myHealthMoney is Voya’s newest resource to help Americans with their financial wellness needs
Voya Financial building in Minneapolis. (Credit: Flickr/Matthew Deery.)
Voya Financial announced that its Employee Benefits and Retirement businesses have launched a new digital assistant — myHealthMoney — to help workers make more informed decisions when deciding how much to contribute to their Voya health savings account (HSA). This online tool is powered by SAVVI Financial, a leading technology-enabled financial wellness platform, and can be personalized to an individual’s unique needs. The myHealthMoney digital assistant will be available to any participant who has a Voya HSA, including Voya Retirement plan participants who also have a Voya HSA.
With the rising costs of health care, an increasing number of companies are now offering high-deductible health plans (HDHPs) in their employee benefits packages. In fact, nearly half of Americans (46%) with private health insurance are enrolled in a HDHP.1 Most high-deductible health plans are combined with an HSA, which allows an employee to allocate pre-tax dollars to help cover medical costs. The challenge is working Americans often don’t know how much to contribute to their HSAs, especially when other savings goals are added to the mix. The myHealthMoney online tool is designed to make health care savings decisions easier by providing a suggested amount to contribute to their Voya HSA.
“Both employers and their employees are struggling to understand how to handle the projected 40% increase in health care costs over the next eight years in the U.S.,2” said Rob Grubka, president, Voya Employee Benefits. “This has more working Americans turning to their employers for help when it comes to their financial health and wellness goals. To help address this need, Voya launched its suite of health savings and spending accounts in 2019, and we’re now proud to continue advancing our financial wellness offerings in the workplace by introducing the new myHealthMoney digital assistant. This simple, interactive online tool provides employees with a personalized look at their health care expenses and offers suggestions on what to contribute to their Voya HSA — so they can plan for today and save for tomorrow.”
Source: Company Press Release