I was laid off last month and my former employer will pay for COBRA premiums through the end of the year. I have also already reached my out of pocket limit so all medical expenses will now be paid 100%. I haven't received the COBRA election info yet.

I have started a new job and have the option to get group health insurance without preexisting condition exclusions if I enroll in the next week. But it has a $500 deductible, high co-pays, and I will have to pay the monthly premium.

I'd like to elect COBRA coverage, then go on the new employer's plan Jan 1 2009. I've researched US DOL and other websites and every COBRA faq says that you can't keep COBRA if you become covered by a new group plan with equivalent coverage. They don't say anything about losing COBRA if you just have an option to obtain new group insurance. Any comments?