A recent AICPA survey of 1,008 adults administered by Harris Interactive showed that 51% of the respondents could not identify the terms premium, deductible, and copay.  These terms are basic fundamental terms related to the administration of health insurance.

‘Half of Americans would fail health insurance 101,” Ernie Almote, CPA, chair of the AICPA Financial Literacy Commission, said in a news release.

Of the respondents, fourteen percent did not have health insurance and half said that paying for insurance was their biggest concern about the Affordable Care Act mandate.  Forty one percent of the individuals said they are not at all knowledgable about the new law.

For more information on financial literacy, see that AICPA financial education site at 360financialliteracy.org or contact our office.