Medicare Savings Program ( MSP)
What is the Medicare Saving Program? The MSP is funded by the State Medicaid program. It is also known as the Medicare Buy-In program that helps pay for costs if you are financially limited. The Medicare Savings Program will pay your Part B premium for you each month. This premium is taken out of your Social Security Check on a monthly basis. In certain situations if your income is low enough it will pay for co-payments for Medicare covered services.
To qualify as an individual your income needs to be under $1357 per month and for a couple your income needs to be under $1823. If your income is above these levels you may still qualify. If you pay a Supplemental Insurance Premium not including your Medicare premium you can deduct that amount from your income and check the income guidelines. For example if you are an individual with a monthly income of $1,357 monthly and you pay a Supplemental Insurance premium of $150 per month, you would still qualify for the Medicare Savings Program.
For more information, please contact NY Connects or Office for the Aging at 867-1415