Nearly one million New Yorkers are now enrolled in State-administered Medicare Savings Program (MSP). Governor Kathy Hochul said the program can help eligible older adults save an estimated average of $7,400 per year in health care costs. With the Medicare open enrollment period now open, Governor Hochul also encouraged more New Yorkers to learn about and enroll in the MSP. Many older adults are eligible for this program due to the Governor’s expansion of the MSP, which increased income eligibility limits to ensure more New Yorkers can benefit from healthcare savings.
The Medicare open enrollment period will remain open until Dec. 7. While New Yorkers can enroll in the MSP all year round, Governor Hochul says the open enrollment period is a great time to learn about the benefits and address any Medicare questions.
“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,” said Governor Kathy Hochul. “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 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 with prescription drug costs.
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 (SSA) 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.
About Medicare Open Enrollment
Open enrollment is the time when Medicare beneficiaries can make changes in their health plan or prescription drug coverage and other options.
During open enrollment, or at any time of the year, HIICAP can help you:
- Understand the Medicare prescription drug benefit (Medicare Part D) and how to select the best plan.
- Understand low-income subsidy programs, including Extra Help and Medicare Savings Programs (MSPs).
- Find ways to pay for your medications or medical equipment.
- Understand and apply for the Elderly Pharmaceutical Insurance Coverage (EPIC) program.
- Choose between original Medicare and Medicare Advantage plans.
- Understand Medicare rules and your medical bills.
- Report possible Medicare fraud or abuse.
- Provide information on how to appeal a decision by Medicare, your managed care provider or other health insurance company.
- Discover ways to fill in Medicare’s gaps.
- Learn how to file a Medicare or Medigap complaint.
Have all the Finger Lakes news from Finger Lakes News Radio delivered to your email every morning for FREE! Sign up by clicking here
