The bill seeks to leverage savings from concurrent Medicaid enrollment to support initiatives in science, technology, engineering, and mathematics (STEM) education. It introduces new sections to chapter 74.09 RCW, mandating collaboration between the authority and the department to notify each other when individuals enrolled in both Medicaid and other income-based programs relocate out of state. The authority is also required to regularly obtain address information to prevent simultaneous Medicaid enrollment across states and must disenroll individuals who no longer reside in Washington, with certain exceptions. Additionally, the bill establishes the "supporting science, technology, engineering, and mathematics education account" in the state treasury, where net recoveries from premiums paid for concurrently enrolled individuals will be deposited, with expenditures restricted to STEM-related purposes.

Moreover, the bill amends existing laws regarding the treasury income account, clarifying that no appropriation is needed for payments to financial institutions and detailing the monthly distribution of earnings to various accounts, including the newly created STEM education account. It reinforces that no treasury accounts or funds shall receive earnings without a specific affirmative directive, ensuring compliance with the state Constitution. The bill also outlines expiration dates for certain provisions and mandates a performance audit by the office of the state auditor by December 31, 2031, to evaluate spending on concurrent Medicaid coverage and assess progress in limiting unnecessary premiums. Overall, the bill aims to streamline financial management processes related to state treasury accounts while promoting STEM education funding.