Benefits April 28, 2010

More Americans Worrying About Uncovered Med Expenses

April 27, 2010 (PLANSPONSOR.com) – A new survey finds uninsured medical expenses are frequently cited along with retirement savings as the most pressing financial concern for Americans.
Reported by

A news release from the American Institute of Certified Public Accountants (AICPA) said that while 12% of respondents cited a sufficient retirement nest egg, 11% pointed to uninsured health expenses as their most serious money issue – up from 8% in 2009.Medical expenses account for nearly two-thirds of personal bankruptcies in the United States, studies show.

According to the news release, 86% reported having some form of health insurance; however, 58% of those with coverage have seen their premiums go up in the past year.  Just over half of the insured say their premiums have increased up to 10%, while a quarter said their premiums went up 11% to 20%.  A total of 17% said their premiums have increased more than 21%.

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For the uninsured, the most common reason why they don’t have health insurance is that they can’t afford it (47%).  Seventeen-percent indicate their employer doesn’t provide health insurance or that they are currently unemployed (16%).  

The AICPA participated in the Harris Interactive March 2010 Harris Poll Quorum telephone omnibus study. The interviewing took place from March 17 to 21, 2010. The Harris Poll Quorum is a bi-monthly survey among 1,009 U.S. adults ages 18 and older.

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