Nevada’s State Treasurer, Zach Conine, has reintroduced legislation aimed at providing financial bonds for babies born to families covered by Medicaid.
Conine’s proposal seeks to establish a $3,200 bond for each Medicaid-covered birth. Over time, this bond could grow to between $10,000 and $13,000 by the child’s 18th birthday. The funds would be available for educational expenses, starting a business, or purchasing a home.
“The goal is to help break the cycle of poverty by giving people the resources they need,” Conine explained. “Those who succeed in escaping poverty often have some form of assistance.”
The bill was initially introduced two years ago, with plans for a bond for every Medicaid-covered birth. However, last session, the proposal was altered to a lottery system, aiming to cover around 750 babies. Despite the changes, the bill ultimately failed to pass through both legislative chambers. Currently, Medicaid covers more than 13,000 births in Nevada, accounting for roughly 42% of all births in the state.
Several other states, including Connecticut, California, and Washington, DC, have already implemented similar programs, according to Nonprofit Quarterly.
Conine believes that baby bonds could save the state money in the long run by reducing reliance on public assistance programs like Medicaid, WIC, and SNAP.
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