You need to consult with an experienced employment lawyer to review the settlement agreement. It may just require the company to pay its part of the premium and leave you responsible for your part, assuming that you contributed something to the premium while employed.
A response to a question posted on Avvo is not intended to create an attorney-client relationship. It is informational only. Allan E. Richardson, Esq. firstname.lastname@example.org Richardson, Galella & Austermuhl 142 Emerson ST., Woodbury, NJ 08096 856-579-7045.