Working on your static balance is a great way to reduce your chance of falls by keeping your reflexes sharp.
How do balance and proprioception work?
Balance uses the information from 3 sensors: your eyes, your internal ear, and your feet.
The neurons connected to the underpart of your foot receive information about the location of your center of gravity, this signal is analyzed by your nervous system (neurons in your spinal cord), and a response is sent to the foot to correct balance.
Therefore, you want to keep that nervous path alert and in good working order to be able to reduce chances of falls.
A great way to do that is to train your body at using that nervous system frequently by removing the information from your eyes.
It might feel weird at the beginning, but by practicing every day for a few seconds, you'll be surprised how fast you can improve.