The proposed bill seeks to create the Washington Health Trust, a unified public health financing system aimed at providing universal health care coverage for all residents of Washington State. It will offer comprehensive medical benefits, including primary care, dental, vision, and prescription drug coverage, while eliminating financial burdens such as premiums, deductibles, and copayments. The bill emphasizes equitable access to health care, prohibiting discrimination based on race, income, and disability. A board of trustees will be established to oversee the trust, with responsibilities including the creation of a comprehensive benefits package, ensuring compliance with federal standards, and integrating long-term care benefits by January 1, 2029.

Additionally, the bill introduces significant changes to employer health care expenditure requirements, mandating that only irrevocable expenditures count towards these requirements starting January 1, 2028. It also establishes a long-term capital gains tax effective January 1, 2026, to fund the health trust, applying to individuals with capital gains exceeding certain thresholds. The legislation outlines employer responsibilities regarding health care contributions, including record-keeping and compliance with state regulations, while also providing exemptions for certain groups. Overall, the bill aims to enhance health care access and funding in Washington State, ensuring comprehensive coverage and addressing disparities in health care delivery.