Health Savings and Affordability Act of 2003

[AI summary unavailable — showing source text] Health Savings and Affordability Act of 2003 - Amends the Internal Revenue Code to allow a limited deduction (to both itemizers and nonitemizers) for contributions to health savings security accounts (accounts for medical expenses for anyone, except those with an individual deductible under $500 or $1,000 for a family) and health savings accounts (accounts for medical expenses for those in a high deductible plan, a plan with an individual deductible of $1,000 to $2,250 or $2,000 and $4,500 for a family and with individual out-of-pocket expenses not exceeding $3,000 or $5,500 for a family). Provides for cost-of-living adjustments to such amounts. Exempts such accounts, and distributions from such accounts, from taxation. Allows up to $500 of unused health benefits in cafeteria plans and flexible spending arrangements to be carried forward to the next year, contributed to a health savings security or health savings account, or contributed to a qualified retirement plan. Exempts flexible spending arrangements and health reimbursement arrangements treated as employer-provided coverage from information reporting requirements related to certain health arrangements.…