Voya Financial has introduced a new supplemental health insurance solution called Voya Protect to provide coverage for a wide range of medical conditions.  

The offering, powered by insurance technology company Ansel Health, aims to simplify the claims process for employees and administration for employers. 

Voya Protect pays out for more than 13,000 conditions that are classified by the ICD-10 diagnostic codes.  

The coverage spans three categories: moderate, severe and catastrophic, offering protection for conditions ranging from fractures to life-threatening events such as strokes or heart attacks.  

Voya noted that the plan has no pre-existing condition limitations or exclusions and does not require medical underwriting. 

The claims process for Voya Protect is designed to be straightforward. Employees can file a claim online or through a dedicated app.  

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Once approved, benefit payments are typically issued within 72 hours, the insurer added.  

These payments, whose amounts are determined by the employer within approved plan ranges, can be used for any financial need including household bills or medical expenses such as co-pays and deductibles. 

For employers, Voya Protect is said to offer a streamlined administration experience with self-administered billing and a single certificate for employee distribution.  

Voya’s system can also automatically process claims through integration with medical claims data, potentially capturing claims that employees might miss. 

Additionally, Voya Protect is designed to be compatible with health savings accounts.  

Employers have the option to add extra benefits to their base plan, including coverage for mental health conditions such as anxiety, bipolar disorder and major depressive disorder, addressing a critical aspect of employee well-being. 

Voya Financial health solutions product vice-president Nate Black said: “As we continue to invest and enhance our solutions at Voya, we are excited to introduce Voya Protect to our comprehensive portfolio offering, providing individuals the option of one comprehensive solution to pay benefits for more than 13,000 covered conditions and through a more simplified claims experience.” 

Ansel Health vice-president of sales Kim Heald said: “We are excited to be working together with Voya to help make health hardships less of a financial burden for Americans today by offering benefits that help minimise the financial impact that can come with out-of-pocket medical costs.” 

Last year, Voya acquired Benefitfocus for $570m to bolster its cloud-based benefits administration capabilities for brokers and consulting companies in the health and benefits industry.