Yes, I know this is likely in the handbook somewhere -- maybe, a lot of stuff on this is not clear sometimes. But for you retirement age folks that got laid off, do you end up as being a retiree and able to use health insurance as a retiree after being laid off?
Clearly 401k, cash balance, RSRs etc. are all yours after you leave.
I was displaced last fall and was also retirement eligible. The displacement support group advised that on the business day after my final working day I should call them to officially change my status from "displaced" to "retired." According to them, if you don't proactively request the status change, it doesn't happen. Not sure if that's true for everyone, but it was for me. With retired status you are indeed eligible for retiree health care plans but I think you will find they are not cost-effective. You will also receive a link to a catalog for selecting a retirement gift and (if you want it; I didn't) an official plaque commemorating your years of service.
You obviously haven't seen how much the insurance will cost you thru WF... Ridiculous premiums.
When I was laid off, at the end of my severance period I was automatically retired from WF. I was legacy Wachovia and had the numbers of years+age to qualify. I did not have to do anything for that at that time.
if you currently qualify for retirement from WF you can put in the paperwork and you'll get some level of health benefits, but likely at or around what cobra costs. If you have already been laid off then you won't be able to get reclassified as retired, it is a separate type of termination. I'd personally take the severance and then after that runs out, if I have no other cheaper choice would do 18mo of cobra although I've found that in my state their insurance marketplace usually has comparable plans to WF for less money.
@a5+1jt8mv0ed
OP wasn't asking that.
55- 401k. No SS No Medicare
62- 401k, IRA, least SS, No Medicare
65- 401k, IRA, more SS Medicare
70- 401k, IRA, max SS, Medicare
You decide :)