Senate Bill No. 1477 establishes the "Covered Connecticut Trust Fund," a separate, nonlapsing account within the Grants and Restricted Accounts Fund, aimed at promoting the sustainability of health care services provided through the HUSKY Health program and the Covered Connecticut program, as well as health care subsidies offered through the Connecticut Health Insurance Exchange. The bill mandates that the Commissioner of Health Strategy, in consultation with the Commissioners of Social Services and Insurance, develop a strategic plan to utilize the fund's resources to sustain these health care services in the event of a decrease in federal Medicaid funding or health care subsidies.

Additionally, the bill requires the Commissioner of Health Strategy to file a report by September 1, 2025, detailing the strategic plan and recommendations for state appropriations necessary to sustain the fund and the associated health care programs. The bill does not impose any fiscal impact on the state or municipalities, as the relevant agencies already have the necessary expertise to fulfill the bill's requirements. The effective date for this legislation is set for July 1, 2025.