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View More Press Releases by Voya Financial
Press release:
Voya Financial Launches Suite of Voya Health Savings and Spending Accounts |
Issued by: Voya Financial Date: Jan. 24, 2019 |
MINNEAPOLIS, January 24, 2019 -- Voya Financial, Inc. (NYSE: VOYA), announced today the launch of its new suite of Voya Health Savings and Spending Account solutions/1/ as optional benefits for employers to offer their employees at the workplace. The suite of solutions will initially include the following tax-advantaged/2/ 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:
"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. About Voya Financial® /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. BL:hh |
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