Medicare HMO Beneficiary Emergency Relief Act of 1998

Medicare HMO Beneficiary Emergency Relief Act of 1998 - Provides that, if an eligible organization under title XVIII (Medicare) of the Social Security Act has a risk-sharing contract in effect on December 31, 1998, and does not convert it to a contract to offer a Medicare+Choice plan under Medicare part C effective January 1, 1999, then such risk-sharing contract shall be deemed to be extended through June 30, 1999, under its existing terms and conditions. Excludes from the application of this Act any eligible organization that, for reasons of financial hardship, cannot convert a risk-sharing contract to a contract to offer a Medicare+Choice plan. Requires a Medicare+Choice organization offering a Medicare+Choice plan in an area affected by such a contract extension to accept, between November 1, 1998, and June 30, 1999, elections to enroll in such plan by individuals currently enrolled under the contract being extended. Authorizes the Secretary of Health and Human Services and the eligible organization whose contract is being extended to negotiate for a new contract which may enable the organization to convert its contract to a contract to offer a Medicare+Choice plan.