Short answer: No. Coverage dropped because of service must be reinstated on reemployment with no new waiting period or exclusion, except for illnesses or injuries the VA determines were incurred or aggravated in service.
If coverage for the employee or a dependent ended because of military service, the plan must reinstate it when the employee is reemployed. No exclusion or waiting period may be imposed if one would not have applied had coverage not ended. This also protects family members covered through the reinstatement.
The one exception: a plan may impose an exclusion or waiting period for an illness or injury that the Secretary of Veterans Affairs (or a VA representative) determines was incurred in, or aggravated during, service. Only the VA can make that determination, and everything else, including all dependent coverage, must be reinstated normally.
The employer must reinstate coverage upon request at reemployment. It may, but does not have to, let the employee delay reinstatement to a later date.