India has Low Health Insurance Coverage for Older Citizens: ADB report

Current Context: According to the inaugural ‘Aging Well in Asia: Asian Development Policy Report‘ released by the Asian Development Bank (ADB) on 2nd May 2024, India has the lowest health insurance coverage among older people, standing at only 21%.

• Here are some key findings and highlights from the report:
• South Korea and Thailand have already achieved universal health coverage.
• The report emphasizes the urgency for India to expand universal health coverage to support its rapidly aging population and maintain growth momentum.
• The aging population in Asia and the Pacific is set to nearly double by 2050 to 1.2 billion or 25.2% of the regional population from 13.5% in 2022.
• The new financial preparedness index shows the share of financially prepared near-old people is as high as 86% in Japan and 73% in India.
• In India, China, and South Korea, 80-90% of retirement finances come from private income and assets, not public pensions or social assistance.
• 40% of people over 60 in Asia-Pacific lack pension access, with women disproportionately affected due to unpaid domestic work.
• India is enhancing health insurance for older citizens through schemes like Ayushman Bharat, which covers the bottom quartile.

Question:

Q.1 Which countries have already achieved universal health coverage according to the report?
a. India and China
b. Japan and India
c. South Korea and Thailand
d. China and South Korea