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 .
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.
Learn about Elder Line, a free helpline for senior citizens offering information, guidance, emotional support, and direct assistance. Available daily from 8 AM to 8 PM at 14567, this service addresses various needs of the elderly, including health, legal matters, and emotional well-being.
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 .
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