Product & Service Launches – 2/22/24

Voya Expands Workplace Benefits Offerings with Health Insurance Supplement

Voya Financial Inc. launched a supplemental health benefit to help relieve out-of-pocket medical costs for workers.

Voya Protect is a Group Limited Benefit Insurance backed by the insurance technology company Ansel Health, the firm announced. The offering is a supplemental health option designed to pay benefits quickly and easily when covered conditions are diagnosed.

“At Voya, we understand that an unexpected medical emergency can be costly. We also know that the ability to save for emergencies has remained a challenge given the realities of inflation over the past several years,” said Rob Grubka, CEO, workplace solutions, in a statement. “Even with health insurance coverage through their employer, it’s not uncommon for employees to still have out-of-pocket medical expenses — which can have a financial impact on workers and their families.”

The firm gave three product highlights for Voya Protect:

• Extensive – Voya Protect pays benefits for more than 13,000 covered conditions, which are determined by International Classification of Diseases (ICD-10) diagnostic codes. There are also no limitations or exclusions for pre-existing conditions and no medical underwriting requirement.
• Efficient – A covered individual can file a claim in minutes either online or by using the app, according to Voya. Eligible, approved benefit payments are typically made within 72 hours.
• Easy – Administration is simple for employers with self-administered billing and a single certificate that can be distributed or posted for In many cases, Voya will be able to automatically pay customer claims when an event occurs via integration with medical claims data. In addition, Voya Protect is compatible with health savings accounts.

Voya Protect also offers employers additional optional benefits they can elect for their employees. These include optional benefit coverage for mental health conditions, such as anxiety, bipolar disorder and major depressive disorder.

The firm noted that more workplace benefit solutions are planned throughout 2024.

LifeYield Releases Annuity Income Layer

LifeYield, the fintech firm in tax-efficient, multi-account portfolio management, announced the release of its Annuity Income Layer for annuity manufacturers and distributors.

The Annuity Income Layer, an enhancement to LifeYield’s Social Security+ benefits optimization tool, makes it easier for financial advisers to illustrate a manufacturer’s annuity products with minimal disruption and data collection.

“Tens of thousands of financial professionals use LifeYield technology to demonstrate the value in dollars and cents of various Social Security filing strategies,” Mark Hoffman, chairman, CEO and co-founder of LifeYield, said in a statement. “Next, conversations frequently and quickly turn to a client’s income needs and retirement savings.”

“With the Annuity Income Layer, manufacturers and distributors can empower financial professionals to pivot to creating annuity illustrations and proposals with the data they’ve already collected,” Hoffman said. “They can also show how an annuity fits into a retirement income plan with Social Security and other savings.”

NAGDCA Offers Enhanced SECURE 2.0 Resource for Public Sector DC Plans

The National Association of Government Defined Contribution Administrators announced availability of an enhanced SECURE 2.0 Resource. NAGDCA is a professional association for plan administrators and services providers of government-sponsored defined contribution retirement plans.

NAGDCA’s SECURE 2.0 Resource provides a sortable index of the provisions affecting public sector plans linked to comprehensive fact sheets and offers insights into NAGDCA’s advocacy efforts on behalf of members and the government plan sponsor community at large.

“NAGDCA’s enhanced SECURE 2.0 Resource is designed to help public sector plan sponsors effectively navigate the complexities of SECURE 2.0 and implement its many provisions,” Matt Petersen, NAGDCA’s executive director, said in a statement.

“As awareness of the necessity of DC plans to support the retirement readiness of public sector employees continues to grow, providing information, insight, and guidance on legislation impacting government DC plans continues to be among NAGDCA’s primary objectives. The SECURE 2.0 Resource is just one example of our commitment to fulfilling on this objective,” Petersen said.