Financial Literacy

A flexible spending account is a great, tax-advantaged tool that can help you save for health and dependent care expenses. This fact sheet provides a template to estimate the amount of money to set aside when establishing a flexible spending account. Information about establishing and using a flexible spending account is also contained. Authors: Jesse Ketterman and Meghaan Lurtz; Title:Paying for Healthcare or Daycare? Flexible Spending Accounts Can Help! (FS-1083).

This factsheet will help extension educators understand pet insurance and how pet insurance policies can be set up. It also provides suggestions for how extension educators can teach consumers to review and better understand policies before enrolling in a pet insurance plan. Author: Catherine Sorenson; Pet Insurance: The Basics for Extension Educators (FS-2023-0679).

Pets are an important part of our lives but can also be expensive. Pet insurance is one tool for managing the costs of pet ownership. But, pet insurance can be confusing, and pet insurance policies can differ from company to company. This fact sheet will help you understand important pet insurance concepts like: • The different types of policies • What pet insurance does and does not cover, and • The ways in which specific factors about your pet will affect the cost of insurance The fact sheet also includes a chart that can help you compare insurance policies to find which policies, if any, are a good fit for your needs. The chart includes a variety of key questions you should ask when considering signing up for pet insurance. So, if you are curious about pet insurance and looking for more information, this fact sheet is a great place to start. Author: Catherine Sorenson; Title: Is Pet Insurance Right For Me? (FS-2023-0678).

Working with a nutrition professional can be a great way to maintain or improve your health. However, it can be confusing to decide who you want to see and determine how to pay for these visits. This factsheet will help you: (1) identify reasons you might want to work with a nutrition professional., (2) understand the different types of nutrition professionals about their credentials, educational backgrounds, and areas of expertise. (3) learn how to determine whether your health insurance covers visits with a nutrition professional and the potential costs of accessing these services. This information can help you access the professionals you need to support your health and wellness while keeping your out-of-pocket costs as low as possible. Authors: Alvin Douglas, Catherine Sorenson, and Dr. Shauna Henley; Title: Does Your Health Insurance Plan Cover Nutrition Counseling? (FS-2023-0677)

This publication details the link between financial stress and mental health outcomes in the agricultural population. Implications for agricultural service providers are discussed. Title: Clients’ Financial Issues Are Intertwined with Mental Health (EBR-2022-0647); Authors: Nicholas Warnick, Dr. Alexander Chan, and Shannon Dill

The federal government offers the option of Public Service Loan Forgiveness to ease the burden of student loan payments. This is a program designed to provide an incentive to attract job seekers to employment in the much needed non-profit and government sectors. Those who qualify for PSLF can have their student debt balance paid in full by the federal government. However, there are many rules to follow. Author: Dorothy Nuckols; Title: Public Service Loan Forgiveness: Know the Qualification Rules (EBR-50)

In 2014, the Maryland General Assembly recoupled the state estate tax exemption with the federal estate tax exemption. Recoupling is tying Maryland’s state estate tax exemption back to the federal estate tax exemption something that has not happened since 2001. Over the next 5 years, Maryland’s estate tax exemption will be gradually increased in 2015 and each year after until the state’s exemption is equal to the federal exemption in 2019. This will have ramifications on existing estate plans in the state. To aid Maryland residents understand this change and the estate planning process, Lori Lynch and I worked to update the Estate Planning For Maryland Farm Families fact sheet. This publication was originally developed by Lori and Wes Musser and provides a general overview of many of the tools utilized in estate planning and discusses potential tax implications that you should be aware of. Authors: Paul Goeringer, Lori Lynch, and Wesley Musser; Title: Estate Planning for Farm Families (FS-972)

Budgeting for college students presents unique challenges due to variations of income and expense. Combining a cash flow budget with a yearlong monthly financial plan allows planning for the variations of income and expenses that college students experience. Author: Jesse M. Ketterman, Ph.D.; Title: Budgeting 101 for College Students (FS-1194)

Children, teens, and young adults learn their money management skills from a variety of sources, such as school, media, and peers. But parents have the greatest influence on their children’s financial decisions. In fact, 56 percent of young adults say they rely on their parents for financial guidance. Money management must be learned and practiced. It’s important for children to learn about the value of money before they actually have any. Start early in your child’s life to instill habits and build on them as your child grows and learns.