Fly,
You should be covered from day 1 at swa and if memory serves you have 30 days to elect which plan you want. The best source of info is the swapa benefits people, NOT the company benefits dept.
If you elect no medical (use wife's ins. or tricare for mil) you will get a $50 kickback per month.
The premiums have been rising to the point that for most people, the choice plan you referenced is no longer the best for most pilots. Take a hard look at the regular plan! The health savings plan HSP is also a good choice but with a very high max out of pocket probably is better suited to guys in the left seat who can afford a bit more risk.