Nearly 1 Million New Yorkers Save Thousands Through Medicare Savings Program

Nearly one million New Yorkers with limited income are now saving thousands on their healthcare bills through the state’s Medicare Savings Program (MSP), as announced by Governor Kathy Hochul.

This program helps eligible adults save approximately $7,400 annually by covering Medicare Part B premiums and enrolling them in the federal Extra Help program, which reduces prescription drug costs.

To qualify for MSP, individuals must have a limited income, with eligibility set at $2,355 per month for an individual or $3,189 per month for a couple. Over half of the state’s enrollees are in New York City.

Medicare’s open enrollment period runs from October 15 through December 7, providing an opportunity for older adults in New York to determine if they are eligible for MSP and explore other cost-saving Medicare coverage options.

In addition, the state’s Health Insurance Information Counseling and Assistance Program offers seniors services such as:

• Selecting the best Medicare Part D plan (prescription drugs)
• Finding information on low-income assistance programs
• Identifying ways to cover medication or medical equipment costs
  Reporting Medicare fraud or abuse

New York Health Commissioner Dr. James McDonald emphasized that the program is a vital resource for those with limited income, helping them manage Medicare premiums. State Office of the Aging Director Greg Olsen also recognized the enrollment of nearly one million residents as an important milestone in reducing healthcare costs for many.

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