CT Baby Bonds
Investing in Connecticut’s Future with CT Baby Bonds
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OVERVIEW
CT Baby Bonds is Connecticut's first-in-the-nation initiative to invest directly in children born into poverty. The program invests funds on behalf of each baby born in Connecticut whose birth was covered by Husky Health. Thoe funds will be held, managed and invested by the Office of the Treasurer to grow as the child grows.
ELIGIBILITY
There is no need to enroll or apply. Eligibility is automatic for children:
- Whose birth was covered by Husky Health, Connecticut's Medicaid program, and
- Were born on or after July 1, 2023
HOW IT WORKS
$3,200 will be invested on behalf of each Connecticut baby whose birth is covered by Husky Health. When a participating child reaches adulthood (between the ages of 18-30), they will be eligible to claim funds to be used for:
- Buying a home in Connecticut
- Starting or investing in a Connecticut business
- Paying for higher education or job training
- Saving for retirement
It is expected that the value of the initial investment will grow to between $11,000 - $24,000 depending on when claims are filed for approved uses. To be eligible to file a claim, participants must be Connecticut residents and complete a financial literacy course, providing a foundation of financial knowledge to guide their decision-making as young adults.
WHY WE NEED IT
CT Baby Bonds is designed to help combat systemic poverty and generate economic opportunity. Connecticut is one of the wealthiest states in the nation, yet features one of the most significant wealth gaps. CT Baby Bonds will help narrow that gap and level the playing field by giving young people access to capital at a time in their lives when they can begin to build individual wealth.
An estimated 15,000 – 16,000 children each year will be born eligible for the program, spanning all of Connecticut's 169 cities and towns. The result will be an influx of economic activity for local communities, generating tens of thousands of new potential homeowners, entrepreneurs, investors, and skilled workers. It will also be a tool to encourage young people to stay in Connecticut to pursue academic and economic opportunities.
CT Baby Bonds is a long-term investment directly in people, giving them access to resources that will allow them to shape their own future right here in Connecticut.
WHAT'S NEXT
Outreach, parent communication, and community support services will be developed and expanded as eligible children grow.
Parents of eligible children do not need to take any action to enroll or apply. Eligibility is automatic.
The Connecticut Baby Bonds Trust has already been funded with the full amount necessary to fund investments for 12 years of children.
What is the Connecticut Baby Bonds Program (CT Baby Bonds) and why is it important for Connecticut families and communities?
CT Baby Bonds is a long-term investment in Connecticut families and communities. It will help to address generational poverty by giving families opportunities to build wealth while encouraging young people to stay in state, and invest in their communities through homeownership, business creation and more.
How does CT Baby Bonds work?
For every baby born on or after July 1, 2023 whose birth is subject to Husky Health (Medicaid), the State of Connecticut will invest up to $3,200 into CT Baby Bonds on their behalf. Between ages 18 and 30, an eligible beneficiary can make a claim for the funds to be used to buy a home in Connecticut; pay for college, job training or other education; start or invest in a Connecticut business; or save for retirement.
What can the funds be used for?
CT Baby Bonds funds can be used by an eligible beneficiary to buy a home in Connecticut; pay for college, job training or other education; start or invest in a Connecticut business; or save for retirement.
ELIGIBILITY
Who is eligible for CT Baby Bonds?
Babies born on or after July 1, 2023, whose birth was subject to Husky Health will automatically have the money invested on their behalf, and be eligible to claim a pro-rata share of the CT Baby Bond Trust between ages 18 and 30.
How do I enroll or ensure my baby is eligible for CT Baby Bonds?
No action is necessary; the State of Connecticut will automatically invest up to $3,200 on behalf of all eligible babies.
Will eligibility for CT Baby Bonds affect my or my child’s current or future public assistance benefits?
No. The program does not reduce any current or future public assistance benefits administered by the state that you or your child receive.
How can I check if my child is eligible for CT Baby Bonds?
If your child’s birth was subject to Husky Health and they were born on or after July 1, 2023, the State of Connecticut has automatically invested $3,200 on their behalf under the Connecticut Baby Bonds program (CT Baby Bonds). Families should be confident that if their child meets the eligibility criteria, funds have been invested by the state. Additional information will be available in the future, far in advance of any eligible beneficiary reaching the age of 18 when claims may begin to be processed.
What does it mean that a birth is “subject to medical coverage provided under Husky Health?”
A birth is subject to medical coverage provided under Husky Health if (1) any part of medical services associated with the birth was paid for by Husky Health or (2) a claim for medical services associated with the birth was made under Husky Health, regardless of whether payment was made, or the claim was ultimately denied.
How do I know if my child’s birth was covered by Husky Health?
Please keep contact information up to date with the Connecticut Department of Social Services on the Access Health CT website at www.accesshealthct.com. If the information on the Access Health CT website does not confirm that your child’s birth was subject to Husky Health, and you believe it was, you should reach out to DSS directly.
What if an eligible beneficiary is no longer covered by Husky Health after being born or at the time of the claim?
To be eligible, only the beneficiary’s birth must be subject to Husky Health coverage. There are no other additional coverage requirements for an eligible beneficiary or their family.
I have Husky Health as my secondary insurance, so my claim was denied and the birth cost was covered by other insurance. Is my child still eligible for CT Baby Bonds?
Yes. If the parent giving birth is enrolled in Husky Health at the time of birth and a claim is made, the child is eligible for CT Baby Bonds, even if a primary insurance covers the birth cost, but the birth was subject to medical coverage provided under Husky Health.
My child was born in CT last year, but we did not have Husky Health until recently. Will my child still be eligible for CT Baby Bonds?
No. Under state law, only children who are born on or after July 1, 2023 and whose birth was subject to medical coverage provided under Husky Health are eligible for CT Baby Bonds.
My child is a citizen, but I am not. Are they still eligible for the program?
Yes, any child born in Connecticut on or after July 1, 2023 whose birth was subject to medical coverage provided under Husky Health, is eligible. The immigration status of the parent has no impact on the child's eligibility.
Is my child eligible if I had a home birth?
Eligibility in CT Baby Bonds is determined by Husky Health coverage at the time of birth, no matter where the birth occurred within Connecticut. If the child's birth was subject to medical coverage provided under Husky Health, and they were born on or after July 1, 2023, they are automatically eligible for CT Baby Bonds.
I am currently uninsured and expecting. Will my child be eligible for CT Baby Bonds?
It depends. If the birth is covered by an emergency provision under Connecticut’s Medicaid program (based on income guidelines), your child will be automatically eligible for CT Baby Bonds. More information is available from 211.
If you do not have insurance coverage, please visit the Department of Social Services (DSS) website to explore whether you are eligible for Husky Health. Enrollment in Husky Health, if you are eligible, will help ensure your child’s birth will be subject to medical coverage provided under Husky Health and their eligibility for CT Baby Bonds.
CLAIMING AND USING FUNDS
How can my child claim their funds?
Between the ages of 18 and 30, beneficiaries may submit a claim for an allowable expense if they are a Connecticut resident and have completed an approved financial literacy course. More information on the claims process will be shared in the future.
Can I access the funds to pay for my child’s education or needs before they turn 18 years old?
No. CT Baby Bond funds cannot be claimed by anyone except the eligible beneficiary, when they reach the age of 18, and up until their 30th birthday. No claim is allowed prior to the child turning 18 years old.
What happens if an eligible child’s parents or guardians die while the child is too young to learn about CT Baby Bonds and this benefit? How would the child learn about it?
One of the Office of the Treasurer’s priorities is to actively communicate with enrolled children and their families and to make sure information about the CT Baby Bonds program is widely available. We collect contact information for families or guardians and other data that will help us contact eligible beneficiaries. Over the coming months and years, we will be developing more outreach tools and working with other agencies to let eligible beneficiaries know about the program and allow them to check in with the Office of the Treasurer on how to make a claim and what other benefits might be available.
What if I move out of state?
Connecticut residency is required to make a claim. Residency is only required at the time of the claim. For example, if an eligible beneficiary moves out of state as a child, but is a Connecticut resident when they make their claim, they would be eligible.
Can a claim for money under CT Baby Bonds only be used in Connecticut?
For the most part, yes. All claims made for the Baby Bonds program must be made by a Connecticut resident at the time of the claim. Funds must be utilized for the purchase of a home or starting/investing in a Connecticut-based business. However, if an eligible Connecticut resident intends to utilize the funds for education, they are not limited to in-state institutions. These uses incentivize beneficiaries to invest in Connecticut and live in Connecticut.
Do I need to report or do anything with my taxes if my child is eligible for CT Baby Bonds?
No. There is no reporting required for state or federal income tax purposes.
ONGOING COMMUNICATION AND RESOURCES
Does the family get any information about CT Baby Bonds at the time of birth?
Yes. Through a partnership with the Department of Public Health, CT Baby Bonds informational flyers are included in the birthing packets provided to families at each hospital. In addition, current outreach and messaging efforts emphasize the automatic investment of $3,200 for all eligible babies.
Some neighbors, family, and friends received information that the State invested money on behalf of their child, and that their child will be eligible for CT Baby Bonds. Why didn’t I receive the same information, and why isn’t my child eligible for CT Baby Bonds?
Only children who are born on or after July 1, 2023, and whose birth was subject to medical coverage provided under Husky Health are eligible under the program. If your child only meets one of the requirements, they do not qualify. The Office of the Treasurer is notifying families in batches and receives data from the Department of Social Services on a rolling basis, which might result in a later notification for some families. Families should be confident that if their child meets the eligibility criteria, $3,200 has been invested by the State. Additional information will be available in the future, far in advance of any eligible beneficiary reaching the age of 18 when claims may begin to be processed.
How can I stay updated?
To receive updates about the CT Baby Bonds program, we encourage you to sign up for updates at the bottom of this page. And please keep your contact information up to date with the Connecticut Department of Social Services, by visiting the Access Health CT website to update your information at www.accesshealthct.com.
Want to talk to a local ambassador? Check out our growing list of CT Baby Bonds Ambassadors. Our ambassadors can help answer questions about the program, while also connecting you with additional resources.
Advancing CT Together (ACT)
BankOn Coalition (a program of ACT)
Carelon Behavioral Health (CT)
Collaborative for Colchester's Children
Community Action Agency of New Haven, Inc. (CAANH)
CT Association for Community Action
CT Latinos for Educational Advocacy and Diversity (LEAD)
Department of Mental Health and Addiction Services (DMHAS) – Women’s Services
Northeast Early Childhood Council
Office of Early Childhood (Parents Connecting Parents)
Office of Early Childhood (Help Me Grow)
Sharon Hospital – Women’s Health
Thompson Ecumenical Empowerment Group (TEEG)
United Way of Coastal and Western Connecticut
VITA Sites (a program of ACT)
Women's REACH (a DMHAS program)
Community Health Centers (statewide)
Generations Family Health Center
Credit Union League of CT (statewide)
Parents/guardians can also contact their state legislators with questions about the program or further resources in their area. You can click here to find out who your state legislator is.
To receive updates about the CT Baby Bonds program, we encourage you to sign up for updates at the bottom of this page. And please keep your contact information up to date with the Connecticut Department of Social Services, by visiting the Access Health CT website to update your information at www.accesshealthct.com.