CONNECTICUT, USA — Starting July 1, all children whose birth is covered by HUSKY, the state’s Medicaid program, will have $3,200 invested on their behalf by the state treasurer’s office.
“It's about building a future full of opportunity for everyone, regardless of what zip code you're born into, or what resources your parents have,” said state treasurer Erick Russell.
Russell says as many as 15,000 children a year could benefit from baby bonds. Children in the program will be able to apply to receive the money once they turn 18.
The treasurer’s office estimates the money invested could grow to between $11,000 and $24,000 per child by the time it’s accessed.
Advocates and state officials say baby bonds are meant to address generational poverty in Connecticut, saying this money will level the playing field and provide opportunities for young people.
"Most kids don't have something to fall back on or to draw on when it's time for them to take that first step of trying to buy a home or start a business or go on with education,” said Hartford Mayor Luke Bronin. “For most kids that's unimaginable, to have something like that to draw on.”
This program is fully funded for the next 12 years.
Officials say right now, families don’t need to do anything to be eligible for the baby bonds program. If their child’s birth is covered by HUSKY, they’re automatically enrolled.
Emma Wulfhorst is a political reporter for FOX61 News. She can be reached at ewulfhorst@fox61.com. Follow her on Facebook, Twitter and Instagram.
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