Understanding the Medical Information Bureau (MIB): What You Need to Know
The Medical Information Bureau (MIB) is a non-profit organization that collects and maintains medical records on individuals for use by insurance companies. It was founded in 1902 and has since become an important tool for insurers to evaluate the risk of insuring individuals.
What information does the MIB collect?
The MIB collects information regarding an individual’s medical history, prescription drug use, and any impairments or conditions that may impact their insurability. The information the MIB collects is solely for the purpose of aiding insurers in making informed underwriting decisions.
How does the MIB affect my insurance application?
When you apply for life, health, or disability insurance, the insurer may request a copy of your MIB report as part of the underwriting process. This report contains information that may affect your insurability, such as previous medical conditions or drug use.
Can I access my MIB report?
Yes, you have the legal right to request a copy of your MIB report. However, be aware that the report may contain sensitive medical information that you may not want to share with others.
How can I correct errors on my MIB report?
If you find an error on your MIB report, you can request a correction by contacting the MIB directly. They will investigate the error and make the necessary changes if warranted.
Conclusion
Understanding the purpose and function of the Medical Information Bureau is crucial for anyone applying for life, health, or disability insurance. It is important to know what information the MIB collects and how it may affect your insurance application. If you have any concerns about your MIB report or want to access it, contact the MIB directly for more information.
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