I understand that if you accept severance over time instead of a lump sum payment, you can keep your medical/dental/vision benefits. Does anyone know if those are going to be the same rates as when I was employed or will it be at the higher COBRA rates? Trying to determine if I should just lump sum it and go on my spouses benefits
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Wouldn't it be nice to keep getting severance for the rest of your life, instead of a year max?
Retirement is Retirement, they are alright with doing that until your death but only will cover a set amount of time for severance.
@kq no not close. The group life has no cash value. You do get a letter about porting /converting at severance end. Thread on this a while back. You should never pay for life through a company you work for.
If I had a million in life insurance thru wells and was laid off and took a severance package? I have that thru my severance period correct?
So when it's over, can I keep that same life insurance albeit,at that point I may have to pay someone else in order to keep it? Is it that simple?
Or take that amount and cash it out convert it somehow and be set for life? (I live a frugal existence so it most likely I'd never spend it all and everyone would end up inheriting it as a gift)
correct about cobra, you pay all of WFs group rate where as an employee or on severance you only pay around 1/4-1/3 of it
On COBRA it is the same rate but I believe you also have to pay the portion that WF currently contributes. So ex: now I pay $280/ pay period and WF contributes $620. I’m pretty sure you’d cover both parts so even though the “rate” is the same you’ll have to cover both parts.
your severance pay check will look just like your regular pay check.
Same rates as employed