‘83% of India’s seniors lack health cover’ : Retirement planner warns of double family crises

A staggering 83% of India’s senior citizens have no health insurance, exposing families to the double blow of a parent’s medical emergency and a child’s financial setback, retirement strategist Milind Deogaonkar has warned.

In a recent LinkedIn post, Deogaonkar cited Insurance Regulatory and Development Authority of India (IRDAI) data to highlight the scale of the problem, urging families to plan before a crisis strikes.

“Your parents’ medical emergency shouldn’t become your financial emergency,” he wrote.

Using a hypothetical example, he explained the compounding effect of an unplanned expense: a ₹6 lakh surgery paid out of pocket today is not just a one-time loss, but a long-term financial hit. At a 10% annual growth rate over 15 years, that amount could have grown to ₹25 lakh — money that could otherwise go toward a child’s education or a retirement fund.

“This is the hidden math most families miss,” Deogaonkar said. “You lose the opportunity to grow that money.”

As a safeguard, he recommended a senior citizen health insurance policy for parents, typically costing ₹35,000–₹50,000 per year. Even over a decade, he noted, this remains far less than the cost of one major hospitalization, while protecting both health and wealth.

“Generational wealth protection isn’t only about wills, property, or investments,” he wrote. “It’s also about making sure that medical emergencies don’t drain the savings of the next generation.”

His comments come as India’s elderly population expands and medical inflation continues to outpace income growth, putting the “sandwich generation” — those supporting both children and parents — under increasing pressure.

“Love is not just caring for parents in illness,” Deogaonkar concluded. “It’s planning ahead so everyone’s future stays secure.”