1 in 4 people will be old by 2050, Niti Aayog suggests for care and financial empowerment

Financial Empowerment of Senior Citizens: Currently, 65% of the population is under 35 years of age. But this situation will not last long. In such a situation, lines of concern for the future are also being born. At present, the population of senior citizens above 60 years of age in India is 10% of the total population of the country, which is about 104 million i.e. 10.04 crore.

In 2050, 1 in 4 citizens will be senior citizens.

The United Nations Population Fund estimates that by 2025, the population of senior citizens in the country will increase to 158 million i.e. 15.8 crore. And by 2050, 19.5 percent of India’s total population, or 319 million, will be 315 million senior citizens. In 2050, every fourth person in India will be a senior citizen.

Tech AI should be used for maintenance.

NITI Aayog has released a paper on Senior Care Reforms in India: Reimagining the Senior Care Paradigm. The paper advocates the use of technology and artificial intelligence for the care of senior citizens. Apart from the medical and social aspects, the report needs to focus on some special and special aspects for the care of senior citizens. NITI Aayog Member (Health) VK Paul said, We have to think seriously about the care and health of senior citizens along with their social security.

Financial resources for health care are limited.

The NITI Aayog in its report has said that there is going to be a significant increase in the number of elderly people who will need financial security along with care. Healthcare financing for senior citizens is very limited. According to the report, only 18 percent of senior citizens above 60 years of age have health insurance. The government provides subsidies to senior citizens through its schemes but its coverage is limited. Ayushman Bharat scheme covers all senior citizens with limited income but its uptake is very limited. Insurance cover for senior citizens in the private sector is very poor.

Home-based care can reduce the cost of treatment.

According to the report, more than 75 percent of senior citizens are suffering from this disease. In such a scenario, there is immense potential for the home care market in India. The home care market was valued at Rs 50,840 crore in 2020 and is expected to grow to Rs 1.74 lakh crore in 2027. The home healthcare market can reduce infrastructure and operational costs by 15 to 30 percent compared to the cost of treating the same disease in hospitals. The prospects for the home care market have increased post-Covid-19.

A special savings plan should be started for senior citizens.

According to the report, steps need to be taken for reskilling as well as financial empowerment of senior citizens. There is a need to initiate mandatory savings projects for the affordable segment, including infrastructure, with greater coverage of public funds for them. Reverse mortgage mechanism should be introduced to provide more cash to senior citizens. Also, tax and GST reforms should be adopted to increase the use of senior care products to reduce the financial burden on senior citizens. The report also talks about making senior citizens aware and literate to protect them from financial fraud.

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