This chapter does not apply to an admission or residence agreement offered by a residential community that charges an entrance fee if:
(1) residents of the residential community pay for available assisted living services and nursing home care on a fee-for-service basis;
(2) fees for available assisted living services and nursing home care are the same for a prospective resident as a current resident of the living unit; and
(3) the admission or residence agreement includes the following statement or a substantially equivalent statement in type that is boldfaced, capitalized, underlined, or otherwise set out from the surrounding written material so as to be conspicuous:
"A continuing care contract provides priority, guaranteed, or discounted access to progressive levels of health care services. ____________ (Name of community or facility) is not a licensed continuing care facility and does not hold a certificate of authority from the Texas Department of Insurance. This agreement is not a continuing care contract and is exempt from the requirements of Chapter 246, Health and Safety Code."