By Forum Staff
Governor Kathy Hochul on Monday announced that nearly one million New Yorkers are now enrolled in State-administered Medicare Savings Program, which can help eligible older adults save an estimated average of $7,400 per year in healthcare costs.
Approximately 575,000 NYC residents have enrolled in the Medicare Savings Program. The MSP helps Medicare beneficiaries living on limited incomes by paying their Medicare Part B premiums and automatically enrolling them in the federal government’s Extra Help program, which helps patients with prescription drug costs.
“Our work to expand the Medicare Savings Program is helping ease the burden of healthcare costs for nearly one million New Yorkers and putting thousands of dollars back in their pockets,” Hochul said. “I encourage older adults in New York to use the Medicare open enrollment period to find out if they are eligible for the program and to learn if other Medicare coverage options can provide additional cost savings.”
The Medicare open enrollment period started on Tuesday and will remain open until Dec. 7. Many older adults are eligible for this program following the expansion of the MSP in 2022, which increased income eligibility limits to $2,355 per month for an individual and $3,189 per month for a couple.
The MSP helps Medicare beneficiaries living on limited incomes by paying their Medicare Part B premiums and automatically enrolls them in Extra Help. The U.S. Social Security Administration estimates a potential cost savings of $5,300 per person enrolled in Extra Help. The standard monthly premium for Medicare Part B enrollees is $174.70 per month. Combined, this assistance equals nearly $7,400 in savings annually. This financial assistance can be a lifeline for enrollees, allowing them to maintain their Medicare coverage, access needed care, and afford other necessities.
An application for the MSP is available on the State Department of Health website here . The application and required documentation should be sent your local Department of Social Services or Human Resource Administration. To apply, applicants will need photocopies of their Medicare card, proof of income, documentation about health insurance premiums other than Medicare, proof of date of birth and residence.
Beneficiaries with income just above the posted limits should still consider contacting the Health Insurance Information, Counseling and Assistance Program for assistance in the application process, Hochul noted, as individuals may be paying for out-of-pocket costs that can be deducted from their gross income to make them eligible. HIICAP offers free and objective counseling for Medicare beneficiaries needing assistance applying for the MSP or any other Medicare-related questions. Call HIICAP at (800) 701-0501. Callers will be routed to their local program for assistance.
“The Medicare Savings Program is a vital resource to assist people with limited income in paying their Medicare premiums and individuals who may not qualify for Medicaid because of income limits can still qualify for this savings program,” said Dr. James McDonald, State Health commissioner. “That enrollment has reached close to one million individuals highlights the ongoing commitment to health equity by Gov. Hochul and the department, by ensuring those who need financial help can access timely medical care at an affordable cost.”
