Medicare Rehabilitation Benefit Equity Act of 1998

Medicare Rehabilitation Benefit Equity Act of 1998 - Amends title XVIII (Medicare) of the Social Security Act to repeal the financial limitation on certain rehabilitation therapy services under Medicare part B (Supplementary Medical Insurance).

Directs the Secretary of Health and Human Services to implement a budget-neutral alternative payment methodology for outpatient physical therapy services, outpatient occupational therapy services, and outpatient speech-language pathology services covered under Medicare. Requires such methodology to be based on the classification of individuals by diagnostic category, functional status, and prior use of services in both inpatient and outpatient settings.