The proposed bill establishes the Medicaid Access Program in Washington State, which aims to increase Medicaid professional services rates to align with Medicare rates by January 1st of the second plan year after certain conditions are met. It creates a new chapter in Title 74 and Title 48 of the Revised Code of Washington (RCW), detailing definitions, assessments, and fund management. Health carriers and Medicaid managed care organizations will be required to pay an annual covered lives assessment, with funds collected deposited into the Medicaid Access Program account for exclusive use in the program's administration and implementation. The bill also includes provisions for the assessment process, payment schedules, and penalties for late payments, ensuring compliance with federal regulations and providing legal protections for entities acting in good faith.

Additionally, the bill amends existing law regarding the treasury income account, allowing for the distribution of earnings to various accounts, including the newly established "medicaid access program account." It introduces new sections in Title 74 and Title 48 RCW, emphasizing the act's immediate necessity for public welfare and setting expiration dates contingent on federal approval of state plan amendments or waiver requests by January 1, 2027. The act will take effect immediately upon passage, with specific sections set to expire on July 1, 2028, ensuring accountability and a clear timeline for stakeholders involved in the state's healthcare initiatives.