Retirement and Uninsured Medical Expenses Top Financial Concerns

A new survey found uninsured medical expenses rival retirement savings as the most pressing financial concern for Americans.

The survey by the American Institute of Certified Public Accountants (AICPA) found that while 12% of respondents cited having a sufficient retirement nest egg as their most serious money concern, 11% pointed to uninsured health expenses, up from 8% in 2009.

According to a  release of the results, 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%.

For the uninsured, the most common reason why they don’t have health insurance is that they can’t afford it (47%). Seventeen percent indicated 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 among 1,009 U.S. adults ages 18 and older.