ADB Report Urges India to Enhance Health Insurance for Ageing Population

• 07 May 2024

On 2nd May 2024, ADB’s 'Aging Well In Asia' report highlighted India's need to enhance health insurance coverage for older citizens, emphasizing the importance of universal health coverage and financial preparedness for retirement.

Key Points

• Health Insurance Disparity: While countries like South Korea and Thailand have achieved universal health coverage, India lags behind with only 21% coverage for older people, indicating a need for broader health insurance initiatives.
• Ayushman Bharat Scheme: Initiatives like Ayushman Bharat have improved health coverage, but further expansion is essential for enhancing the productivity and well-being of individuals aged over 60.
• Economic Impact: The ageing population in Asia and the Pacific presents challenges but also opportunities, with the potential for increased productivity from older individuals contributing to economic growth.
• Financial Preparedness: ADB's report underscores the importance of financial preparedness for retirement, highlighting variations in financial readiness across the region and the significance of private income and assets for retirement funding.
• Life Expectancy: The report predicts a significant increase in life expectancy for older individuals in India and other countries in the region, necessitating robust policies to support healthy ageing and social inclusion.
• Policy Recommendations: Governments are urged to implement policies supporting health, education, skills development, and financial planning for retirement to ensure the well-being of ageing populations.
• Pension Access: Approximately 40% of individuals over 60 in Asia and the Pacific lack access to pensions, with women disproportionately affected, emphasizing the need for inclusive policies to address gender disparities in retirement benefits.