Medical Independence, Privacy, and Innovation Act of 2003

[AI summary unavailable — showing source text] Medical Independence, Privacy, and Innovation Act of 2003 - Amends the Internal Revenue Code to eliminate language making the medical expense deduction only apply to the extent the relevant expenses exceed 7.5 percent of adjusted gross income. Permits the deduction in computing adjusted gross income. Exempts medical checking accounts from being subjected to certain taxes. Subjects such accounts to taxes on unrelated business income of charitable organizations. Allows a deduction equal to the amount paid in cash to an individual's medical checking account (up to $1,000, or $2,000 in the case of a joint return) and a credit (of up to $1,000) for contributions made to such account. Excludes from gross income any amount paid or distributed out of a medical checking account which is used exclusively to pay qualified medical expenses of any account holder. Decreases the minimum annual deductibles under a high deductible health plan for purposes of Archer medical savings accounts. Makes modifications to regulations regarding the privacy of individually identifiable health information. Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to establish new…