COBRA subsidy - income limit

[Guest Linda B]

I can't understand why any employee would execute the permanent waiver of the COBRA subsidy...am I missing something regarding what is added back to his AGI if over $290,000? Isn't it just the value of the subsidy? So for Employee who gets a decent severance package paid in 2009 which may put his income over the $290,000, but 2010 income could be drastically reduced due to no employment, is the scenario 1) gets hit for subsidy on 2009 taxes and 2) can then receive subsidy with no hit in 2010 if income stays below $250,000 (without waiver)...

Why chance elimination of the subsidy for 2010...what "penalty" remains without a waiver?????

Help, I'm confused!