Skilled Nursing Facility Payment Fairness Act of 1998

Skilled Nursing Facility Payment Fairness Act of 1998 - Amends title XVIII (Medicare) of the Social Security Act to authorize certain facilities to exempt themselves from the three-year transition period under the prospective payment system for skilled nursing facilities. Limits such optional exemption to facilities that: (1) are providing services whose level and type are substantially different from the level and type of services the facility provided in FY 1995; or (2) were eligible for and elected to receive payments pursuant to the post-June 30, 1998, prospective payment system for the cost reporting period immediately preceding the facility's first cost reporting period beginning on or after July 1, 1998.