The report outlined that India lags behind in providing health insurance for older individuals, with only 21% coverage, which is the lowest among Asia Pacific nations. The ADB report emphasized the importance of expanding universal health coverage to accommodate the increasing older population and maintain economic productivity. Despite initiatives like Ayushman Bharat improving health coverage for the bottom quartile of the population, further expansion is deemed necessary to enhance the well-being and productivity of individuals over 60 years, ultimately benefiting the economy.
Moreover, the report stressed that achieving universal health coverage is crucial, along with extending essential services and interventions to optimize older people's physical and functional abilities. Countries like Bangladesh, Indonesia, and India have a significant portion of their populations without access to healthcare, particularly those in the lower wealth quintiles. The report also projected that the number of individuals aged 60 and above in developing Asia and the Pacific will nearly double by 2050, necessitating increased pension, welfare programs, and healthcare services.
Furthermore, the ADB mentioned the potential for a "silver dividend" in these economies, as older individuals could contribute to GDP growth by 0.9% on average. To address financial preparedness for retirement, a new index was developed, showing varying levels of preparedness across different regions. While countries like Japan and India had high financial preparedness percentages, there were disparities between rural and urban areas in countries such as China, highlighting the importance of private income and assets for retirement funding. The report also pointed out the increasing life expectancy for individuals aged 60 and above in the region, underscoring the need for policies supporting investments in health, education, skills, and retirement planning to ensure the well-being of aging populations.