§ 4624 — Continuing care retirement communities making assurances regarding long term care

§ 4624. Continuing care retirement communities making assurances\nregarding long term care. 1. Nothing in this article shall obligate a\ncontinuing care retirement community to offer life care contracts;\nprovided, however, that only continuing care retirement communities\nwhich offer life care contracts or which comply with the requirements\nset forth in subdivision two of this section shall be eligible for the\nfollowing:\n a. An exemption from a public need determination and establishment\napproval regarding an on-site or affiliated residential health care\nfacility in accordance with subdivision five of section forty-six\nhundred four of this article; and\n b. Industrial development agency financing in accordance with section\nforty-six hundred four-a of this article; or\n c. Financing by any public benefit corporation authorized to make\nloans to continuing care retirement communities under the laws of this\nstate.\n 2. A continuing care retirement community not exclusively offering\nlife care contracts but desiring eligibility for an exemption from a\npublic need determination and establishment approval and/or for\nindustrial development agency financing or financing by any public\nbenefit corporation authorized to make loans to continuing care\nretirement communities under the laws of this state must assure that all\nresidents and prospective residents have the ability to fund the\nestimated cost of nursing facility services for a period of one year.\nSuch assurances may be demonstrated through the terms of the continuing\ncare contract, resident assets, resident income, long term care\ninsurance or refund of all, or a portion of, the entrance fee and shall\nbe in accordance with regulations adopted by the council. The community\nmust pay for such care in the event that resident assets are\ninsufficient to fund the cost of nursing facility care for a one year\nperiod.\n