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New York Life (New York) has announced the launch of a new portfolio of voluntary benefits, aimed at enhancing employees’ financial security. The benefits include accident, critical illness, and hospital indemnity insurance and will be available to employers through New York Life Group Benefit Solutions (NYL GBS), according to a New York Life statement.
As healthcare costs continue to rise and companies shift towards health plans that require more cost-sharing, employees face financial risks from unexpected health issues and out-of-pocket medical expenses. New York Life says its voluntary benefits are designed to mitigate these challenges, offering employee-centric, tailored plans that cover more medical conditions and treatments while reducing administrative complexity for employers.
“Recognizing that many employees may not anticipate all costs related to health issues, our benefits are specifically crafted to bridge gaps in medical coverage and even address additional expenses associated with receiving care,” comments Scott Berlin, SVP, Group Insurance, New York Life. “Our aim is to ensure employees derive the utmost value from these benefits, fostering both better health and greater financial security. These solutions have been designed to be used, not forgotten.”
New York Life says that its new voluntary benefit offerings from enable a more seamless connected benefits experience. The company says they are aligned with medical plans and feature an easy, automated claims process when paired with other NYL GBS coverages.
Covering a Range of Health-Related Costs
Beyond covering direct medical expenses, New York Life’s voluntary benefits also cover a range of health-related costs. These include travel, lodging, and care for dependents and pets, ensuring comprehensive and flexible support for employee’s unique needs. Many of these benefits are paid in a single lump sum payment that employees can use any way that they want, including to cover day-to-day living expenses.
In support of this launch, NYL GBS reports that it conducted research into employee sentiment and the current healthcare landscape. The company says these findings, which will be released in early 2024, shed light on how employees engage with healthcare benefits.