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June 09, 2005 at 08:00 PM
WellPoint Inc. has completed previously announced plans to acquire Lumenos Inc., one of the companies that popularized the idea of combining high-deductible health coverage with personal health accounts.[@@]
WellPoint, Indianapolis, a health insurer that provides or administers health coverage for 28 million U.S. residents, paid $185 million in cash for Lumenos.
Lumenos, Alexandria, Va., was founded in 1999 and now generates about $45 million in revenue per year by running health coverage programs that include health reimbursement arrangements, health savings accounts and other types of personal health accounts. Lumenos plans serve about 214,000 members, according to Lumenos.
WellPoint will be keeping the headquarters of Lumenos in Alexandria, and Chip Tooke, the chief executive at Lumenos, will continue to be the unit’s chief executive, WellPoint says.
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