Patients' Health Care Choice Act of 2003

Patients' Health Care Choice Act of 2003 - Amends the Public Health Service Act to create a new title, Title XXIX - HealthMarts. Requires that HealthMarts: (1) be nonprofit entities composed of employers, employees, other individuals eligible to participate in the HealthMart, health care providers, and entities that underwrite or administer health benefits coverage; and (2) make available health coverage to all employers, eligible employees, and individuals at rates established by the insurance issuer on a policy or product specific basis. Requires that coverage made available to an eligible employee or individual in a geographic area be offered to all eligible employees or individuals in the same area.

Creates a new Public Health Service Act title, Title XXX - Individual Membership Associations. Defines an Individual Membership Association (IMA) as an entity that: (1) has been in existence for at least five years for purposes other than obtaining insurance; (2) does not condition membership an health factors; (3) makes health coverage available to all IMA members and their dependents through an HMO, a preferred provider or licensed provider-sponsored organization, an insurance company, a medical savings or flexible spending account, a point-of-service option, or any combination of those coverages; and (4) does not make coverage available other than in connection with an IMA member.

Requires that each State receive from the Secretary of Health and Human Services an amount equal to 50 percent of the funds expended by the State for a health benefits high risk pool, reinsurance pool, or other risk adjustment mechanism to subsidize the purchase of private health insurance.

Small Business Access and Choice for Entrepreneurs Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish rules governing health plans sponsored by certain associations, including requirements for: (1) certification; (2) sponsors and boards of trustees, and treatment of franchised networks and collectively bargained plans; (3) participation and coverage of employers and individuals and of previously uninsured employees; (4) plan documents, contribution rates, and benefit options; (5) maintenance of reserves, excess-stop loss insurance, and indemnification insurance; (6) applications and related requirements; (7) notice for voluntary termination; and (8) corrective actions and mandatory termination.

Amends the Internal Revenue Code to: (1) allow a credit for qualified health insurance; (2) exclude from the gross income of an eligible employee who elects not to participate in an employer-subsidized health plan any compensating coverage employer payment; and (3) expand the availability of medical savings accounts.

Amends the Public Health Service Act to require each health insurance issuer offering coverage in connection with a group plan to provide: (1) the plan's Administrator with specified information on plan benefits, a participant's financial responsibilities, legal recourse options available for participants and beneficiaries, and a summary of information available on request; and (2) prior notice to participants of exclusion of a specific drug or biological from any drug formulary that is used in the treatment of a chronic illness or disease.