As you approach age 65, there's a big decision you need to be thinking about: which Medicare plan to sign up for in your later years. And there's a key reason why it's so vital to make the best healthcare decisions for yourself.

According to Fidelity, a 65-year-old person retiring in 2023 could expect to spend $157,500, on average, on medical and healthcare expenses throughout retirement. That doesn't even include long-term care, over-the-counter medications, and most dental services. A married couple should assume an average cost of $315,000. (Figures for 2024 will probably be released in June.)

Those are average numbers, though, so you'll probably end up paying more or less than that $157,500, and the kind of healthcare coverage you have can make a big difference in how much you must pay out of your pocket. Medigap plans are a particularly important part of Medicare to consider carefully as you make decisions.

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Source Fool.com