NITI Aayog suggests use of AI, tax reforms for senior citizens in the future
At present, 65 percent of the population in India is below 35 years of age. But this situation is not going to continue for long. In such a situation, it is also important to plan for 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 about 104 million i.e. 10.04 crores.
Situation in 2050
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 crores. And by 2050, 19.5 percent of India’s total population, 319 million 315 million, will be senior citizens. In 2050, every fourth person in India will be a senior citizen.
Tech AI should be used for care
NITI Aayog has released a paper on Senior Care Reforms in India: Reimagining the Senior Care Paradigm. In this paper, it has been said to give priority to the use of technology and artificial intelligence for the care of senior citizens. In the report, apart from medical and social aspects, there is a need to pay attention to some special things for the care of senior citizens. VK Paul, Member (Health), NITI Aayog, said, we have to think seriously about the care and health of senior citizens along with their social security.
Healthcare financing resources are limited
NITI Aayog said in its report that the number of elderly people who will need financial security along with care is going to increase significantly. Healthcare financing for senior citizens is very limited. According to the report, only 18 percent of senior citizens above 60 years of age have the facility of 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 use 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 some ailment. In such a situation, there is immense potential for home based care market in India. The homecare market was worth Rs 50,840 crore in 2020 and is expected to grow to Rs 1.74 lakh crore in 2027. Home healthcare market can reduce the infrastructure and operational costs by 15 to 30 percent as compared to the expenses incurred on treating the same disease in hospitals. The possibilities of home-based care market have increased after Covid-19.
Special savings plan should be launched for the elderly
According to the report, there is a need to take steps for financial empowerment of senior citizens along with their reskilling. There is a need to launch mandatory savings plans for the affordable segment, including infrastructure, with greater coverage of public funds for them. To provide more cash to senior citizens, the facility of reverse mortgage mechanism should be started. Also, tax and GST reforms should be adopted to increase the usage 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.
