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Bitcoin recently released V 0.9.1 patching vulnerabilities from the Heartbleed bug, however I have not seen anything from any alt coin. What are the possible security risks associated with using these coins? And what are the risks to the coins themselves?

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I've done a little research on this as it was a big concern, not to worry! This is only an issue if you have a bitcoin (or altcoin) daemon set up with RPC over HTTPS. This would only be used if say, you have a daemon running on one VPS and another node which asks it to send money. Source: http://www.cryptocoinsnews.com/news/openssl-heartbleed-security-bug/2014/04/08

This is disabled by default and unless you were using RPC over SSL there is no need to worry :)

If you have been using RPC for any coin I would say a good practice would be to generate a new wallet and send funds there.

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