Children whose birth is covered by HUSKY, the state’s Medicaid program, are automatically enrolled in the program and are having $3,200 invested on their behalf. Those investments, which are managed by the Office of the Treasurer, will grow over time and can be used when the participant is between the ages of 18 and 30 for specific purposes intended to help build individual wealth. These include buying a home in Connecticut, starting or investing in a Connecticut business, paying for education or job training, and saving for retirement.
It is estimated that about 15,000 babies will be eligible for Connecticut Baby Bonds annually. Parents of eligible newborns do not need to take any action to enroll or apply.