Generic products are plainly labeled, unadvertised products, which often include items such as prescription drugs and grocery items. They are typically more affordable, often costing up to 40% less than national brands.
Medical Expense Deduction refers to the allowable itemized deduction by individuals for unreimbursed payments for medical care, prescription drugs, and medical insurance premiums, limited to the amount that exceeds 7.5% of the taxpayer's adjusted gross income (AGI).
