HIP Health Plan of New York agreed to acquire health savings account provider PerfectHealth Insurance Co., New York, in an effort to expand HIP's presence in the local market for consumer-driven healthcare. Terms of the deal were not disclosed. PerfectHealth was founded in July 2003, when a group of private investors acquired the former New York health and life insurance subsidiary of Anthem, now known as WellPoint. The company now serves about 1,000 small-group clients in the New York market. Not-for-profit HIP, New York City's largest HMO with 1.4 million members, joins a growing list of health insurers, including WellPoint and UnitedHealth Group, to acquire health savings account vendors in recent months. PerfectHealth would be HIP's second acquisition this year, following its purchase of 245,000-member HMO ConnectiCare, Farmington, Conn., for $350 million in March. The deal requires regulatory approval. -- by Laura B. Benko
N.Y. insurer to buy health savings account vendor
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