The bill would mandate that each assisted living provider pay into an escrow fund for residents so, in the case that the community shuts down, seniors are still able to afford healthcare services at another facility.
The move will likely protect lower-income residents on Medicaid who can sometimes suffer if a facility shuts down abruptly.
"We will not allow families who have poured tens or hundreds of thousands of dollars into these assisted living facilities to suddenly find their loved ones homeless," assemblywoman Valerie Vainieri Huttle told the news provider.
"Plain and simple, this bill would prevent that from happening."
This seems to be promising for seniors who are hesitant to move to a facility due to possible expenses.
Those who are planning for a safe and enjoyable retirement living may want to invest in longterm insurance, according to The New York Times. These plans can guarantee that older adults can find in-home care assistance or a retirement home that is suitable to their needs during their golden years.
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