Bill > S478

This bill modifies existing Massachusetts law regarding continuing care retirement communities (CCRCs) by requiring providers to give prospective residents a separate document called a "Disclosure of Entrance Fee Refund" before the full entrance fee is paid. Specifically, this document must clearly state two key pieces of information: (1) the exact amount of entrance fee that will be refundable to the resident according to the provider's contract, and (2) a detailed explanation of the terms, conditions, and process by which the provider will refund the entrance fee when the resident either leaves the facility or passes away. The resident must sign this disclosure statement prior to paying the full entrance fee. Importantly, this new requirement does not apply to fees paid simply to be placed on a waiting list for a CCRC. The bill aims to increase transparency and provide clearer financial information to seniors considering moving into a continuing care retirement community, helping them better understand the potential financial implications of their entrance fee.

Health and Social Services

https://malegislature.gov/Bills/194/S478