Medicare enrollees looking for prescription drug coverage for the coming year may need to spend some extra time looking around during open enrollment.

That’s because the number of Medicare Part D plans—prescription drug plans available to traditional Medicare — members fell 22% from 2025 figures to just 360 plans across the country. That’s a 50% reduction from 2024.

The Inflation Reduction Act increased cost and risk for the drug plans by introducing a $2,000 out-of-pocket cap, which is good for enrollees, according to Rich Daly, senior editor for the Healthcare Financial Management Association.

“The law also shifted more responsibility for high drug costs onto those plans,” Daly said. “The result is that their profitability was lowered, and a whole bunch of plans left the market as a r

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