Financial Professionals

Voya’s approach to enterprise ESG (Environmental, Social and Governance)

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Together with our key stakeholders we act with intention to make a meaningful impact. Voya’s long-standing culture of conducting business responsibly and ethically to help all Americans achieve the quality of life they seek today and through retirement is foundational to our environmental, social and governance (ESG) practices and is an integral part of our business focus on financial well-being. We continually strive to support a more sustainable and equitable future for our customers, colleagues and communities.

Compliance Code
CN2013806_0123
Retirement Employee Benefits Investment Management Individuals Employers Financial Professionals Voya Financial Advisors Institutional Investors Corporate Responsibility ESG_670x317.jpg
Business Owner
Matt Stagner
Expiration Date
Short Title
Voya’s approach to enterprise ESG

Susan’s Claims 360 Story

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Susan* passed away instantly in a car accident

Businesswoman using digital tablet at office desk

She was a mother who left two kids behind in their twenties. Since Susan had Group Term Life Insurance, her son filed a death claim.

When the claims examiner, Anna*, reviewed the claim, it really resonated with her. “I lost both my parents around the same age as this son was when he lost his mother. I couldn’t help but relate with what he and his sibling were going through.”

As Anna cross-checked this claim for other coverages, she noticed that Susan also had Accident Insurance offered by Voya, and this coverage included an Accidental Death and Dismemberment (AD&D) Insurance rider.

Anna then alerted our Accident Insurance claims team. They opened, approved and paid a $30,000 AD&D benefit to Susan’s two kids, who were her beneficiaries, without requiring any additional paperwork or claim submission.

a circle that has the words easy, innovative and integrated written on arrows moving around. The words Voya Claims 360 in the middle of the circle.

Susan’s kids received an Accident Insurance AD&D benefit of $30,000 for Susan’s covered, accidental death.

“It’s rough to lose a parent at that stage in life,” Anna said. “When I went through it, I was able to use the money I received to live on my own and go to college. I know firsthand how much of a difference it can make.”

Compliance Code
1761383
Employee Benefits Financial Professionals
Disclosures & Footnotes

*Names changed.

This example is based on an actual 2020 claim that utilized product-to-product claims integration. It is provided for illustrative purposes only. The average Accident Insurance benefit amount paid in 2020 was $1,100.

A complete description of benefits, limitations, exclusions and termination of coverage will be provided in the certificate of insurance and riders. All coverage is subject to the terms and conditions of the group policy. If there is any discrepancy between this document and the group policy documents, the policy documents will govern.

Insurance products are issued by ReliaStar Life Insurance Company (Minneapolis, MN) and ReliaStar Life Insurance Company of New York (Woodbury, NY). Within the State of New York, only ReliaStar Life Insurance Company of New York is admitted, and its products issued. Both are members of the Voya® family of companies. Voya Employee Benefits is a division of both companies. Product availability and specific provisions may vary by state and employer’s plan.

Business Owner
Blake Renaud
Expiration Date

Voya & No Barriers are committed to family caregivers: find resources and donate

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Caregivers dedicate much of their lives supporting their loved ones — often putting the needs of others before their own. Voya and No Barriers, a nonprofit that provides immersive virtual and in-person community events for family caregivers, are committed to encouraging and empowering caregivers.

Compliance Code
CN1792902_0823
Retirement Individuals Employers Financial Professionals
Disclosures & Footnotes

The information being provided is strictly as a courtesy. When you link to any of the web sites provided here, you are leaving this web site. We make no representation as to the completeness or accuracy of information provided at these web sites. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, web sites, information and programs made available through this web site. When you access one of these web sites, you are leaving our web site and assume total responsibility and risk for your use of the web sites you are linking to.

 

No Barriers' Family Caregiver Program is not affiliated with the Voya ® family of companies.

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Business Owner
Mathew Stagner
Expiration Date
Short Title
Voya Cares® commits to caregivers: find resources and donate

America’s new retirement reality: Infographics

Member for

1 year 11 months
Submitted by Matt Stagner on Wed, 07/07/2021 - 13:11

Sandwich Caregivers and Career Extenders are unique in the challenges that they face when planning for their future health and wealth, and the Voya Cares® program is positioned to lead the conversation addressing these challenges.

To learn more, visit voyacares.com/newretirement

graphic showing the number of Americans age 65 and older is growing from 56.4 million in 2020, 82.3 million in 2040, and 98.2 million in 2060. Then, the average age of the workforce is growing, with 10.6 million adults 65 and older working or actively looking for work
graphic showing that 4 million workers  age 55 to 70 were expected to be forced into retirement due to the COVID-19 pandemic. Also shows 40% of workers age 65 or older had previously retired
Graphic showing 7 out of 10 baby boomers will require long-term care in their lifetimes. A relatively small number (1.2 million) of people (age 65 and over)  lived in nursing homes in 2017
Graphic showing there are less family caregivers to provide care. 47 million people in the US need care, 17 million people are able to provide care. this is the lowest ratio ever reported. Also shows that many are caring for more than one person, 11 million sandwich caregivers provide care for an adult while also caring for children in their home
Graphic showing the Cost of professional caregiving is increasing the need for family caregivers.  $19,240 for adult day care, $51,600 for assisted living, $53,768 for health care aide, $54,912 for homemaker services, $93,075 for semi-private room and $105,850 for private room nursing home care

Download your copy (PDF)

Subtitle
Key statistics for career extenders and sandwich caregivers
Compliance Code
CN1701873_07023
Business Owner
Mathew Stagner
Expiration Date
woman smiling with graphics in the background
Individuals Employers Financial Professionals Retirement

This material is provided for general and educational purposes only; it is not intended to provide tax or investment advice and is not intended to be used to avoid tax penalties. All investments are subject to risk. Neither Voya® nor its affiliated companies or representatives provide tax or legal advice. Please consult a tax adviser or attorney before making a tax related investment/insurance decision.

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

Short Title
America’s new retirement reality: Infographics

Checklists for sandwich caregivers and career extenders

Member for

1 year 11 months
Submitted by Matt Stagner on Mon, 06/28/2021 - 16:42

Emerging demographic trends are causing two particular groups to grow — Sandwich Caregivers and Career Extenders. Voya Cares examines how their futures are being impacted, and most importantly, provides easy-to-follow checklists to help them prepare for a secure financial future.

“Sandwich Caregivers” provide unpaid care to an adult while also caring for children living in their home. As of 2019, there were 11 million of them or 28% of all caregivers**.

"Career Extenders" are working longer because they either enjoy the stimulation that their careers provide or do not have the resources to retire. Nearly 20% of Americans over age 65 — a total of 10.6 million people — are either working or looking for work, representing a 57-year high.+

If you or your loved ones fit into either of these groups, be sure to cover these five important areas, as you go through the process of creating a holistic plan:

  • Health care: Include the cost of health care and long-term care in your holistic plan.
  • Family dynamics: Manage the often complex relationships, including enlisting the support of family members for future plans.
  • Housing: Make decisions about what housing may look like for you and your loved ones.
  • Employment: Get the most out of your career, including maximizing employee benefits, salary, retirement savings and wealth accumulation.
  • Wealth: Build resources to meet your financial goals, your loved ones’ needs, and your own future care needs.

Download your copy of our checklists below to see what steps you can take today.

Checklist for Career Extenders (PDF)

Checklist for Sandwich Caregivers (PDF)

Subtitle
If your version of retirement includes caring for multiple generations or working longer, here are some considerations to include in your plans
Compliance Code
CN1720065_0723
Business Owner
Mathew Stagner
Expiration Date
grandfather, daughter and grandson on a swing smiling
Individuals Employers Financial Professionals Retirement

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

CN1720065_0723

**“Burning the Candle at Both Ends: Sandwich Generation Caregiving in the U.S.”, The National Alliance for Caregiving (NAC), November 2019.

+According to the Census Bureau and Bureau of Labor Statistics (BLS), analyzed by investment and financial-planning firm United Income and reported in Business Insider, April 29, 2019: Loudenback, Tanza. “One-fifth of older Americans are working past 'retirement age’, and it’s not because they can’t afford to retire.”

Short Title
Checklists for sandwich caregivers and career extenders

Health care coverage options in retirement: private vs. public programs

Member for

1 year 11 months
Submitted by Matt Stagner on Wed, 06/16/2021 - 13:39

More than 1 in 5 Americans (21.3 percent) are caregivers, having provided care to an adult or child with special needs.*

If you are one of the tens-of-millions of Americans who cares for a loved one with disabilities or special needs, the impact of medical bills can be unexpected and overwhelming. It can also have huge ramifications on your own ability to prepare for retirement. That’s why selecting the best health care insurance coverage for you and your family is vitally important.

Everyone’s situation is a little different, but the decisions around health care coverage should be a central part of your retirement and special needs plans, so it’s important to know your options. In general, health insurance coverage can be from a private insurance company, via your employer or the health care marketplace OR via a public program like Medicare or Medicaid.

Employer or private coverage

While employed full-time, you may have coverage as a benefit through your employer. Many employees also will have options for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) as savings options to help cover the cost of out-of-pocket expenses.

If you leave employment, you may have Consolidated Omnibus Budget Reconciliation Act (COBRA) coverage for a limited time. Families who lose coverage due to a work transition have the right to continue their employer coverage for a limited period of time, but they may be required to pay the entire cost of that coverage.

You may also have an employer that offers retiree health coverage that’s company-paid, or at a discounted rate. Some retirees may have Medical Savings Account (MSA) plans that combine high-deductible plans with tax-advantaged accounts to help offset costs.

Many who don’t have employer-provided coverage can purchase it through HealthCare.gov. The health insurance marketplace allows individuals and small businesses to compare and purchase from a variety of available plans in their state. By using the marketplace, you may also get an income-based subsidy to cover all or a part of your premium cost.

Public programs

Medicare

Medicare is a federal health insurance program for people who are 65 and older and those with disabilities, as well as with End-Stage Renal Disease. Since Medicare is a federal program, the eligibility requirements are the same, regardless of your state of residence. Medicare coverages include:

  • Medicare (Part A) hospital insurance offers basic coverage for hospital stays, post hospital nursing facility and home health care.
  • Medicare (Part B) medical insurance pays basic doctor visit and laboratory costs. It also covers some outpatient medical services, such as home health care, medical supplies and equipment as well as the cost of prescription medications.
  • Medicare Advantage (Part C) plans are a type of plan offered by a private company contracted through Medicare to provide participants with their Part A and Part B coverage.
  • Medicare (Part D) prescription coverage offers and pays some cost of prescription medications.

Medicare eligibility:

In order to qualify for Medicare, you or your loved one must meet the following criteria:

  • Age 65 or older
  • Under age 65 and receiving Social Security Disability Insurance (SSDI) for more than 24 months
  • Under age 65 with end-stage renal disease

One common misconception: Medicare pays for long-term care facilities or help with the “activities of daily living” for those aging in the home. In fact, there is only a very limited amount of coverage for skilled nursing within the first 100 days of care, and no coverage under Medicare for “custodial care” or “long-term care” which primarily include the activities of daily living and other personal needs that are not considered medical care.

Medicaid

Administered by the states, Medicaid is a federal-and-state-funded assistance program for low-income individuals, those with disabilities and special needs as well as people over age 65 and on Medicare. This needs-based assistance program provides vital health coverages for people with disabilities and special needs, including, but not limited to, the following:

  • Physician service payments
  • Outpatient and inpatient hospital services
  • Medical, dental and surgical services
  • Family planning services and supplies
  • Nursing facility (NF) services for people 21 and older
  • X-rays and laboratory services
  • Pediatric services
  • Federally-qualified ambulatory and health center services covered under the state plan

Medicaid eligibility

In order to qualify for Medicaid, you or your loved one must meet the following criteria:

  • Financial:
  • Have a disability or blindness
  • Residency in the state in which they’re receiving Medicaid

Other public programs

Children's Health Insurance Program (CHIP): a state-administered program that provides health insurance coverage to eligible children who don’t qualify for Medicaid due to their family’s income, but can’t afford private coverage.

Programs that help with the cost of Medicare: There are a variety of programs including PACE, Extra Help, and Medicare Savings that can help lower-income individuals cover the premiums and out-of-pocket expenses including prescriptions.

Subtitle
Decisions around health care coverage should be a central part of your plans, so it’s important to know your options.
Compliance Code
CN1702008_0623
Business Owner
Mathew Stagner
Expiration Date
Individuals Employers Financial Professionals Retirement

*Caregiving in the U.S.: 2020 Report. AARP and National Alliance for Caregivers, May 2020

**Caregiver Statistics: Demographics, Family Caregiver Alliance, April 17, 2019.

Short Title
Health care coverage options: private vs. public programs

Housing options for different levels of care needs

Member for

1 year 11 months
Submitted by Matt Stagner on Wed, 06/16/2021 - 13:01

Part of creating a lifetime of care includes anticipating and planning for both short- and long-term housing solutions for you and your loved one, as care needs change over time. Generally as we age, the amount of care needed increases, and so does the cost of providing housing that will meet those needs.

Staying in your home

Most people would prefer to stay in their own home as they age. The sense of independence, comfort and familiarity — as well as the cost of in-facility care — are powerful drivers of the decision-making process. If you’re a caregiver of a family member who prefers to stay in their own home, or if you feel that in-home care will be the best option for you as you age, it’s important to balance the wish for independence and familiarity with the space and assistance needed to be healthy and safe.

Modifications for multiple generations:

Increasingly, Americans are “sandwiched” between caring for an adult loved one while also caring for children in their homes. Eleven million caregivers — or 28% of all caregivers — are Sandwich Caregivers** who may be living with multiple generations in their home. This living arrangement may require a rethinking of living spaces, requiring wider doorways or ramps for accessibility. If space allows, an aging loved one may want to have their own “apartment” within the home or you may choose to move to a different home that can better suit your family’s needs. Whatever works best for your family, there is likely a substantial cost to these changes, and it’s important to plan ahead for them.

In-home care and support:

Older individuals or individuals with disabilities who live at home may require some assistance with daily tasks, transportation, or medical needs. Hiring a service that can send an in-home professional on a regular basis may be a viable way to help you provide needed care or your loved one to continue living on their own. These services can be paid for out-of-pocket from savings or other personal assets, through long-term care policies or potentially with a government program like Medicare or Medicaid.

Adult day care:

Adult day care centers are designed to provide care and companionship for seniors who live at home and need assistance or supervision during the day. The program offers relief to family members or caregivers and allows them the freedom to go to work, handle personal business or respite knowing their loved one is well-cared-for and safe.* The daily cost of adult day care, when added to in-home care services, will increase the overall cost of care.

Assisted living facilities, group residential homes and continuing care retirement communities

Many people with special needs or disabilities are best suited to live in more supportive group homes or assisted living communities where help with activities of daily living — housekeeping, meal preparation, grooming or dressing — is always nearby but with minimal monitoring. These options also may allow for better recreational and social options for some individuals, but as the level of care increases, so does the cost of providing these housing options.

Skilled nursing facility

Individuals who require around-the-clock care assistance, and at-home care isn’t feasible, may be best suited for a skilled nursing facility. With skilled nursing facilities, your loved one will have constant supervision and care. Skilled nursing care facilities provide procedures that must be done by a licensed professional, such as tracheotomy, wound or catheter care, dialysis, chemotherapy and more complex medication regimes. This level of care is nearer the expensive end of the spectrum. However, in many instances, those with limited assets may qualify for basic skilled nursing facility assistance through Medicaid.

In-patient hospital and hospice care

On the highest-level end of the care spectrum, hospitalization treats disease or severe episodes of illness for a short period of time. Hospices provide support for the final phase of a terminal illness, generally when life expectancy is six months or less. It focus on comfort and quality of life, rather than a cure. Also the most expensive level of care, it generally is covered by Medicare.

Managing the cost of housing

Retirement planning: A long-term plan structured to last through retirement must include consideration of housing costs, as the level of care increases over time. But careful planning may not be able to make limited personal assets cover the high costs of care. Even high-net-worth retirees may not have the resources to pay for the high cost of care through to end of life, and alternative resources may be needed.

Long-term care insurance: A long-term care insurance policy provides an individual with the assistance they may require as a result of the general effects of aging. Primarily, though, long-term care insurance is designed to help pay for the costs of custodial and personal care, versus strictly medical care. Note, however, that LTC insurance needs to be purchased ideally beginning in your 50s, but could be purchased up to age 65, if you are in good health. If you wait too long to purchase coverage, it may be too late. Many applicants may not qualify if they already have a chronic illness or disability.

Medicaid: Medicaid provides healthcare coverage for low-income aging Americans, including long-term care services that Medicare does not pay for, including senior housing for qualified individuals. Special Medicaid-funded programs cover in-home and long-term personal care. In some states, these programs can pay for a portion of the costs of assisted living.

Section 8: A Section 8 voucher may allow your loved one with limited means to live independently in a community. This housing option subsidizes rent based on a sliding scale that considers family size and income. Your loved one may be eligible for a rental certificate or voucher in conjunction with a designated housing allocation plan approved by Housing and Urban Development (HUD).

Determining the level of care that you or your loved one may require is a vital part of retirement planning, especially estimating the potential cost and how to manage it. Cost, however, is not the only consideration in determining future housing needs; also consider location, quality of staff and safety to ensure that the highest quality is life is maintained through retirement.

Compliance Code
CN1687547_0623
Business Owner
Mathew Stagner
Expiration Date
Home caregiver explaining paperwork to senior man eating breakfast at dining table
Individuals Employers Financial Professionals Retirement

This material is provided for general and educational purposes only; it is not intended to provide legal, tax, or investment advice. All investments are subject to risk. Please consult an independent legal or financial advisor for specific advice about your individual situation.

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

*”Levels of care.” The Caregiver Foundation. https://thecaregiverfoundation.org/learn-more/caregiving/how-to-plan-ahead-for-long-term-care/levels-of-care

**“Burning the Candle at Both Ends: Sandwich Generation Caregiving in the U.S.”, The National Alliance for Caregiving (NAC), November 2019.

Short Title
Housing options for different levels of care needs
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