Yup. Did it. I'm so fortunate to have been able to afford it, and it's been awesome. When my first child was born, I dropped down to 3 days a week, at 60% pay/vesting/etc., but full medical (Google was awesome about it). After a few years, I moved to a new position that I felt really passionate about (Makani at Google[x]), and went up to 4 days a week to make that possible. After a few years there and the birth of an…
How does that work? Do u have to build a large reputation in that company so that they let you do whatever you want? Or do you apply for these 2 days a week jobs that offer medical and all that?
It was company policy that if you worked at least 50% time, you got full medical. They had standard procedures and forms for it, but still, it was pretty rare. You needed approval up to VP level IIRC. My boss was a director, so that took care of two levels of approval to start with, and his boss [who didn't know me well] trusted his opinion, so it was approved pretty fast, on a see-how-it-goes basis. It went well, so I stayed at 60% for about 3 years, before deciding I wanted to move on.
I don't know how you'd get a job at Google at that duty cycle from the outside; I did hear of one person coming in at 80%, but it's got to be a hard sell.
The 40% job I'm working now was a pretty special case in a number of ways. I was already an adviser of the company before working there. I then started working at 40% for stock and minimum wage, since I didn't need paying for a while and they couldn't afford me at the time anyway. When I'd vested out the stock, just as my COBRA ran out, we negotiated that my salary would go up to maintain the same total comp, but then down by 60% of the cost of medical, and they'd cover the other 40%. You can do these things at small startups; everything's negotiable. At a big company, it's going to be a lot less flexible.