As the annual Union Budget approaches, it is a time for both anticipation and introspection. For the senior care sector in India, this year’s budget holds particular significance as it presents a unique opportunity to shape a more secure and dignified future for our rapidly growing elderly population.
India’s demographic landscape is experiencing a significant shift. The senior population, currently 8% of the total population, is projected to increase to 20% by 2050. Today, India’s elderly population above the age of 60 stands at 153 million. This figure is expected to reach 347 million by 2050.
This demographic shift necessitates proactive interventions to address the unique needs of our elderly population and ensure their well-being and continued contribution to society.
Advancing the Senior Care Sector: Making it aspirational
To cultivate a thriving senior care sector, the government can create an environment that incentivizes individuals and organizations involved in providing senior care services. This includes assisted living facilities, memory care homes, elderly therapy services, nutritional supplements, and assistive devices.
Facilitating access to liquidity and low-cost funding will ensure the timely completion of senior living projects and the expansion of existing facilities. Additionally, financial incentives can attract private investment, fostering innovation and improving the quality of senior care services available across India.
The quality of care our seniors receive is directly linked to the availability of trained and certified caregivers. The budget can support the development of organized training and orientation programs for individuals and organizations involved in the senior care sector. These programs should equip caregivers with the necessary skills and knowledge to deliver specialized care in senior living facilities and care homes.
By enhancing caregiver competency, we can improve the standard of care for our elderly population and empower those dedicated to serving them – an investment that will yield positive returns for generations to come.
Securing Financial Stability
Financial security is a major concern for many seniors. The budget could address this issue by increasing senior citizen pensions to account for inflation and meet their basic needs. Additionally, increasing the number of beneficiaries under Ayushman Bharat (PM-JAY) and providing tax breaks for investments in senior care services can go a long way in enabling long-term growth in this sector.
In addition, simplifying regulatory frameworks will not only encourage private investments, with an increased level of investment in this space there will be an increased level of Public-private partnerships (PPPs) ensuring seniors receive the financial support they deserve.
Here, increased PPPs have the potential to play a pivotal role in building a strong and sustainable senior care ecosystem. The government can encourage greater collaboration between the public and private sectors by creating an enabling policy environment with appropriate incentives.
PPPs can leverage private sector expertise and investment, complementing government efforts to serve the elderly population effectively. This collaborative approach will lead to innovative solutions and the efficient delivery of senior care services.
Prioritising Healthcare Infrastructure
Access to quality and affordable healthcare is a primary concern for seniors. The upcoming budget should prioritize increased funding for healthcare infrastructure development, particularly in rural and remote areas. This includes constructing and modernizing hospitals, clinics, and specialized geriatric care facilities.
Improved infrastructure will empower seniors, especially those residing outside urban centers, to receive timely and effective medical attention. Additionally, subsidies on essential medications and treatments can significantly reduce the financial burden on elderly patients and their families.
Expanding benefits to cater to the elderly
The integration of technology in healthcare offers exciting possibilities for advancing senior care. AI-powered technologies can enhance diagnostic accuracy, improve patient care, and personalize treatment plans. Establishing a dedicated Central Digital Health platform and focusing on research on AI-driven technological innovation in healthcare is a forward-thinking move.
Increased funding for research and development (R&D) can propel further advancements in AI-powered diagnostics, telemedicine, and remote patient monitoring – all of which can revolutionize the way we care for our elderly population.
Existing government schemes like Ayushman Bharat PM Jan Arogya Yojana (PM-JAY) hold immense potential to support senior healthcare needs. Expanding the scheme to cover all senior citizens would grant them access to free and quality healthcare.
Developing specific health benefit packages catering to geriatric treatment needs and including hospitals with dedicated geriatric services under PM-JAY is crucial. Furthermore, strengthening the Welfare and Maintenance Act to address issues like elder abuse, harassment, and neglect demands immediate attention.
The upcoming Union Budget presents a pivotal moment to redefine senior care in India. By prioritizing the well-being of our elderly population, we invest not just in their future but in the future of our nation.
A robust senior care ecosystem will ensure a dignified life for our elders while fostering their continued contributions to society. Let us seize this opportunity to create a future where our elderly are valued, empowered, and cared for with the compassion and support they deserve.
(The author is MD and CEO, of Antara Senior Care, part of Max Group Company; Views are personal)
