CT Becomes National Leader in Budget Reserves

budget
October 28, 2021
Yesterday, the CT Mirror published an article sharing the great news that our state is a national leader in budget reserves. I have shared contents of that article below as well as resources for the upcoming open enrollment period.
 
CT Ranks Top 5 in Budget Reserves
 
[Section Pulled from the CT Mirror] "Just four years after the cupboard was bare, CT is a national leader in budget reserves"

"While massive federal aid has helped states elevate their budget reserves above pre-pandemic levels, Connecticut’s fiscal safety net has few rivals, according to a new report from The Pew Charitable Trusts.

Connecticut’s $3.1 billion rainy day fund — which would allow the state government to operate for nearly 70 days — has been amassed almost entirely over the past four years, due to an aggressive savings program and a surging stock market, as well as federal coronavirus relief.

That 70-day estimate places Connecticut fifth overall behind only Wyoming (301 days), North Dakota (105.6), West Virginia (75.8) and Alaska (73.4), according to Pew.

And had Connecticut recently deposited its latest $1.6 billion surplus in its reserves — the money instead is earmarked for the state’s cash-starved pension system — the state would be tied for second nationally with a reserve three-and-a-half times the national average of 29.4 days."
"In October 2017, when lawmakers debated and ultimately adopted savings reforms, they seemed more hypothetical than realistic. Connecticut had a meager $182 million in the bank at that time, worth less than 1% of the General Fund.

The 2017 legislature nonetheless raised the maximum reserve allowed from 10% to 15% of the General Fund and created a savings mechanism that became known as the 'volatility adjustment.' It made it very difficult for state officials to spend state income tax receipts tied to investment earnings — traditionally one of the most volatile revenue streams in Connecticut — once annual revenues topped $3.1 billion."

To read more, please click the button below:
Read More on Budget Reserves
 
Open Enrollment Begins Next Week 

If you are looking for good, quality, healthcare, the annual Access Health CT Open Enrollment Period begins this upcoming Monday, November 1, and runs through January 15, 2022. Residents can shop, compare, and enroll in health insurance coverage for the 2022 plan year.

To ensure your coverage starts on January 1, 2022, residents must enroll and complete their application by December 15, 2021. You can still enroll between December 16, 2021 and January 15, 2022 and apply for coverage that will start on February 1, 2022.

Starting this year, Connecticut residents who meet specific eligibility requirements may be able to pay $0 for their health insurance coverage through Access Health CT. If you qualify, the state will pay your portion of your monthly premium directly to your insurance company and will also cover certain cost-sharing amounts, like deductibles, co-pays, co-insurance and maximum out-of-pocket expenses. To learn more about eligibility requirements click here.

You can Enroll:
  • In-person: There are in-person enrollment locations and events taking place across Connecticut. Find all of them by clicking here. The closest in-person location to Ridgefield is below:
    • Connecticut Institute for Communities, Inc. (CIFC): 120 Main Street Danbury, Monday – Thursday, 9AM – 4PM
  • Online: You can learn more about the different plans and find free help online using the "live chat" feature.
  • By phone: Call 1-855-805-4325. Help is available Monday - Friday, 8:00AM- 5:00PM. Customers who are deaf or hearing impaired may use TTY at 1- 855-789-2428 or call with a relay operator.
  • Work with a Broker: To find a Certified Broker or Enrollment Specialist, click here.