I had kind of a crazy idea for my wife's and my health insurance and am interested in some feedback.
My wife and I (both about to turn 33 years old) have been married for two years, and during that time she has been on my PPO health insurance (total premium is
$3492.48). My work offers a PPO or an HDHP. Even though we're both generally healthy, I've been reluctant to sign up for the HDHP because the employer contribution was low and I felt like the slight upside was not enough to take the risk of a huge potential deductible if something happened.
But my wife is starting a new job that has really nice health benefits. They offer an HDHP plan, but also this really interesting thing called Nonstop Wellness, in which the employer covers all out-of-pocket costs (including co-pay, deductible, and insurance) through a thing called a Health Reimbursement Account (I posted about it here:
https://forum.mrmoneymustache.com/welcome-to-the-forum/nonstop-wellness-health-insurance-am-i-missing-something/msg2504412/#msg2504412). Because of the HRA, they don't provide access to an HSA.
The idea that I had, was signing both of us up for her HDHP, but then also signing myself up for my HDHP, which would give me access to an HSA (and my employer's contribution). Additionally, my employer this year has doubled the amount of money they are contributing to the HSA. Here are the numbers:
1) If we enrolled both of us in her HDHP, it'd cost us
$2,859.96 for the year, with no out-of-pocket costs.
2) If we each enrolled in our own plans separately, it'd cost her $910.08 for her (HDHP) + $1397.04 for me (PPO), for a total of
$2,307.12, plus any out of pocket costs I may have (which, fingers crossed, should be minimal)
3) If we enrolled both of us in her HDHP, plus I signed up for my HDHP (to get an HSA), it'd cost $2,859.96 (her HDHP) + $826.32 (my HDHP), but my employer would contribute $1,000 to the HSA. So the net cost would be
$2,686.28. In this scenario, since I am also enrolled in her HDHP, I would also be ensured of no out-of-pocket costs through the HRA. I would also have an HSA that I could contribute more money to if I wanted to (it'd be some, but not a lot, as we live in a HCOL area with modest non-profit salaries).
Does this seem reasonable? Make sense? I assume I can be double-insured, right? What are people's thoughts?