(a) a statement that observation status may affect the patient's Medicare, Medicaid and/or private insurance coverage for the current hospital services, including medications and other pharmaceutical supplies, as well as coverage for any subsequent discharge to a skilled nursing facility or home and community based care; and
(b) that the patient should contact his or her insurance plan to better understand the implications of being placed in observation status. 2. The commissioner shall develop and make available guidance on the notice as described in this section.