Health Coverage, Affordability, Responsibility, and Equity Act of 2005 or the HealthCARE Act of 2005 - Amends Title XIX (Medicaid) of the Social Security Act (SSA) to allow State plans for medical assistance to provide Medicaid coverage to individuals who have incomes of no more than 100 percent of the poverty line.
Amends Title XXI (State Children's Health Insurance Program) (SCHIP) of SSA to permit States to provide child health assistance to all targeted low-income children.
Amends the Internal Revenue Code to permit a refundable credit for the cost of qualified health insurance for the taxpayer or qualifying family members. Requires the Secretary of the Treasury to establish a program to make advance payments to health insurance providers of credit for health insurance costs of eligible low-income individuals.
Establishes a program under which the Secretary of Health and Human Services shall ensure that eligible individuals can enroll in private group health insurance through a purchasing pool operator in participating states.
Directs the Secretary to establish standards for State-based reinsurance programs and permits the Secretary to award grants to States to cover the costs of such programs.
Directs the Secretary to establish the National Advisory Commission on Expanded Access to Health Care to assess the effectiveness of programs designed to expand health care coverage.
Permits a State to apply to the Secretary for waivers of such provisions of law as may be necessary for the State to implement policies that make comprehensive, affordable health coverage available for all State residents.