The proposed bill establishes the Medicaid Access Program in Washington State, which aims to increase Medicaid reimbursement rates for professional services 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 specific rates set for each type of organization. The funds collected will be deposited into the Medicaid Access Program account, which is designated for the program's administration and implementation. The bill also outlines the assessment process, payment schedules, and penalties for late payments, while ensuring compliance with federal regulations regarding actuarial soundness.

Additionally, the bill amends existing laws related to the treasury income account, specifically regarding the distribution of earnings and allocation of funds. It inserts the "medicaid access program account" among the accounts eligible for earnings distribution, ensuring that the state treasurer distributes earnings from the treasury income account monthly. The act emphasizes its urgency for public health and safety, allowing for immediate effect, and includes a sunset provision that will cause the act to expire if federal approval is not obtained by January 1, 2027. This structured approach aims to ensure effective management of public health initiatives while remaining compliant with federal requirements.