The elderly citizens of a nation are its treasure trove of experience and knowledge that can benefit the younger generations as well as the country overall. With an increase in the life expectancy of individuals, thanks to modern medical facilities there is expected to be a rise in the number of senior citizens by 2050, accounting for almost a quarter of India’s population. Being financially stable plays a critical role in this scenario. One of the major concerns at this juncture of life is handling medical expenses. Since the income tends to reduce drastically after retirement, paying the medical bills becomes a challenge. With rising age, there is an increase in various ailments, which in turn leads to having adequate income for prevention and treatment. Thankfully, the government of India has introduced various senior citizen schemes to benefit them.
Getting your senior citizen’s card will help to make it much easier to benefit from schemes like:
National Programme for the Health Care of Elderly: The NHPCE program was launched in 2010 with the objective of prevention and promoting care for seniors that would help them get government support in dealing with a variety of medical issues. For this, there are healthcare facilities dedicated to seniors at all district level hospitals with additional community health centers and primary centers at the block level throughout all the states. The treatment can be subsidized or even at no charge.
Pradhan Mantri Vaya Vandana Scheme: Among the most popular pension schemes in the country, it is specifically for those that are 60 years or above. The scheme lasts for 10 years with the applicant deciding the payment frequency as per their needs. It can be annually/semi-annually/ quarterly or monthly. The interest on this is 8% p.a. with the maximum pension capped at 10k per month and the minimum at 3k monthly.
Varnish Mediclaim Policy: The purpose of this policy is to provide the elderly coverage for diagnosis, ambulance charges, blood, cost of medicines, etc. It is specifically for those in the age groups of 60-80 and helps to aid them in any health-related costs. Apart from that, there also is an IT rebate on premiums as per Section 80D. While the policy is for a single year, it can be renewed annually until an individual attains the age of 90 years.
Rashtriya Vayoshri Yojana: It caters to those individuals that fall below the poverty line (BPL) category and helps them get devices for assisted living along with physical aids as per their medical needs. For any individual to benefit from this scheme they must own a BPL card. The scheme was launched and funded completely by the central government of India.
Indira Gandhi National Old Age Pension Scheme: The scheme is for citizens that are 60 and above and that qualify for the below-poverty benchmark as defined by the government. As per this scheme, the government provides monetary support for such individuals with sums ranging from 200 to 500 rupees every month for those in the age groups of 60-79 and more than 80 years.