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, community prevention programs, and health service research. The bill also stipulates that federal funding must be appropriated to the fund and that the board will seek necessary waivers and agreements to ensure federal payments are directed to the fund.

Additionally, the bill amends several existing statutes to define the term "fund," clarify eligibility for retirees under the health plan, and establish the Florida Health Board's responsibilities regarding 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 Florida Health Fund. The bill includes provisions for the ethical conduct of employees associated with the fund and mandates an appropriation from the General Revenue Fund for startup costs. The act is set to take effect on July 1, 2025, contingent upon the passage of related legislation.