Health & Wealth

Health & wealth in harmon(e)y

Helping you differentiate your business and maximize client outcomes with a customizable offering that simplifies health and wealth benefits

Retirement outcomes often depend on the interconnected health and wealth decisions of today

The interrelated financial decisions of today can impact the financial outcomes of the future. Overspending on a health insurance can make it harder for individuals to save for emergencies. Not saving enough for emergencies can expose them to financial shocks and expensive debt, which can lead them to cash out their retirement savings. Not saving for retirement can diminish their quality of life down the road and/or delay employee retirements for employers. 
 

 

Unexpected medical expenses are the #1 reason for hardship withdrawals from a retirement plan1

Health care costs are rising 2x as fast as incomes2

Graphic representing 67%.

67% of bankruptcies are caused by medical expenses3

Complicated benefits decisions in an overstimulated world

Optimal savings and spending decisions are all about tradeoffs. Individuals need an ability to consider their complete financial picture — while understanding how one decision impacts another — to determine what choices are best today and in the future. Attention scarcity and our natural decision-making biases make it difficult for individuals to navigate their increasingly complex financial lives.

More choice means more complexity
Visual representation of 17 benefits decision.

17 benefits to make decisions on during open enrollment4

Attention to benefit vs. streaming television
Visual representation showing 18 hours vs. 45 hours.

18 minutes electing annual benefitsvs. 45 hours of choosing what TV shows to stream per year6

“Narrow framing” tendency
Binoculars icon

Can lead people to focus on just a narrow slice of their overall picture7

Bringing innovative health and wealth solutions together to help demonstrate value with your clients

Our configurable financial wellness offering and integrated digital experiences bring health and wealth solutions together to help optimize benefits spend, simplify administration and provide participants with a more holistic view of their finances. We are so committed to working with you to maximize client outcomes that we will also integrate with existing solutions that are serving you well.

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Products and services offered through the Voya® family of companies.

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Dr. Benartzi receives compensation for his services pursuant to a retainer agreement with Voya Services Company, a wholly-owned subsidiary of Voya Financial.

1 Voya Internal Data for 12 month period ending 6/30/2019.

2 Based on 2018 data from the U.S. Agency for Healthcare Research and Quality’s Medical Expenditure Survey.

3 American Journal of Public Health, Medical Bankruptcy: Still Common Despite the Affordable Care Act, 2019.

4 Number of benefits decisions in our experience, and it will depend on employer offering. This is for illustration purposes only, not based on data.

5 HR Dive, On average, employees spend 18 minutes enrolling in benefits, May 2019

6 Vox Newsletter 11.2019

7 Voya's Financial Wellness meets Behavioral Economics paper, 2021.

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