Nevada’s treasurer, Zach Conine, is reintroducing legislation from two years ago to create financial bonds for some babies. The proposed $3,200 bond for births covered by Medicaid could grow to $10,000 to $13,000 by the time the child turns 18 and could be used for education, starting a business, or buying a home. The goal is to help families break the cycle of poverty with financial assistance.
In the previous session, the bill aimed to create a bond for every Medicaid covered birth but was changed to a lottery system to cover around 750 babies, although it did not pass. With more than 13,000 births covered by Medicaid in Nevada, the initiative targets roughly 42% of births. Other states like Connecticut, California, and Washington, DC have already implemented similar programs.
Conine believes that the baby bonds could save the state money in the long run by reducing reliance on services such as Medicaid, WIC, and SNAP benefits. The initiative aims to provide families with the support needed to break out of poverty and create a better future for their children. By investing in the financial stability of newborns, Nevada hopes to provide them with opportunities for success and economic growth.
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