The Inflation Reduction Act (IRA) introduced major changes to the Part D program. This session will unpack the impact of IRA's benefit redesign in 2025 premiums, costs, and beneficiary choices, and the implication of drug price negotiation in 2026. We will discuss how Part D plans are adapting to these changes, lessons learned from the 2025 bids, and what we can expect in 2026 after the price negotiation of the top ten Part D drugs.