Medicare is a federally funded national health insurance program for people over 65 years of age. The program is administered in two parts. Part-A provides basic protection against the costs of medical, surgical, and psychiatric hospital care and requires no premium.

For those 65 or older, Medicare provides substantial health insurance benefits-whether you are retired or still working. Medicare is designed to cover part of your expenses for short-term, acute medical problems rather than long-term conditions requiring custodial care.

Medicare, Medicaid, and supplemental insurance are subjects of great concern for older adults. Medicare and Medicaid are both part of the Social Security Act and help pay medical bills.

Standard Medicare and Medicaid have limitations in coverage and some out-of-pocket expenses. Therefore, it's wise to be covered by a good health insurance or a health maintenance organization, or H-M-O.