Prevalence of noncommunicable diseases (NCDs) and its economic burden on households has drawn considerable attention in current time. However, the economic impact of it among the older population in India was rarely studied. Using the data from 75th round of the National Sample Survey (NSS), the study examined the impact of various diseases and socioeconomic factors on out-of-pocket expenditure (OOPE) and catastrophic health spending (CHS) for hospitalization among the elderly in India. The study found the economic burden of health expenditure in elderly households were high and catastrophic. The mean OOPE on hospitalization due to older population was $423 highest for cancer followed by heart diseases. Slightly more than one-quarter of older population (28%) incurred CHS which varied between the disease and socioeconomic group. Finally, the study recommends for a risk-pooling mechanism and a social security system to alleviate this financial burden on households.