Self-perceived health, a subjective assessment of health status, is influenced by state of economic independence and employment status after controlling for other demographic, social and health-related factors, particularly for elderly people as they tend to face discrimination in intra-household resource allocation. Being economically independent and employed increase the likelihood of elderly people rating their health as good/excellent compared to others and employment status came out as even more impactful. This study provides new insights by observing that across the expenditure quintile groups of the households, the importance of these variables varies as the bias in intra-household resource allocation against elderly people is supposed to increase with declining economic resources of the households. Economic independence improves the likelihood of rating one's health as good/excellent in the lowest expenditure quintile much more compared to those in the uppermost expenditure quintile. For employed too, the positive influence of employment status on self-perceived health of elderly people has been strictly increasing as we move down the expenditure quintiles of households.