Facilities and systems in many areas require a significant overhaul to make the lives of senior citizens easier and more comfortable. Senior people require things like financial independence, a good home to spend the rest of their lives, medical and health care, security, etc. to live a good life, but are they getting it?

Here’s a reality check of 5 key areas of senior citizens’ care and ways to overhaul them.

Annuity Income For Retirees Needs Tax Exemption

Senior people usually depend on annuity income or the pension to meet their regular financial expenses. However, such income is subject to taxes according to the applicable income tax slab rate. The tax-free income slab for senior citizens needs to be increased so that they don’t have to pay taxes on such annuity and pension income.

Free Health Check-Ups For People Above 60 Years

Many senior citizens can’t afford to pay the regular health check-up fees and the OPD charges, especially if they are suffering from recurring ailment. Seniors should be allowed free health check-ups and doctor consultation charges as government aid. It should include free mental health check-up as well.

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Making Home Buying Easier For Senior Home Buyers

There are several challenges that senior people face when they have to buy a home. In most of the cases, issues are related to high pricing and loan ineligibility.

“Due to comparatively high price points, potential end-users often face financing challenges to invest in housing purpose-built for senior people. Banks and financial institutions have a critical role in the evolution of senior living products in the country, particularly in mid and affordable segment. Funding schemes specially curated for older citizens may involve the refinancing of loans and revolving credit facilities. Furthermore, lower interest rates can facilitate seniors to purchase age-appropriate dwellings and facilities associated with senior living. Bank tie-ups with senior housing projects can fast-track the entire credit appraisal process in senior living disbursements,” says Badal Yagnik, CEO, Colliers India.

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Concession On Travelling Ticket Fare

In the past, senior citizens used to get a concession on travelling ticket fares, but now such a facility has been taken away. Seniors have to depend on their retirement corpus to meet their expenses. With inflation and a rise in the fuel cost, the train ticket and flight ticket charges have increased significantly. A concession in fares will help seniors spend some time with their loved ones more often and it can also help them stay away from anxiety and depression in their life.

Concession On Electricity Charges

Electricity bill takes away a big share of the money allocated for the monthly budget of the senior citizens. There is no special concession available for senior citizens on electricity bills at most places in India. Allowing a concession will help seniors save money and use it towards achieving their financial goals.

The population of elderly citizens is growing rapidly and it requires regular assessment to understand their needs and appropriate steps should be taken as and when their needs changes.

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The author is an independent financial journalist.