The bill establishes the Florida Health Fund, a revolving fund under the jurisdiction of the Florida Health Board, aimed at implementing the Florida Health Plan. It outlines the administration of the fund, which will receive premiums and other revenue sources, and mandates that all claims for health care services be submitted to this fund. The fund will consist of various accounts, including operating, capital, and reserve accounts, each designated for specific purposes such as medical services, prevention programs, and health service research. The bill also requires that federal funding be appropriated to the fund and that necessary waivers or agreements be sought to ensure federal payments are directed to it.

Additionally, the bill amends several existing statutes to define the term "fund" as the Florida Health Fund and to clarify the eligibility of retirees for health care benefits under the plan, provided that payments are made to the fund. It specifies that the Florida Health Plan's responsibility for health care is secondary to existing federal programs unless funding is transferred to the fund. The bill includes provisions for the establishment of the Florida Health Board, which will oversee the fund and ensure compliance with ethical standards. An appropriation from the General Revenue Fund is also included to support the initial setup of the fund, with the act set to take effect on July 1, 2026, contingent upon the passage of related legislation.