After two months expire, do we get one lump sum check for severance?
Also, does Cisco pay Cobra or are we on our own?
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You can have cobra over 65 but it only pays after Medicare does- ie it’s secondary insurance. This Is not a choice.
U can have cobra regardless of age. At 65 you can opt for Medicare. That is why Cisco offers early retirement medical benefits from age 50-65. Cobra is up to 36 months.
Important to realize if you're over 60-- COBRA will NOT cover you directly, Medicare becomes primary. And most 60 yr olds haven't registered yet because they have been covered by Cisco's plan.
Interesting fact #2-- Cisco's health plans are actually NOT defined as insurance plans because they self-insure. Not typically an issue, but can be-- for example if you are raising an issue with your state health commissioner's office.
Fyi. After your exit date in November, you can apply for unemployment in California and I assume the other states.
Edit: Yes, severance is one lump sum check.
Severance is paid within one week of exit date.
COBRA is paid directly to you and can be spent how you wish (COBRA, ACA, a cruise, etc).