Health Care for Young Adults Act of 2005

Health Care for Young Adults Act of 2005 - Amends titles XIX (Medicaid) and XXI (State Children's Health Insurance Program) to permit states to provide Medicaid and SCHIP coverage of low-income youth up to age 23.

Provides for additional SCHIP allotments for the provision of coverage to optional young adults.

Amends SSA title XI to modify Medicaid caps for territories.

Directs the Secretary of Health and Human Services to provide for grants to states in order to enable them to implement expansions of eligibility for children and young adults in their state Medicaid and state SCHIP plans.