Medical Independence, Privacy, and Innovation Act of 2005

[AI summary unavailable — showing source text] Medical Independence, Privacy, and Innovation Act of 2005 - Amends the Internal Revenue Code to allow a taxpayer to deduct all uncompensated medical expenses paid for by the taxpayer (currently, only medical expenses exceeding 7.5% of the taxpayer's adjusted gross income are deductible). Sets forth the tax treatment for medical checking accounts, including: (1) exempting such accounts from certain taxes; (2) allowing individuals a deduction and a credit for contributions to such accounts; and (3) excluding from gross income any amounts paid or distributed from such an account which are used to pay qualified medical expenses of an account holder. Decreases the minimum annual deductibles under a high deductible health plan for purposes of health savings accounts or Archer medical savings accounts. Makes modifications to regulations regarding the privacy of individually identifiable health information. Requires the Secretary of Health and Human Services to promulgate the Universal Health Privacy Declaration to allow an individual to prohibit a health care provider from using or disclosing the individual's protected health information for treatment without prior consent. Amends the Fed…