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

Requires the joint select committee on health care oversight to contract for an actuarial analysis of the funding needs of the Washington health security trust and recommend a funding mechanism to the appropriate legislative standing committees and the governor.

Directs the legislature to enact legislation implementing the recommendations of the joint select committee during the 2016 regular legislative session.

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

Provides contingent effective dates.