On January 10, 2025, the Centers for Medicare and Medicaid Services released draft instructions on the CY2026 Part D Redesign. These instructions contain detailed descriptions and guidance to all Inflation Reduction Act changes newly in place for CY2026, including benefit design changes, adjustments to MLR calculations, meaningful difference testing, creditable coverage, non-calendar EGWPs, the selected drug subsidy, and draft guidance on the successor regulation exception to the IRA’s formulary inclusion requirements for selected drugs.