India is experiencing a demographic shift, with a growing elderly population. According to the Ministry of Statistics and Programme Implementation, the number of senior citizens (aged 60 and above) is expected to rise from 140 million in 2024 to over 330 million by 2050. As the much-talked-about demographic dividend converts into a Silver Tsunami, it calls for comprehensive reforms in senior care to ensure a dignified and secure life for the elderly.

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Over the years, the government has implemented a range of schemes, from Healthcare viz National Programme for Health Care of the Elderly (NPHCE), Rashtriya Vayoshri Yojana (RVY), Pradhan Mantri Jan Arogya Yojana (PM-JAY) to financial security, viz., Indira Gandhi National Old Age Pension Scheme (IGNOAPS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), Senior Citizens Savings Scheme (SCSS) to social security such as Varishtha Pension Bima Yojana (VPBY), Annapurna Scheme, National Social Assistance Programme (NSAP) to support senior citizens. These schemes aim to ensure the elderly live a dignified, healthy, and financially secure life.

This article is in 2 parts. Part 1 focuses on the 5 key areas requiring attention, while Part 2 focuses on the need to increase the budgetary allocation:

Five key areas where additional resources need to be allocated are:-

1. Healthcare Reforms

i) Increased Allocation for Geriatric Healthcare

One of the primary expectations from the Union Budget is increased funding for geriatric healthcare. This includes establishing more geriatric care centres, improving existing facilities, and providing specialised training for healthcare professionals in geriatric care. The National Programme for Health Care of the Elderly (NPHCE) needs substantial financial support to expand its reach and effectiveness.

ii) Subsidised Medical Treatments and Medicines

The budget should also focus on making healthcare affordable for senior citizens. Subsidies on essential medicines, medical treatments, and diagnostic tests can significantly reduce the financial burden on the elderly. A dedicated fund for medical emergencies for senior citizens could provide much-needed financial relief.

iii) Telemedicine and Digital Health Initiatives

In the wake of the COVID-19 pandemic, telemedicine has emerged as a vital tool for healthcare delivery. The budget should promote digital health initiatives, including telemedicine services tailored for senior citizens. Investment in digital infrastructure and training programs can ensure that seniors have access to quality healthcare regardless of location.

2. Financial Security

i) Enhancing Pension Schemes

Ensuring financial security for senior citizens is crucial. The budget is expected to enhance existing pension schemes such as the Indira Gandhi National Old Age Pension Scheme (IGNOAPS). Increasing the pension amount and expanding coverage to include more beneficiaries can provide a stable income for the elderly.

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ii) Tax Benefits for Seniors

Tax relief measures for senior citizens can significantly improve their financial well-being. The budget should consider raising the income tax exemption limit for senior citizens and introducing additional deductions for healthcare expenses. These measures can alleviate the financial strain on seniors and help them manage their finances better.

iii) Encouraging Savings and Investments

The government can introduce schemes that encourage savings and investments among senior citizens. Higher tax rebates on TDS exclusively for senior citizens’ interest rates on fixed deposits, tax-free bonds, and senior citizen savings schemes can provide attractive options for financial security. Additionally, promoting awareness about financial literacy can help seniors make informed decisions about their savings and investments. Besides giving wider publicity, review the success of the reverse mortgage facility provided by the banks and take steps to encourage more and more to benefit from this unique facility that unlocks wealth.

iv) Health Insurance Cover To Be Adjusted For Medical Inflation

Inflation in medical costs is growing at a much faster clip than the general economic inflation. As a result, the current inflation-adjusted coverage is not able to cover the costs of medical emergencies, especially for seniors who, after they reach 60, are unable to increase their coverage either due to pre-existing medical condition policy constraints or due to exorbitant premiums. This calls for special attention to accommodate adjustments to medical inflation-adjusted coverage instead of retail index-based inflation.

Infrastructure Development

Age-Friendly Infrastructure To Include Focus On Improving The Digital Accessibility

Creating an age-friendly environment is essential for the well-being of senior citizens. The budget should allocate funds for developing age-friendly infrastructure, including accessible public transport, senior-friendly public spaces, and housing facilities designed to meet the needs of the elderly. Urban planning should incorporate features that enhance the mobility and independence of senior citizens. With increasing digitalisation, it is essential for the government, besides the physical infrastructure, to focus on improving digital accessibility so that seniors can access the digital infrastructure as well.

ii) Retirement Homes and Assisted Living Facilities

There is a growing need for retirement homes and assisted living facilities in India. The budget should incentivise the development of such facilities through public-private partnerships. Affordable and well-equipped retirement homes can provide a safe and comfortable living environment for senior citizens who require assistance with daily activities.

iii) Community Centres and Recreational Facilities

Community centres and recreational facilities play a vital role in promoting the social well-being of senior citizens. The budget should fund the establishment of community centres where seniors can engage in social, cultural, and recreational activities.

These centres can help combat loneliness and provide a supportive community for the elderly.

4. Social Inclusion and Support

i) Support for Caregivers

Caregivers play a crucial role in the well-being of senior citizens. The budget should include provisions for supporting caregivers through financial incentives, training programs, and respite care services. Recognising and supporting caregivers can improve the quality of care provided to the elderly.

ii) Awareness and Advocacy Programmes

Raising awareness about the challenges senior citizens face and advocating for their rights is essential. The budget should allocate funds for awareness campaigns and advocacy programmes that promote the rights and well-being of the elderly. These programs can help combat ageism and ensure senior citizens are treated with respect and dignity.

iii) Legal and Social Protection

Senior citizens are often vulnerable to abuse and exploitation. The budget should strengthen legal and social protection mechanisms to safeguard the rights of older people. This includes setting up dedicated helpline numbers, legal aid services, and social support systems to address elder abuse, neglect, and fraud.

5. Key Emotional and Mental health issues

The emotional and mental health needs of senior citizens are diverse and require targeted interventions. The forthcoming Union Budget should prioritise these issues by allocating funds to develop comprehensive mental health services, community support programs, and awareness campaigns. By addressing loneliness, depression, dementia, grief, substance abuse, elder abuse, access to mental health care, and retirement challenges, the government can significantly improve the quality of life for India’s senior citizens. Ensuring the emotional and mental well-being of the elderly is not only a compassionate approach but also a crucial investment in the overall health and stability of society.

The newly formed government has a huge opportunity to set the ball rolling on key reforms and initiatives for a supportive and age-friendly environment for the elderly. As India moves towards an ageing population, it is imperative that the government prioritises the well-being and dignity of its senior citizens, ensuring that they lead a healthy, secure, and fulfilling life.

The author is the founder of Simpli5, which has built a mobile-first platform that brings ease of living by simplifying smartphones for seniors. He has over three decades of C-suite experience across BFSI.