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Observations on the New COBRA Provisions; Certain Clarifications Needed, and Effects on Plan Design
George L. Chimento, Davis, Malm & D'Agostine, P.C. 
[Guidance Overview] Feb. 25, 2009
Excerpt: The law specifically requires that the individual (or a person other than the employer of the severed employee) pay 35% to get the 65% credit. What if a severance arrangement includes an employer subsidy for COBRA? It would be pretty stupid for an employer to pay money that could have been paid by the government. Renegotiation of subsidized severance arrangements, possibly with a taxable cash-out or a deferral of the subsidy to 2010, may make sense for arrangements in effect now.
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