Any advice in how benefits work is much appreciated.
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After you are laid off. How do you get your pension and 401(k)?
Hopefully your medical covers tourniquets.
Can you check your total compensation to see what they say your medical insurance is worth? I don't remember it being worth nearly what they say I'd owe for cobra.
In the US (not clear if you are since you said severed), medical and HSA continues through your SUB. 401K contributions stop, so if you think you are going to be let go, max out your 401K.
@1efh - Yes, medical (and dental if you signed up for it) is taken from your monthly SUB pay for the entire time you are eligible for SUB. It's only after your SUB is exhausted that you would need to use COBRA or find some alternative in the health care market. And don't forget you are eligible for state Unemployment while also collecting SUB! I was terminated (not for cause, but for having a manager who was threatened that I knew more than he did) and collected my 52 weeks of SUB and 26 weeks of UC. Good luck!
Thanks for the responses. I will be receiving the max 52 weeks (here 28 years). I am hoping that medical is covered the entire period.
Anyone with knowledge of that, please post a response.
Greatly appreciated.
Do you continue to get Medical Insurance until separation package ends or its capped to 12 weeks ? Are you eligible to get unemployment benefits while on separation package ?
2 weeks pay per year for “severance”.
Make sure you can get back into your 401k when you are made to be external from the company.
Good luck to what you do next.
@unc 12 weeks? So are they capping or were you not with the company long if you don't mind me asking.
I got a 12-week separation package in the Fall of 2023 which just continued my salary and benefits normally during that time. After the 12 weeks, I got COBRA. I pay $670/month now for COBRA (NY State). Good luck to you!