Asylum Visitor

If you discard a card with madness to pay the cost of a spell or activated ability, that card's madness triggered ability (and the spell that card becomes, if you choose to cast it) will resolve before the spell or ability the discard paid for.

Madness works independently of why you're discarding the card. You could discard it to pay a cost, because a spell or ability tells you to, or because you have too many cards in your hand during your cleanup step. You can't discard a card with madness just because you want to, though.

If you choose not to cast a card with madness when the madness triggered ability resolves, it's put into your graveyard. Madness doesn't give you another chance to cast it later.