Not only free treatment under Ayushman Yojana, elderly people are getting these special facilities

Ayushman Yojana: The administration of Narendra Modi handed the elderly a significant present last Wednesday: free medical care. Seniors aged 70 and beyond may now get free treatment up to Rs 5 lakh outside of their families thanks to the Center’s inclusion of them in the Ayushman Bharat plan. In addition to receiving free healthcare, the elderly in the nation are also eligible for a wide range of additional benefits under various programs, such as pensions and higher interest rates on investments.

Health Insurance Coverage

In a significant move, the government stated that all elderly persons aged 70 and over, regardless of their social background, would get health insurance coverage via the Ayushman Bharat Pradhan Mantri Jan Arogya Scheme, a unique initiative of the Central Government. Senior adults over 70 who are members of families now insured by this policy would get an extra top-up insurance of up to Rs 5 lakh annually. Six crore elderly folks from 4.5 crore households would profit from this move. This program covers a wide range of serious illnesses, such as cancer, heart disease, kidney-related disorders, cataracts, and coronary heart disease. More than 29,000 listed hospitals nationwide provide cashless and paperless health services to beneficiaries.

Assurance of consistent income

The government runs many programs for elderly people via post offices to help them avoid financial difficulties in old age and to enjoy their retirement with a steady income. The Post Office Senior Citizens Savings Scheme is one unique program within this, offering excellent investment opportunities with an 8.2 percent yield. A maximum tax exemption of Rs 1.5 lakh is offered. The minimum investment in the SCSS program is Rs 1000, while the maximum investment is Rs 30 lakh.

A person would get an annual interest payment of Rs 2.46 lakh if they invested the whole amount of Rs 30 lakh. If the interest is computed monthly, they will also be assured a monthly income of about Rs 20,000. This allows a joint account to be created with a spouse or with any individual 60 years of age or older. In addition, a number of programs provide the elderly extra advantages.

Heightened curiosity about FD

Due to their high yields and safety, fixed-rate investments (FDs) are widely used in both public and private institutions. Senior people may now get extra interest from practically all banks, and several have just raised their FD rates significantly. To name a few institutions, elderly persons may earn 8.1 percent interest on FDs from DCB Bank, 8.5 percent from RBL Bank, 8 percent from IndusInd Bank, 7.75 percent from IDFC First Bank, and 7.5 percent from ICICI Bank. Senior people get competitive interest rates at several other public and commercial institutions.

Scheme for Old Age Pensions

When it comes to pension plans specifically designed to assist the elderly financially, the nation’s Old Age Pension Plan is available to everyone who is 60 years of age or older. The federal government and the state governments each contribute money to this pension plan.

Freedom from the burden of completing an ITR

These individuals, who are 75 years of age or older and whose sole source of income is a pension, are excused from submitting income tax returns, according to the Income Tax Department. The pension and interest on the money put in the bank should be their primary sources of income, per the regulations. In addition, the government has to notify the bank that receives the pension. The Income Tax Act, 1961, was amended by the Finance Act of 2021 to create a new section 194-P, which exempts pension recipients, elderly citizens over 75, and anyone who earn interest on bank accounts from submitting an ITR.