based on your income you should qualify for a tax credit. $26 000 in yearly income for a household of 1 is about 226% of the federal poverty level. subsidies are calculated based on a maximum percent of your income that you would need to spend for the second lowest cost silver plan in your area. at your income you should qualify for a subsidy that would require you to spend no more than about 7% of your adjusted gross income in order to purchase the second lowest cost silver plan. you can use that subsidy to purchase a more expensive plan - such as a gold or platinum plan - which will have a higher premium but cover more of your out-of-pocket costs. because you take a number of medications you will want to check with a plan's formulary to make sure they are covered before enrolling. a navigator can help you if you need assistance. you can also use the webmd coverage advisor tool which can help show you how your total out-of-pocket costs will vary based on the type of plan you choose.
i am 63 years old and collect social security. 1/3 of my income goes to health care. what health insurance plan is right for me? i need a plan to help with my 6 medications. my income is $26 000 a year - do i qualify for a tax credit?