ARTICLES OF INTEREST TO
SENIOR CITIZENS
Useful Guidance
SENIOR CITIZENS - Guidance for Golden Age :
We have , over the years , published various articles relating to the needs of Senior citizens relating to investment , health , insurance and Financial planning . Some of the articles with links are
1. On Financial Planning : Long term retirement Planning for the young
2. On Health Insurance : SENIORS HEALTH INSURANCE
3. On Investment :
Senior Citizens Savings Scheme
2. INVESTMENT OPTIONS FOR SENIOR CITIZENS
4. On Health : Planning beyond Finance
5. For bank retirees BANK PENSIONERS NEWS
6. On on-line submissions of Life Certificates for pensioners : LIFE CERTIFICATE
Apart from the above articles , we have received contributions from various readers , especially from USA , requesting us to publish articles / links to articles which are useful to senior citizens . Synopsis to such articles / links can be found below . However we have not verified the accuracy or veracity of the facts in the articles . We hope the articles will be generally useful to senior citizens , especially from USA
Cabinet Approves health coverage for senior citizens above 70 years :
Dated 11.09.2024 : The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the health coverage to all the senior citizens aged 70 years and above irrespective of income under the flagship scheme Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY).
This aims to benefit approximately 4.5 Crore families with six (6) crore senior citizens with 5 Lakh rupees free health insurance cover on a family basis.
With this approval, all senior citizens of the age 70 years and above irrespective of their socio- economic status would be eligible to avail the benefits of AB PM-JAY. The eligible senior citizens would be issued a new distinct card under AB PM-JAY. The senior citizens of the age 70 years and above belonging to families already covered under AB PM-JAY will get an additional top-up cover upto ₹5 lakh per year for themselves (which they do not have to share with the other members of the family who are below the age of 70 years). All other senior citizens of the age 70 years and above will get a cover upto ₹5 lakh per year on a family basis. Senior citizens of the age 70 years and above who are already availing benefits of other public health insurance schemes such as Central Government Health Scheme (CGHS), Ex-Servicemen Contributory Health Scheme (ECHS), Ayushman Central Armed Police Force (CAPF) may either choose their existing scheme or opt for AB PMJAY. It has been clarified that senior citizens of 70 years and above who are under private health insurance policies or Employees’ State Insurance scheme will be eligible to avail benefits under AB PM-JAY.
To read the press release, CLICK HERE
To know more about Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB PM-JAY). CLICK HERE
CABINET APPROVES UNIFIED PENSION SCHEME FOR THE GOVERNMENT EMPLOYEES :
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved the Unified Pension Scheme (UPS) on 24.08.2024
For the salient features of the UPS , CLICK HERE
TAX REBATES FOR SENIOR CITIZENS :
TAX REBATES / CONCESSIONS FOR SENIOR CITIZENS IN FY 2023-24
PLEASE CHECK THE CONCESSIONS YOU ARE ELIGIBLE WHILE FILING IT RETURNS
Dated 07.05.2024 : The last date for filing IT Returns for FY 2023-24 IS 31st , July , 2024 . You may be aware that you are eligible for certain rebates on Income tax as a Senior citizen which you may claim while submitting the returns . Below is a list of such tax rebates you may be eligible .
Following additional rebates / concession on Income tax payments are available for the Financial year 2023-24 , provided you opt for Old Tax Regime ( without accepting option under 115 bac of Income tax Act ) :
1. Standard Deduction of Rs 50,000 on pension
2. Interest received by a senior citizen on deposits with banks / co-operative societies / post office is exempted up to Rs 50,000 under section 80 TTB .
3. Deduction allowed on Health insurance Policies under 80 D is Rs. 50,000/- for senior citizens .For senior citizens, if no insurance amount is paid ,hospital expenditure up to Rs 50,000 is allowed . An assessee can claim additional Rs 50,000 for his/her parents if they are senior citizens .
In case there is no insurance premium is paid for the senior citizens , medical expenditure incurred on behalf of them can be claimed. Overall claim cannot exceed Rs 1,00,000 . All payments should have been made in any mode other than cash .Cost of preventive health check up up to Rs 5,000 can be claimed within the overall limit and it could have been made in cash also .
For details of all tax rebates available, CLICK HERE
4. A Resident senior Citizen is exempted for paying advance tax ,if he has no income from business or profession . He can discharge his tax liability by paying self assessment tax .
5. TAX SLABS UNDER OLD REGIME : A senior citizen is given basic tax exemption up to Rs 3,00,000 and super senior citizen , above the age of 80 years , will have up to Rs 5,00,000 ( For details of tax slabs , CLICK HERE )
6. Exemption from deduction of TDS by submitting Form 15H : A resident senior citizen who is above sixty years of age or completes sixty years during the financial year can submit form No. 15H provided his estimated tax liability is nil for the financial year though the total amount of interest from all sources may exceed Rs. 2.50 lacs, the minimum amount liable for tax. For details of Form 15H , CLICK HERE
7. Relief from scrutiny of IT Returns : CBDT will not normally scrutinize IT return forms ITR1 & ITR2 submitted by senior citizens unless they are in possession of credible information of violations of tax laws .
ALLOW SUBMISSION OF LIFE CERTIFICATES IN ANY MONTH OF RETIREES CHOICE : RBI COMMITTEE
Dated 06.06.2023 : The Reserve Bank of India had set up the Committee for Review of Customer Service Standards in RBI Regulated Entities (REs) on May 23, 2022 under the Chairmanship of Shri B.P. Kanungo, former Deputy Governor, RBI.
Now the committee has submitted its report and has given exhaustive recommendations on various aspects of customer service in banks and other regulated entities . With regard to the submission of life certificates by the retirees , the committee has recommended that banks should be allow retirees to submit LC in any month of their choice to avoid rush in a particular month. Subsequent LCs can be submitted in the same month at annual intervals. The other recommendations with regard to the services to be rendered to the senior citizens include
1. The banks should provide a dedicated telephone number where the senior citizens can call for clarifications, queries and / or guidance with respect to service that they are eligible to avail / want to avail. This number should be displayed at all the branches / website of the RE and also be printed on the passbook / account statement, etc.issued to the senior citizen and disabled persons.
2 Banks may provide an option for the relatives of the senior citizens to pay upfront for the door-step services as well as other such conveniences, if any, to be availed by their elders.
3. The pensioners should be able to submit Life Certificate (LC) at any branch of the bank in which they maintain their pension account. Moreover, they should be allowed to submit LC in any month of their choice to avoid rush in a particular month. Subsequent LCs can be submitted in the same month at annual intervals.
One can go through the report submitted by the committee by clicking here . They can also send their comments to RBI by email cscommittee@rbi.org.in <cscommittee@rbi.org.in>; before 7th , July 2023 before RBI takes its final decision on the recommendations .
FREE HELPLINE FOR SENIOR CITIZENS : ELDER LINE
ELDER LINE FOR SENIOR CITIZENS
Dated 15.01.2023 : The Ministry of Social Justice and Empowerment in collaboration with National Institute of Social Defence and State/UT Governments has established a National helpline called ELDERLINE for the benefit of senior citizens .
Elder Line 14567 is a toll-free number operational from 8:00 AM to 8:00 PM, that provides free information, guidance, emotional support, field intervention in cases of abuse, rescues and reunion of homeless elderly driven by values of Consistency, Care, Empathy and Encouragement.
The purpose of the initiative is to help the senior citizens by providing necessary information and direct help .
Currently, Elder Line has four sets of services:
1. Information
A. Health Related
B. Shelter / Old Age Homes
C. Day Care Centres
D. Caregiver
E. Elder Friendly Products Etc.
2. Guidance
A. Legal
B. Dispute Resolution
C. Pension Related
D. Government Schemes
E . Maintenance issues
3. HELP
A. Care and support for Abused
B. Rescue and Reunion of Homeless elderly
4. Emotional Support (for having just a chat)
A. Anxiety resolution
B . Relationship management & Family disputes
C. Loneliness
Senior citizens can call the TOLLFREE Number 14567 and seek information on various issues related to them and seek help in the case of necessity .
For further details , you can visit their website
OROP SCHEME FOR EX-SERVICEMEN : Revision of Pension Approved
Dated 24.12.2022 : The Union Cabinet, headed by Prime Minister Shri Narendra Modi, has approved revision of pension of Armed Forces Pensioners/family pensioners under One Rank One Pension (OROP) w.e.f. July 01, 2019. Pension of the past pensioners would be re-fixed on the basis of average of minimum and maximum pension of Defence Forces retirees of calendar year 2018 in the same rank with the same length of service.
The Armed Forces Personnel retired up to June 30, 2019 {excluding pre-mature (PMR) retired w.e.f. July 01, 2014} will be covered under this revision. More than 25.13 lakh (including over 4.52 lakh new beneficiaries) Armed Forces Pensioners/family pensioners will be benefitted. Pension for those drawing above the average shall be protected. The benefit would also be extended to family pensioners, including war widows and disabled pensioners.
Arrears will be paid in four half-yearly instalments. However, all the family pensioners, including those in receipt of Special/Liberalised Family Pension and Gallantry Award Winners, shall be paid arrears in one instalment.
To read the press release of government of India , CLICK HERE
Retirement Planning Guide to Seniors :
Dated 29.07.2022 : Retirement involves adjustment to new or no working hours , new income and expenditure pattern , new life style and management of leisure time and health one has to undergo after retirement .
We have received an article linking to guidance given by various people on the matter of retirement which we think useful to newly retired persons . The articles discuss Retirement Life and Leisure , Finding Meaning and Purpose After Retirement , How to Plan Your Retirement Lifestyle , How to Estimate Your Retirement Expenses , Budgeting for the Four Financial Phases of Retirement and many such issues . Though the articles written are mostly keeping in mind of US Senior citizens , the general principles can be applied by any one .
We give herewith link to the article called " retirement-planning-guide-for-seniors" published in https://www.madisontrust.com/ . Interested persons may read the article and linked articles . However we add here that we do not subscribe to any guidelines or planning or suggestions or opinions given in those articles and we have not independently verified the factual correctness . One has to utilize his discretions while implementing any of the suggestions given in the articles .
Retired Senior's Guide to Downsizing :
Dated 22.04.2022 : When one retires from his / her job , income reduces . Some may get compensation by way of pension and some have to live by the interest they earn out of retirement benefits . Anyhow , they have to manage their lives with lower income they get past retirement . Inflation may cause their expenditure to raise and lower interest rates will reduce their income . If one's family is also facing health issues also and huge financial burdens thereon , one will be forced to look in to he ways of augmenting incomes and reducing their expenditures .
One of the solutions people try in such conditions is to "downsize " their lifestyles , sell / mortgage their house and move away from their present places to suburbs or to rural areas to reduce their expenditures . After retirement , it does not matter if one lives in city central or a suburb as there is no need to commute for the work . One can substantially clear their debts by selling their properties in " posh " areas for a fortune and by acquiring a place to buy and live in a new developments where cost of living is less .
The above problem is universal and we have received an article titled " Retired Seniors Guide to Downsizing " written by Zach Wichter on the above subject . The article explains the pros and cons of selling a property and buying a new one . It is written primarily for the audience in USA , but core principles can be used in other places too .
We hope our readers will find the article useful .
The article was referred to us by Ms Mary Kate Mackin of Bankrate, Inc . USA
INMATE ABUSES IN SENIOR CITIZEN HOUSES :
Dated 27.02.2022 : We have received a link to the article " Nursing Home Abuses " . The article , though intended for residents in USA , details the various forms of abuses , a senior citizen faces in a senior citizens home ( called Nursing Homes in USA ) . The abuses can be mental , physical or financial . The article also gives some suggestions in case when one is faced with such situation .
The use of senior citizen homes is increasing in India also . There are many benefits in such houses as one will be surrounded by other senior citizens . They may not feel lonely . Their basic needs will be taken care of . Daily chores will become easy with maid servants , community kitchen , doctor on call . Medical help will be provided in case of emergencies and basic attention would be given and relatives would be informed . Of course , all come with a cost . The level of services may be varying from one senior home to the another .
But there are chances of abuse by the management staff , when an inmate becomes too weak to take care of himself . Hence one should be ware how to secure oneself there . The above article may be eyeopener for the senior citizens wanting to opt for such facility and warn them about the precautions they can take while using the facility .
The article is forwarded to us by Mr. Holly Brooks of Levin & Perconti , a law firm in Chicago , USA .
ARTICLES FOR SENIOR CITIZENS IN USA
A Senior's Guide to Life After Retiring
Dated 10.10.2024 : One of our readers Mr Josh McConnell has shared this retirement resource guide: https://llcattorney.com/small-business-blog/guide-to-retirement
The website contains useful advice for Senior citizens , especially those living in USA , on various aspects of senior citizens' needs like managing finance , fitness & health ,entertainment , and other useful subjects for the seniors . One may go through the website and advise us about the utility of such advices .
EDITOR'S NOTE DATED 13.02.2022 : The article below is written with focus on the needs of senior citizens in India . Majority of our readers are from India or Non-Resident Indians . However 10 % the readership comes from United States of America ( USA ) .
Now we are glad to inform that we have received two more links to two articles which have focus on senior Citizens of USA , which will be helpful to the senior citizens there . The articles are
1. How Many Seniors Have Student Loan Debt and Where Can They Find Help?
2. Student Loan Refinance Calculator
The articles are prepared and published by Education Loan Finance ( ELFI ) , an organization designed to assist borrowers with student loan refinancing as well as undergraduate, graduate, and parent private student loans . However we have not verified the accuracy or veracity of the facts in the articles . We hope the articles will be useful to US citizens who want to taken or already taken student loans in USA .
We thank Enmanuel Batista Shedrack , Outreach Coordinator , Education Loan Finance for forwarding the links .
EDITOR'S NOTE DATED 27.11.2020 : The article below is written with focus on the needs of senior citizens in India . Majority of our readers are from India or Non-Resident Indians . However 10 % the readership comes from United States of America ( USA ) .
Now we are glad to inform that we have received links to two articles which have focus on senior Citizens of USA , which will be helpful to the senior citizens there . The articles are available on the website https://www.retireguide.com/about/
1. MEDICARE HEALTH INSURANCE PROGRAMME : Medicare is the U.S federal government’s health insurance program that primarily covers people 65 and older and certain younger people with disabilities or kidney failure. Original Medicare does not cover all medical costs. Medicare Advantage plans stand in the place of Original Medicare or you may opt to stay with Original Medicare and purchase a Medicare supplement policy. This free resource highlights coverage, costs, eligibility and enrollment information, along with answers to some frequently asked questions. Full details of the scheme can be read by clicking here
2. BENEFITS AND DISCOUNTS AVAILABLE FOR SENIOR CITIZENS IN USA : The article gives glimpse of various additional benefit available to senior citizens with regard to Income tax , insurance & discount available in various outlets . You can know the details by clicking here
We thank Edgardo Valdespino , Outreach Coordinator of retireguide.com for sending the articles to us .
REVERSE MORTGAGE SCAMS PLAYED ON SENIOR CITIZENS IN USA
Dated 05.01.2022 : We have received an article which cautions senior citizens on the mis-selling / scams while promoting the Reverse mortgage schemes in USA . Though the article is specially written keeping in view of American Audience , many tactics referred there are universally practiced in various countries . One has to be careful before signing any documents and understand its implications of signing on the blank forms . Some of the tricks adopted are
1. Exaggerating the benefits of a scheme : In the article it points towards social security benefits .
2. Obtaining signatures on blank forms .
3. Hiding the drawbacks and not highlighting the futility of the scheme to the victim .
You may go through the linked article which you may find as useful . We thank Ms Mary Kate Mackin of BANKRATE .COM for forwarding their article .
INDEPENDENT LIVING AND ASSISTED LIVING :
We have received an article helping Senior Citizens to know the difference between Independent living and Assisted Living . The article is written keeping in mind US citizens . But such facilities are also available in some large cities in India . Retirement homes or Apartment blocks meant for senior citizens help senior citizens with Independent Living by giving medical assistance , food deliveries and other facilities in case of need at their doorstep . Assisted Living is more than retirement homes , called old age homes where bathing , personal care , medication , catering are provided by the assistants provided by the old age homes .
One may read the linked article to the modern day facilities which are coming up in western world followed by other countries .
The article is written by Mr True Tamplin for Financial strategists .