While the rising quantum and share of the elderly population is a global concern, India and China, the two population giants in the world, have a disproportionate share of the elderly given their large population size. And rising longevity is intensifying this concern every day. Therefore, it is pertinent to transform this challenge into an opportunity that involves suitable reforms to cater to the evolving needs of this population. In this regard, evidence indicates that it is not merely the quantum of this population but also its quality that needs attention and intervention.
Rising health-care consumption and reform
For instance, the health-care consumption of this segment of the population, presently estimated at $7 billion, is rising. Such a rise in India is because three-quarters of the elderly have at least one chronic ailment along with a quarter of them having limitations in daily living. In addition, a third of them display depressive symptoms along with low-life satisfaction. When these adversities are coupled with economic insecurities, there is every reason to dwell on senior care reform to ensure the better well-being of this population segment.
Such a reform initiative needs to recognise the multi-sectoral attention involving health, social, economic/financial and, above all, digital domains towards mainstreaming the elderly within the evolving environment. Health empowerment and inclusion can happen by improving health literacy among the elderly and their care-givers. On this front, the initiative of adopting comprehensive health care at health and well-being centres under the renewed mission of the Ayushman Arogya Mandir (AAM) may be considered a good initiative. This involves a preventive, promotive, curative and rehabilitative component under the multiple system of ayurveda, yoga, naturopathy, unani, siddha and homoeopathy (AYUSH).
Strengthening the health-care infrastructure to focus on the elderly by expanding tele-consultation services, enhancing the skilled workforce for the elderly, and capacity building of the existing workforce may facilitate the utilisation of health care among senior citizens despite limitations of means on the one hand and specific need on the other. This all-inclusive package has a mental health services aspect as well as nutrition-related services that will operationalise senior care through preventive, wellness and therapeutic interventions and is thus holistic.
Addressing financial insecurities
The social inclusion of the elderly may well be served by sensitising the larger community on their needs and sensitivities and by establishing peer support groups for interaction. At the same time there is a need to make them aware of their entitlements and legal safeguards on inheritance, succession and protection that will help their confidence in handling ugly eventualities that could arise in the course of life.
Economic and financial insecurities need to be addressed through innovative schemes and plans specifically for the elderly, in terms of investments, to reduce their financial burden. Such a burden that is largely on account of health care costs may be protected with well-designed insurance products such as ?5 lakh coverage for every individual above the age of 70 years. Reskilling the younger population that is also aging (given their adaptability to modern technology and infrastructure) to be engaged in the labour market may be another option to maintain the economic independence of the elderly.
Finally, the inclusion of the elderly in a rapidly growing digital environment is equally important for the elderly to benefit from many schemes and programmes with ease and convenience. Digital adaption among the elderly still remains below expectation, excluding them from desirable schemes and benefits. Targeting the current elderly population and those younger who are also aging to go digital should get a second look from the domain of finance to the delivery of numerous care services that are meant for the elderly.
As an economic segment
Besides this five-point care reform for seniors, the idea of turning this emerging challenge into an opportunity lies in viewing a silver economy that comprises economic activities, and goods and services catering to this population segment. On this count, the available worth of this economy is estimated at ?73,082 crore and is expected to grow manifold over the years. While the 60-plus share is estimated at 13.2% in 2031, and at 19% by mid-century, the elderly will constitute a major consumer segment that is also characterised as the wealthiest given the professional in the age group of 45-64 years is the richest. Therefore, one has the quote these days which says ‘they become rich before they grow old’. Further, as health-care consumption is about a third of their entire consumption, it can ignite the health and wellness-driven businesses among the senior care segment in India. On the whole, the silver economy is set to grow in India and the world, with a market size that has potential for innovation in the health technology domain as well as utility infrastructure for varying limitations that come with age.
In recognition of this eventual reality, the government appears to have given consideration to rehabilitating the silver segment by launching the Senior Able Citizens for Re-Employment in Dignity (SACRED) portal to connect senior citizens with job providers in the private sector. Another initiative is the Senior care Ageing Growth Engine (SAGE), by the Ministry of Social Justice and Empowerment, to promote and incentivise senior care products.
S. Irudaya Rajan is Chair at the International Institute of Migration and Development (IIMAD), Kerala. U.S. Mishra is Honorary Visiting Professor at the International Institute of Migration and Development (IIMAD), Kerala
Published - October 01, 2024 01:27 am IST
