CMS issues draft guidance on new program to allow people with Medicare to pay out-of-pocket prescription drug costs in monthly payments

President Biden’s prescription drug law, the Inflation Reduction Act, gives people with Medicare prescription drug coverage (Medicare Part D) the option to pay out-of-pocket costs in monthly payments spread out over the year, starting in 2025. The Centers for Medicare & Medicaid Services (CMS) released draft guidance for comment that outlines the requirements and procedures for certain aspects of the new Medicare Prescription Payment Plan.