligible to receive his annual Goodness. Under the new Rider, after John was diagnosed with COVID-19, he is now eligible to receive the Awareness Benefit. If the illness causes him to be hospitalized for at least 20 consecutive hours in an observation room, or as an inpatient, he is eligible for Hospitalization Benefit. If he has been hospitalized for five or more consecutive days based on his diagnosis, John is eligible for Communicable Disease Benefit.
Examples of the benefits of this model are as follows5:
Benefit Benefit: $50
New Rider – Infectious Disease Diagnostic Benefit: $100
New Rider – Infectious Disease Hospital Confinement Benefit: $1,000
Communicable Disease Benefit – 25% of John’s critical illness insurance benefit of $10,000: $2,500
“A person’s path to recovery from an infectious disease is not a one-size-fits-all experience. Even if a person is found to need to go to the hospital for a short time, it can be difficult and there may be a financial crisis,” said Andrew Frend, vice president, Health Solutions product and strategy, Voya Financial. . “Our new rider is designed to help spread the spread of existing pandemics and provide additional coverage for events that may occur throughout the period – not just for COVID-19, but for other communicable diseases as well. In this way, one can focus on the most important things, which are going well instead of worrying about money.”
Considering employers’ interest in providing critical illness insurance to their employees, the new Rider offers additional features and flexibility. For example, employers can decide whether to offer this Rider to their employees, and then determine how much coverage should be included (diagnosis and/or hospitalization) and update their list of communicable diseases.
“Not only will this new Rider help address the economic and financial needs of employees, but it is also another way to help address enrollment and retention needs. A recent Voya survey found that three-quarters of working Americans (74%) agreed that they would be more likely to work for employers that offer voluntary benefits — including those like critical illness, medical insurance, disability benefits or accident insurance.1“said Katherine Read, vice president of the product insurance group, Voya Financial. “We know that employees expect more from employers, and Voya is focused on improving our employment solutions to help companies provide benefits that will help them attract and retain employees in today’s competitive marketplace. ”
Voya’s supplemental insurance solutions – including our new Rider with critical illness insurance – are offered to the workplace as a voluntary or employee-selected benefit that is structured and managed in the same way as traditional group insurance. Employers can choose to: provide financial assistance to their employees; offer it as a way for employees to buy through their services; or create a combination plan where the employer pays a portion of the benefits and the employee can purchase additional benefits.
As an industry leader focused on delivering health, wealth and financial solutions through and through the workplace, Voya Financial is committed to its mission of creating a better financial future for all Americans – one person, one family, one organization. . time.
1) Based on the results of a Voya Financial survey conducted on January 4-5, 2022, on the Ipsos eNation omnibus network among 1,005 adults, including 443 working Americans, aged 18+ in the US.
2) MarketVision™ – The Employer Viewpoint© 2020, Eastbridge Consulting Group, Inc.
3) MarketVision™ – The Employee Viewpoint© 2021, Eastbridge Consulting Group, Inc.
4) The Communicable Disease Benefit is available as an option under the “Quality of Life” section of the Critical Illness Policy. The Infectious Disease Benefit and Infectious Condition Addiction Benefit Rider are both available to be included in the employer’s policy and are also available individually. Offers and availability may vary by country. The Infectious Condition Addiction Benefit Rider is not available in New York.
5) This is given as an example only and is based on 100% of the availability of the main sickness benefit. Actual results, benefit amounts and policy terms may vary. A full description of the benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and passengers.
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Voya Financial, Inc. (NYSE: VOYA), is a leading health, wealth and financial services company that provides products, solutions and technologies that help Americans be better prepared, better saved and protected. Serving the needs of 14.3 million individual, business and corporate customers, Voya has approximately 6,000 employees and had $707 billion in total assets under management as of March 31, 2022. Career® Institute, Voya is purpose-driven and equally committed to doing business in a way that is ethical, environmental, economic and ethical. Voya has been recognized as one of the most ethical companies in the world® and the Ethisphere Institute; member of the Bloomberg Gender-Equality Index; and”An Inclusive Workplace” on the Disability Equality Index. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.
Insurance products are offered by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). In the state of New York, ReliaStar Life Insurance Company of New York is the only authorized, authorized and licensed insurance company. Both are members of Voya® family of companies. Voya Employee Benefits is part of both companies. Product availability and other features may vary by country.