Voya Financial, Inc. (NYSE: VOYA) announced April 6 that it has launched an enhanced version of its accident insurance, part of Voya Employee Benefits’ Compass product suite.
The new accident insurance features expanded benefit choices that include the potential for increased payouts. Additional benefit options include: a Sports Accident Benefit, a Health System Benefit, urgent care facility treatment and chiropractic treatment. In addition, the products’ expanded flexibility allows employers to build a plan that the meets their unique benefits needs and it can be included on virtually any enrollment platform or benefits administration system.
“If there’s one thing we know for certain, it’s that healthcare is getting more expensive, and more and more costs are shifting to employees, so we’re evolving our accident insurance to make it easier to cover more of those costs,” said Rob Grubka, president, Voya Employee Benefits. “Our enhanced Compass Accident Insurance will focus people on healing and wellness, rather than finding extra cash or dipping into retirement savings for life’s unexpected events.”
Voya Employee Benefits’ Compass insurance products offer “voluntary” or employee-selected coverage that is processed and administered similarly to traditional group insurance. With Compass Accident Insurance, employers may choose to fund the plan for their employees; offer it as an option employees can purchase through their workplace benefits; or create a combined option in which the employer pays a portion of the benefit and the employee can purchase additional coverage.
Voya’s Employee Benefits business offers stop loss, group life, voluntary benefits and disability income insurance products to employers and their employees. The business has extensive experience in the design, implementation and administration of employee benefits plans, and it offers a full range of supplemental voluntary products that include critical illness, accident and hospital confinement indemnity insurance.
Compass Accident Insurance is underwritten and issued by ReliaStar Life Insurance Company (Minneapolis, Minnesota), a member of the Voya® family of companies. Voya Employee Benefits is a division of ReliaStar Life Insurance Company. Compass Accident Insurance is a limited benefits policy and not health insurance. It does not satisfy the requirement of minimum essential coverage under the Affordable Care Act (ACA). Product provisions, exclusions, limitations and availability may vary by state.
As an industry leader and advocate for helping Americans retire better, 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.
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 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $484 billion in total assets under management and administration as of Dec. 31, 2016. 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 and has been recognized as one of the 2017 World’s Most Ethical Companies® by the Ethisphere Institute, as well as one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook and Twitter @Voya.
