HIP Health Plan of New York has entered into an acquisition agreement with PerfectHealth Insurance Company, a provider of high deductible health insurance policies in the New York market.

HIP, a regional health plan with a customer base of over 1.4 million members, said the purchase of PerfectHealth recognizes the growing interest in consumer-directed health care options.

The company added that the acquisition will expand the scope of HIP’s recently launched consumer-directed health care product, myFund, through the provision of Health Reimbursement Account (HRA) and Health Savings Account (HSA) offerings.

Daniel McGowan, president and COO of HIP, noted, Increasingly, consumers wish to be involved in the decisions that affect their health care. This fact, coupled with the access consumers now have to health care information through the Internet and from other sources, is driving their awareness about their health care options. With the acquisition of PerfectHealth, which has extensive knowledge of HSAs in our market, HIP expects to be able to meet the needs of employers and employees wishing to purchase higher-deductible, lower-premium products coupled with HSAs.