AICPA: More than half of Americans don't understand insurance terms

08/28/2013 | Journal of Accountancy online

According to a survey by the AICPA, 51% of adults surveyed in the U.S. don't understand basic financial terms, such as premium, deductible and copay, found in their health insurance plans. "Half of Americans would fail health insurance 101," said Ernie Almonte, CPA, chair of the AICPA's National CPA Financial Literacy Commission. Americans should take time to familiarize themselves with these concepts in advance of decisions they must make based on the new health care law, Almonte advised. The IRS has provided a new Web page focusing on the tax provisions of the Affordable Care Act, including resources specifically for individuals and families.

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