Homebound Elderly Relief Opportunity Act of 1998

[AI summary unavailable — showing source text] Homebound Elderly Relief Opportunity Act of 1998 - Amends title XVIII (Medicare) of the Social Security Act (SSA), as amended by the Balanced Budget Act of 1997 (BBA '97), with respect to the computation formula of the interim system of limited payments for services provided by home health agencies. Declares that such interim system shall apply only if aggregate expenditures for home health services in a fiscal year exceed specified applicable amounts for FY 1998 and 1999 (with adjustments through FY 2002). Requires the Secretary of Health and Human Services, in the case of such an excess, to implement such system beginning January 1 of the year following the fiscal year in which such aggregate expenditures exceed the applicable amount. Includes in the computation formula the separate determination of costs for agencies in rural and nonrural areas. Provides for adjustment of payments (up to five percent of the aggregate projected or estimated payments) for outliers where the reasonable cost for home health services to an individual exceeds the per beneficiary limit by a fixed number of standard deviations. Eliminates the special rule for new agencies with respect to determination o…