Coverage through an employer usually ends when the paychecks do, and Medicare takes over at 65. That change brings a new group of costs that many people have not priced out. Fidelity’s 25th annual retiree health care estimate suggests a 65-year-old retiring in 2026 may spend about $185,500 on medical expenses over the rest of life, net of taxes, and that figure rose 7.5% from the prior year. Premiums make up less than half of it. The rest comes from cost-sharing, prescriptions, and services Original Medicare does not include, such as vision and hearing exams. The research also shows a gap in understanding, since more than half of pre-retirees surveyed believe Medicare pays for everything. This article walks through what the estimate includes, what it leaves out, and why health care deserves its own line when savings start funding a paycheck.