(effective for terminations from December 1, 2021 onward)
Medical coverage can be a huge concern when you’re considering taking time off from work. But it can be an even bigger worry when you’re getting close to retirement. If you’re age 59½ or older, you’ve worked at Synopsys for at least 7 years (with any breaks in service lasting less than two years), and you’re leaving Synopsys, you can use the Bridge to Medicare plan to extend your health care coverage until you turn 65 or become Medicare-eligible, whichever comes first.
- Once you leave Synopsys, you can transition to COBRA for health insurance.
- If you’ve been enrolled in COBRA for the maximum coverage period of 18 months (with no breaks in coverage) and you’re still not Medicare-eligible when your coverage ends, you can continue coverage under Bridge to Medicare until you become Medicare-eligible. If you’re already eligible for Medicare when your COBRA coverage ends, you’re not eligible for Bridge to Medicare.
- You’ll receive coverage through the Synopsys Health Savings (HS) Basic Plan but at Bridge to Medicare rates.
Your spouse/domestic partner is also eligible for Bridge to Medicare until he/she becomes Medicare-eligible or for up to three years after you become Medicare-eligible, whichever comes first. For more specific eligibility details, check out the Synopsys Bridge to Medicare Plan Overview.
For more information on COBRA or Bridge to Medicare, email Synopsys Benefits.