Text of a Congressional hearing examining the plight of aging Americans, still at financial risk despite the help of Medicare and Medicaid, is presented in this document. Testimony or prepared statements are delivered by 17 Congressmen including Representatives Roybal, Jeffords, Renaldo, Hammerschmidt, Pepper, McCain, Manton, Fawell, Robinson, Meyers, Sisisky, Lightfoot, Reid, Hughes, Bonker, Biaggi, and Wright. Senator Kennedy's testimony about Medicare and Medicaid's history is presented. Newton Gann, a citizen whose wife and mother-in-law suffer from Alzheimer's disease, testifies about Medicare and Medicaid's limitations. Carolyne K. Davis, Administrator of the Health Care Financing Administration gives testimony on Medicare and Medicaid costs, cost containment practices, and the challenges that face Medicare and Medicaid in the future. The appendix includes an analysis of present and future health and long term care costs of America's elderly, a case study of financial risk to elderly due to institutionalization or home care, and a statement by the American Psychological Association on the elderly at-risk from nervous and mental disorders. (ABL)