Establishes annual cost of living adjustment, based on Consumer Price Index, to base Medicaid per diem rates for assisted living programs; makes appropriation.

This bill requires New Jersey's Medicaid program to automatically increase daily payment rates for assisted living facilities, comprehensive personal care homes, and assisted living programs each year. The increase, based on the previous January's Consumer Price Index (CPI) data tracking annual price changes for goods and services, must be applied starting July 1. It mandates the state to seek federal approval for these changes and appropriates necessary funds from the General Fund to cover the cost. The change directly affects facilities receiving Medicaid payments and the beneficiaries they serve by adjusting reimbursement rates to match inflation.