Starting from today, October 15th, the Medicare open enrollment period has begun. Governor Hochu of New York is urging eligible individuals to enroll in the state-managed Medicare Savings Program (MSP), which can save an average of $7,400 in premiums per person annually.
Medicare, commonly known as the red and blue card, is a federal health insurance program for individuals aged 65 and older or those with disabilities. The annual open enrollment period is for those already enrolled in Medicare to switch plans or prescription drug coverage. This year, the open enrollment period runs from October 15th until December 7th.
On October 14th, Hochu encouraged seniors across the state to use the open enrollment period to determine if they qualify for the MSP program, or explore other insurance options under Medicare to save on premiums.
The MSP helps eligible Medicare beneficiaries pay for Part B premiums and automatically enrolls them in the Social Security Administration’s Extra Help program to assist with monthly premiums, annual deductibles, and co-payments for prescription drugs. According to the Social Security Administration, participants in the Extra Help program can save $5,300 per person annually. The standard premium for Medicare Part B is $174.70 per month, approximately $2,100 per year, so enrolling in both programs can lead to savings of nearly $7,400 per year.
Currently, a total of 982,992 individuals in the state have joined the MSP, including 574,665 in New York City and 79,863 across Long Island. However, there are still many eligible individuals who have not yet enrolled. In 2024, the income criteria for MSP eligibility is a monthly individual income below $2,355 or a monthly couple income not exceeding $3,189. Even if the income slightly surpasses these thresholds, deductions for out-of-pocket medical expenses could still qualify an individual. For detailed information on joining MSP or consulting about other Medicare issues, individuals can call the New York State Health Insurance Information, Counseling, and Assistance Program (HIICAP) toll-free hotline at 1-800-701-0501.
The application form for MSP enrollment can be downloaded from the State Health Department website at https://tinyurl.com/2esf98td. Once the form is filled out, along with the necessary proof documents, it should be submitted to the local Department of Social Services (LDSS) or Human Resources Administration (HRA) in the county of residence. For LDSS or HRA addresses, visit: https://tinyurl.com/6xctt2sc. Additionally, individuals can visit the New York State Office for the Aging (NYSOFA) website for more information at https://tinyurl.com/3dv83ter.