Medical Evaluation Parity for Servicemembers Act of 2014 or the MEPS Act - Directs the Secretary of the military department concerned to: (1) provide an individual with a mental health assessment before such individual enlists or is commissioned as an officer in an Armed Force, and (2) use such results as a baseline for any subsequent mental health examinations.

Prohibits the Secretary from considering the results of such assessment in determining the assignment or promotion of a member of the Armed Forces.

Directs the Secretary to treat such assessment in the same manner as medical records with respect to laws and regulations relating to the privacy of information.

Requires the National Institute of Mental Health of the National Institutes of Health (NIH) to submit to Congress and the Secretary of Defense (DOD) a report on preliminary mental health assessments of members of the Armed Forces, including recommendations regarding: (1) establishing a preliminary mental health assessment of members of the Armed Forces to establish parity with physical screenings; and (2) the composition of the mental health assessment, best practices, and how to track assessment changes relating to traumatic brain injuries, post-traumatic stress disorder, and other conditions.