1 in 4 people will be elderly by 2050, NITI Aayog suggests financial empowerment for care

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Senior Citizen Update: At present, 65 percent of the population below the age of 35 years is given a tal. But this situation will not last long. In such a situation, there is concern about the future. At present, the population of senior citizens above 60 years of age in India is 10 percent of the total population of the country which is estimated at 104 million or 10.04 crore.

In 2050, 1 in 4 citizens will be senior citizens

According to United Nations Population Fund estimates, by 2025 the population of senior citizens will increase to 158 million i.e. 15.8 crore in the country. By 2050, 19.5 percent of India's total population, 319 million 31.5 crore people, will be senior citizens. In 2050, every fourth person in India will be a senior citizen.

Tech AI is used for care

NITI Aayog has released a paper on Senior Care Reforms in India: Reimagining the Senior Care Paradigm. The paper advocates prioritizing the use of technology and the use of artificial intelligence for the care of senior citizens. In the report, apart from medical and social issues, some special and special issues need to be addressed to take care of senior citizens. NITI Aayog Member (Health) V.K. Paul said, 'We have to seriously consider the social security of senior citizens along with their care and health.'

Healthcare financing resources are limited

The Niti Aayog report said that there is going to be a huge increase in the number of elderly people who will need financial security along with caregiving. Healthcare financing for senior citizens is very limited. According to the report, only 18 percent of senior citizens above the age of 60 have access to health insurance. The government provides subsidy to senior citizens through its own schemes but its coverage is limited. Ayushman Bharat Yojana covers all senior citizens with limited income but its usage is very limited. Insurance cover for senior citizens in the private sector is very poor.

Home based care can reduce treatment costs

According to the report, more than 75 percent of senior citizens are suffering from illness. There is a lot of potential for home based care market in India. The homecare market was worth Rs 50,840 crore in 2020, it is likely 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 disease in hospitals. After covid 19 the prospects of home based care market have increased.

A special saving plan is launched for the elderly

According to the report, financial empowerment of senior citizens needs to be accompanied by measures for their reskilling. For them, there is a need to launch a mandatory saving plan for the affordable segment, apart from infrastructure, with more coverage from public funds. Reverse mortgage mechanism should be facilitated to make more cash available to senior citizens. Also, tax and GST reforms should be adopted for greater use of senior care products to reduce the financial burden on senior citizens. In the report, it has been said to educate and educate senior citizens to protect them from financial fraud.

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