HIP Health Plan of New York has received permission from state regulators to acquire PerfectHealth Insurance Company.

HIP is a managed care company that provides or administers health coverage for 1.4 million individuals in the New York City area.

PerfectHealth, New York, has developed high-deductible, health savings account-compatible health insurance policies for the New York market.

HIP set up a health reimbursement arrangement program in January 2005, and the PerfectHealth acquisition should help it enter the HSA market, HIP says.