Who are considered as senior citizens at your home?
According to the law, a “senior citizen” means any person being a citizen of India, who has attained the age of sixty years or above.
What are the government benefits for senior citizens?
10 Government Schemes Launched for the Benefit of Senior Citizens
- Pradhan Mantri Vaya Vandana Scheme.
- Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
- National Programme for the Health Care of Elderly (NPHCE)
- Varishta Mediclaim Policy.
- Rashtriya Vayoshri Yojana.
- Varishta Pension Bima Yojana.
Does the government take care of old people?
Most states have Medicaid programs that give money to seniors so they can hire an in-home caregiver. That person could be a family member or friend instead of a professional caregiver. Some states also allow a spouse to be the paid caregiver. Each state has its own eligibility requirements and name for its program.
How can we benefit from the presence of a senior citizen in our house?
Some of the many benefits of caring for the elderly at home are:
- Freedom from the strict schedules of nursing facilities.
- The ability to retain much of their own independence.
- The comforts of remaining in their most familiar place.
- Personal possessions that they may not be able to keep in a nursing facility.
What are the deductions allowed for senior citizens?
Tax Benefits for Senior Citizens
- Benefits of Slab Rates.
- Interest Income exempted upto Rs.
- Deductions under Section 80D for payment of Medical Insurance Premium.
- Exempted from payment of Advance Tax.
- Non-deduction of TDS on Interest.
- Higher Deduction under Section 80DDB for ailment of specified disease.
What is the best way to invest money for senior citizens?
5 Investment Options for Senior Citizens
- Senior Citizen Savings Scheme (SCSS)
- Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- Post Office Monthly Income Scheme (POMIS)
- Senior Citizen Fixed Deposits.
- Mutual Funds.