Medicare Venipuncture Seniors Protection Act of 1998

Medicare Venipuncture Seniors Protection Act of 1998 - Amends the Balanced Budget Act of 1997 to place an 18-month delay on the prohibition against payment for home health services consisting of venipuncture solely for purposes of obtaining a blood sample. Requires the Secretary of Health and Human Services to study and report to the Congress with respect to the provision of home health services consisting of venipuncture under title XVIII (Medicare) of the Social Security Act. Requires the report on the definition of homebound to include specific legislative recommendations to reduce waste, fraud, and abuse (if any) in the determination of whether an individual is homebound without jeopardizing the Medicare services provided to beneficiaries with serious medical conditions.