Stop Medicare Overpayment Act of 1998

Stop Medicare Overpayment Act of 1998 - Amends title XVIII (Medicare) of the Social Security Act, as amended by the Balanced Budget Act of 1997, with respect to reimbursement for drugs and biologicals. Replaces the current reimbursement rate of 95 percent of the wholesale average price with the lowest of the following: (1) the current rate; (2) the actual acquisition cost to the claim submitter of the drug or biological; (3) the amount otherwise determined under Medicare part B (Supplementary Medical Insurance); or (4) for payments for drugs or biologicals furnished on or after January 1, 2000, the median actual acquisition cost of all claims for payment for such drugs or biologicals for the 12-month period beginning July 1, 1998.