Offering options for handling unexpected health care costs without dipping into their retirement savings
Voya Financial, Inc. (NYSE: VOYA), announced today the launch of its new suite of Voya Health Savings and Spending Account solutions1 as optional benefits for employers to offer their employees at the workplace.
The suite of solutions will initially include the following tax-advantaged2 accounts: a Health Savings Account (HSA) to be used in combination with high deductible health plans (HDHPs); a Health Flexible Spending Account (Health FSA); a Limited Purpose FSA; a Dependent Care FSA; and a Commuter Benefit Account.
“Our new suite of savings and spending accounts will give employees even more tools to help them realize their financial goals, offering options for handling unexpected health care costs without dipping into their retirement savings,” said Rob Grubka, president, Voya Employee Benefits. “And we are giving employers the flexibility to choose what best fits their benefits portfolios and the ability to meet the needs of their employees.”
Voya’s research has found approximately one-third of retirement plan hardship withdrawals are due to an unexpected medical expense.3
Voya’s solutions will include several key features:
- Easy access to accounts: Employees can access and manage all of their Voya Health Savings and Spending Accounts — when, where and how they need to — through one user-friendly web portal or mobile app.
- One debit card to manage all accounts: Account holders only need one debit card to access funds from any of their Voya Health Savings and Spending Accounts to pay qualified expenses.
- Employer flexibility: Access one administration portal to review reports and activity on all of their Voya Health Savings and Spending Accounts.
In addition to the savings and spending features of all of the Voya Health Savings and Spending Accounts, HSA account holders with $2,000 or more in their HSA may choose to actively manage their account and select their investment options within their HSA. For the Voya HSA, Voya Investment Management is providing manager selection and oversight and has constructed the HSA investment menu that includes a mix of funds managed by Voya Investment Management as well as other well-regarded managers.4
“We are pleased to provide this valuable savings tool,” said Grubka. “We put a lot of thought into helping people easily access and manage the funds in their accounts, so they can focus more quickly on the medical or family needs at hand.”
Each of Voya’s businesses — Employee Benefits, Investment Management and Retirement — plays a role in delivering these valuable solutions to help customers in all of its markets achieve holistic financial wellness to and through retirement.
An industry leader and advocate for helping Americans achieve financial wellness to and through retirement, Voya Financial is committed to delivering on its vision to be America’s Retirement Company®, and its mission to make a secure financial future possible — one person, one family, one institution at a time.
1 Health Savings Accounts (HSAs), Health Flexible Spending Accounts (Health FSAs), Limited Purpose FSAs, Dependent Care FSAs, and Commuter Benefit Accounts are individual accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC) and administered by WEX Health, Inc.
2 The amount saved in taxes will vary depending on the amount set aside in the accounts, annual earnings, whether or not Social Security taxes are paid, the number of exemptions and deductions claimed on tax returns, tax bracket, and state and local tax regulations. Account holders should check with a tax advisor for information on how participation will affect their tax savings.
3 Based on aggregated Voya retirement account data for full-year 2017.
4 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.
About Voya Financial®
Voya Financial, Inc. (NYSE: VOYA), helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 14.3 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $8.6 billion in revenue in 2017. The company had $543 billion in total assets under management and administration as of September 30, 2018. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2018 World’s Most Ethical Companies® by the Ethisphere Institute; one of the 2018 World’s Most Admired Companies by Fortune magazine; as a member of the Bloomberg Gender Equality Index; and as a “Best Place to Work for Disability Inclusion” on the Disability Equality Index by Disability:IN. For more information, visit voya.com. Follow Voya Financial on Facebook, LinkedIn and Twitter @Voya.