Key components of the Inflation Reduction Act’s Part D reforms will be fully implemented for plans offered in 2025. These changes, including the total elimination of the “coverage gap” coverage period, the establishment of a $2,000 cap on beneficiary out-of-pocket costs, and the creation of an optional payment plan program, together with reforms already in effect like the $35 cap on out-of-pocket costs for insulin products and the expansion of the Low Income Subsidy program (also called Extra Help), mean that it is especially important for beneficiaries to carefully compare their coverage options for next year during this year’s Medicare Open Enrollment Period.