Washington § 70.405.060 - Use of savings.

Full text of Washington Revised Code of Washington § 70.405.060 — Use of savings., with citation guidance and answers to common questions.

§ 70.405.060. Use of savings.

(1) Any savings generated for a health plan, as defined in RCW 48.43.005, or a health plan offered under chapter 41.05 RCW that are attributable to the establishment of an upper payment limit established by the board must be used to reduce costs to consumers, prioritizing the reduction of out-of-pocket costs for prescription drugs.
(2) By January 1, 2024, the board must establish a formula for calculating savings for the purpose of complying with this section.
(3) By March 1st of the year following the effective date of the first upper payment limit, and annually thereafter, each state agency and health carrier issuing a health plan in the state must submit a report to the board describing the savings in the previous calendar year that were attributable to upper payment limits set by the board and how the savings were used to satisfy the requirements of subsection (1) of this section.
[ 2022 c 153 s 6.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 70.405.060

What does Revised Code of Washington § 70.405.060 cover?

Section 70.405.060 ("Use of savings.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 70.405.060?

A common citation format is "Revised Code of Washington § 70.405.060" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

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Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

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