Introducing myHealthMoney: An easier, smarter way to make HSA contributions
We get it — making Health Savings Account (HSA) contribution decisions can be confusing for many employees. And the global pandemic has made these decisions even more challenging. According to Voya's proprietary research, 67% of respondents were unsure about their finances while 61% experienced nervousness due to COVID-19.1 With so many factors at play, Americans need help making finance-related decisions, and they often turn to their employer for assistance. To make health care savings decisions easier, Voya has launched the new myHealthMoney HSA digital assistant powered by SAVVI Financial — a leading technology-enabled financial wellness platform.
myHealthMoney takes a personalized approach to each employee’s unique needs and helps them make more informed decisions when choosing how much to contribute to their HSA. This new platform is available to all employees who have a Voya HSA. Let’s take a closer look at myHealthMoney and how it helps employees as well as employers.
Balancing today’s needs with tomorrow’s projected health care cost increase
America is facing a potential retirement crisis, due in large part to the ever-increasing costs of health care. Voya's customer data shows nearly one-third (32%) of retirement plan hardship withdrawals are due to unreimbursed medical expenses.2 It highlights how some working Americans are ill-prepared to pay for unexpected costs not covered by their health insurance plan. This can result in them dipping into retirement savings accounts, which could jeopardize their future financial security — especially when you consider the average couple is estimated to need $296,000 in savings for a 90% chance of covering health care expenses in retirement.3
To help address this need, Voya launched a complete suite of health savings and spending accounts in 2019. Featuring an HSA to be used with high deductible health plans (HDHPs), this suite of solutions is engineered to help employees better handle unexpected health care costs without dipping into their retirement savings. However, many HSA users struggle to understand how much they should contribute to the account. They also face the conundrum over whether they should use HSA funds for today’s health care expenses or pay out of pocket and save their HSA funds for the future —considering health care costs are projected to increase by 40% over the next eight years in the U.S.4
Voya’s new myHealthMoney digital assistant looks to solve this problem by offering tailored HSA contribution recommendations to Voya HSA accountholders. Rob Grubka, president, Voya Employee benefits explains:
“Information is power, and myHealthMoney puts employees in control of helping make informed decisions regarding their health care saving and spending needs. At Voya, we pride ourselves on innovating with a purpose. Our approach to financial wellness is centered around workplace solutions that can help Americans balance between living for today while preparing for the future.”
Smarter tools lead to more informed decisions
The myHealthMoney digital assistant is powered by SAVVI Financial and accessed through each individual employee’s account. This robust financial wellness platform uses innovation and technology to empower employees to make more informed decisions about their Voya HSA. To get started, employees answer a few simple questions about their unique financial situation, including key household, savings, salary, medical costs, and employer information. Once complete, myHealthMoney creates a personalized set of suggestions for how the employee may contribute to their HSA.
Taking it a step further, myHealthMoney also evaluates the employee’s current and projected health care spending, as well as tax savings. This information is used to make recommendations on how the individual should pay for current annual health care expenses (the percentage that should come from their HSA vs. out of pocket). In addition, the online tool takes into account an employee’s expressed retirement goals when assessing their current and future needs. Because life changes are expected, the digital assistant allows employees to return to the tool and reassess their contribution amount when circumstances change. Nate Black, AVP of Health Savings and Spending Accounts expounds:
“Health care decisions are among the most challenging for employees. Not only are these decisions dependent on today’s complex financial situation, but they will also have a long-term impact on other important financial goals — especially retirement. Through our collaboration with SAVVI Financial, the myHealthMoney digital assistant will help Voya HSA customers — including our own employees who have a Voya HSA — gain clarity and confidence in their short-term and long-term health care finance decisions.”
Making complex financial decisions easier with financial wellness innovation
With an aspiration to be America’s Retirement Company®, we realize that the financial demands of today are competing with the financial outcomes of the future. That’s why we are committed to helping your employees achieve financial wellness: the healthy balance of living for today, preparing for tomorrow and feeling confident about the future.
The myHealthMoney digital assistant is the latest addition to Voya’s robust ecosystem of interactive financial wellness tools designed to make complex financial decisions easier for employees. It will complement Voya Learn — Live and On Demand, the Voya Financial Wellness Experience, myOrangeMoney® online, interactive educational experience —that helps users save 27% more for retirement than non-users5— and a host of other tools. At Voya, we remain committed to helping your employees achieve a more secure financial future.
Reach out to your relationship manager to learn more about myHealthMoney or any of our financial wellness tools.
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Started by a team of MIT PhDs with 20+ years of experience in finance, analytics, and robust optimization with a core mission to democratize financial planning and advice, SAVVI Financial LLC is an SEC-registered investment advisor that delivers tax-smart financial guidance using deep quantitative analysis to help customers achieve their financial objectives. For more information, visit "https://www.savvifi.com/" www.savvifi.com.
For all SAVVI press inquiries, please contact: [email protected]
Health Savings and Spending Accounts are accounts offered by Voya Benefits Company, LLC (in New York, doing business as Voya BC, LLC) (collectively, “Voya” and administered by WEX Health, Inc. Investments are not FDIC Insured, are not guaranteed by Voya 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.
Voya is making available to you the HSA Planning Guide software offered by SAVVI Financial, LLC. (“SAVVI”). Voya Financial, the parent company of Voya, and a number of other Voya Financial affiliates, have financial and business relationships with SAVVI which create an incentive for Voya to promote SAVVI’s products and services. You should access and read "https://www.savvifi.com/legal/form-adv" SAVVI’s Firm Brochure. It contains general information about SAVVI’s business, including conflicts of interest.
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.
1 Voya’s proprietary COVID-19 Omnibus Survey
2 VRIAC hardship withdrawal data analysis (July 1, 2018 – June 30, 2019)
3 EBRI Issue Brief, No. 460 (Employee Benefit Research Institute), Oct. 8, 2018
4 “KFF 2018 Employer Healthcare Benefits Survey,” The Kaiser Family Foundation, Oct. 3, 2019
5 Voya internal data, Digital Solutions - data includes retirement plan sponsored business as of 12/31/2018, 7.1% vs 9.0%