NEW YORK--(BUSINESS WIRE)--New York Life today announced the launch of a new portfolio of voluntary benefits, aimed at enhancing employees' financial security. These benefits include accident, critical illness, and hospital indemnity insurance and will be available to employers through New York Life Group Benefit Solutions (NYL GBS).
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's 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. Our aim is to ensure employees derive the utmost value from these benefits, fostering both better health and greater financial security,” said Scott Berlin, Senior Vice President of New York Life’s Group Insurance Businesses. “These solutions have been designed to be used, not forgotten.”
The new voluntary benefit offerings from New York Life enable a more seamless connected benefits experience. They are aligned with medical plans and feature an easy, automated claims process when paired with other NYL GBS coverages.
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 the employee can use any way that they want, including to cover day-to-day living expenses.
In support of this launch, NYL GBS conducted research into employee sentiment and the current healthcare landscape. These findings shed light on how employees engage with healthcare benefits and survey results will be released in early 2024.
For further details about these new offerings, please visit New York Life GBS Voluntary Benefits.
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States1 and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies2.
Product availability may vary by state and is subject to change. Voluntary benefit products are not available in New York.
Accident insurance, critical illness insurance, and hospital indemnity insurance are limited benefit policies. Accident insurance pays benefits for accidents only. These products are not health care insurance and do not satisfy the requirement of minimum essential coverage under the Affordable Care Act. New York Life Group Benefit Solutions Accident insurance, Critical Illness insurance, and Hospital Indemnity insurance are underwritten by New York Life Insurance and Annuity Corporation, a subsidiary of New York Life Insurance Company. Policy provisions and product availability may vary by state. Policy forms: Accident: GBS-AI-1000.00; Critical illness: GBS-CI-1000.00; Hospital indemnity: GBS-HI-1000.00.
1 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/2023. For methodology, please see https://fortune.com/fortune500/.
2Individual independent rating agency commentary as of 10/19/2023: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
