Stat Corner

    As Americans begin making critical decisions about health insurance in open enrollment season, a majority are struggling to understand basic financial terms found in the plans. A recent AICPA survey found that 51 percent of U.S. adults could not accurately identify at least one of three common health insurance terms: premium, deductible and copay.

    A third, 34 percent, thought a premium was an expense at the time of receiving medical service or a prescription; more than a quarter, 27 percent, thought a copay was the cost of obtaining insurance; and 12 percent did not know a deductible is the money one pays before an insurance company makes payments.

    The telephone survey of 1,008 U.S. adults was conducted for the AICPA by Harris Interactive.

    To speak to someone about the results of the AICPA survey, contact Jonathan B. Cox at 919-402-4499 or jcox@aicpa.org.

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