Of the various dimensions of ageing, physical vulnerability compounded by economic vulnerability resulting in emotional vulnerability is of great concern for developing societies like India where ageing occurs rapidly due to the phase of demographic transition characterised by rapid fertility decline and increase in life expectancy. This study looks at the determinants of health status of elderly in India using multivariate analysis. The results show that the elderly are better able to report their physical discomforts that may not require diagnosis and may not often prompt treatment-seeking behaviour. Socio-economic variables, especially the economic conditions and living arrangements of the elderly, influence the reporting of physical vulnerability. The study points to the urgent need of extending assistance to the elderly, especially the older individuals among them. The targeting will have to be done on the basis of two important variables – economic conditions and living arrangements.