Creates the Washington health security trust to provide coverage for a set of health services for all residents.

Abolishes the state health care authority and transfers its powers, duties, and functions to the Washington health security trust.

Requires state employers to pay a health security assessment to the department of revenue to fund the Washington health security trust.

Requires certain residents to pay a standard monthly flat rate health security premium.

Creates the reserve account, the benefits account, and the displaced worker training account.

Deposits certain contributions, and reserves, dividends, and refunds currently in the public employees' and retirees' insurance account in the reserve account and benefits account.

Transfers the state health care authority administrative account to the reserve account and the benefits account.

Requires revenue from certain taxes to be deposited in the reserve account and the benefits account instead of the general fund.

Requires money in the tobacco settlement account to be transferred to the reserve account and the benefits account instead of the general fund.

Requires the state health care authority to: (1) Apply for a waiver from the provisions of the federal patient protection and affordable care act, as amended by the federal health care and education reconciliation act; and

(2) Upon receipt of the waiver, promptly notify in writing the office of the code reviser and the appropriate committees of the legislature.

Repeals RCW 82.04.260 (tax on manufacturers and processors of various foods and by-products).