Orlando Harmon
The Medical Information Bureau (MIB) is a reporting agency that tracks medical histories and collects patient information. It was established in 1902 and serves the information needs of almost 500 life and health insurance companies in North America. The MIB compiles information from an individual’s insurance applications, including medical information, risky hobbies and habits, driving records, and credit information. This information is then used by insurance companies to verify the accuracy of applications and determine insurance rates and coverage. Consumers can access their MIB files to review them for accuracy and correctness.
| Characteristics | Values |
|---|---|
| Name | Medical Information Bureau (MIB) |
| Type of Organization | Reporting agency |
| Purpose | To provide background information to insurance companies |
| Members | Almost every life insurance company in the US and Canada (more than 800 companies) |
| Data Collection | Compiles information from an individual's insurance applications |
| Data Types | Medical history, risky hobbies and habits, driving record, credit information |
| Access | Consumers can access their own MIB report to verify accuracy |
| Report Validity | Information in the database is purged after seven years |
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What You'll Learn
Requesting your MIB consumer file
The Medical Information Bureau (MIB) is a reporting agency that tracks medical histories and collects patient information. It was originally established in 1902 and serves the information needs of almost 500 life and health insurance companies in North America. The MIB provides background information to its insurance company members so they can determine who they will accept for insurance and who they will reject.
You will not have an MIB Consumer File unless you have applied for individually underwritten life or health insurance in the last seven years. If you have, you can request access to your MIB report for free at any time. The federal Fair Credit Reporting Act grants you the right to a free copy (call 866-692-6901 to order) and to dispute any errors you find. You can also receive a list of the companies that have reported information on you and those that have accessed your file during the previous 12 months.
To protect your personal information, the MIB does not keep your actual medical records on file. Instead, MIB information is coded and only includes information that is significant to the underwriting process. There are no personal identifiers that could be used for identity theft. Your information isn’t submitted to the insurer without your permission, and even then, your information is protected by the Health Insurance Portability and Accountability Act (HIPAA) guidelines. You have to sign a HIPAA waiver before the insurers can access your information. Plus, insurers can’t sell or share any of your personal information.
MIB reports may include medical information, risky hobbies and habits, driving record information, and credit information. An MIB report will include information from your insurance applications from the past three to five years.
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How MIB reports are used to determine insurance rates
When you apply for insurance, the insurance company will consider various factors regarding your history to determine your insurance policy cost. Most insurers obtain a report from the Medical Information Bureau (MIB) to determine the risk you pose and, consequently, your policy premium. The MIB checks past records to identify any errors, misrepresentations, or omissions made on an insurance application. An MIB report is comparable to a credit report but is specifically designed for the insurance process.
The MIB report contains information about medical conditions and other risks that can impact your long-term health. This information is used by underwriters and medical directors to evaluate applications for life, health, critical illness, long-term care, and disability insurance. The report may include medical information, risky hobbies and habits, driving record information, and credit information. Insurance companies can access these reports to ensure accurate and consistent information on applications.
MIB reports are particularly useful for identifying false or incomplete applications. For instance, if an applicant omits a past medical procedure on their application or commits fraud, the insurance company can adjust their rates according to the applicant's health status or deny coverage. MIB codes are a series of numbers and letters that represent medical conditions or high-risk activities that can impact health or life expectancy. These codes help underwriters ensure that no information was missed on the application.
It is important to note that MIB reports are not solely used to determine insurance eligibility. Any conditions listed in the report must be verified by underwriters, who also consider disclosures on the application, records from healthcare providers, and medical exams. Consumers can access their MIB report to ensure its accuracy and request a reinvestigation if they believe there is inaccurate information.
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The history of the Medical Information Bureau
The Medical Information Bureau (MIB) was founded in 1902 by a group of life insurance companies with the goal of creating an industry-wide database of life insurance and other products. The MIB is a not-for-profit organisation based outside of Boston, with approximately 750 member insurance companies. These companies account for 99% of individual life insurance policies and 80% of all health and disability policies issued in the United States and Canada.
The MIB collects and provides information on consumers to its members for use in the insurance underwriting process. This information includes medical conditions, driving records, criminal activity, and participation in hazardous sports, among other facts. The MIB does not keep actual medical records on file; instead, the information is coded and protected by HIPAA regulations. The MIB report is used to verify an individual's medical history and to protect against fraud.
Under the Fair Credit Reporting Act (FCRA), the MIB is categorised as a "nationwide specialty consumer reporting agency". As such, it must provide annual disclosure of an MIB report to all consumers who request their files. The MIB report can be requested for free once a year, and individuals can review and dispute any inaccurate information. The information collected by the MIB stays on file for seven years, after which it is removed from the database.
The primary purpose of the MIB is to provide insurance companies with access to shared medical information about applicants, helping them to assess the risk associated with an applicant's health history and make informed underwriting decisions. By utilising the MIB report, insurance companies can ensure that an applicant's health risks are adequately assessed, and the policy terms are adjusted accordingly.
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The types of information MIB collects
The Medical Information Bureau (MIB) is a reporting agency that collects patient information and tracks medical histories. It was established in 1902 and serves the information needs of almost 500 life and health insurance companies in North America. The MIB collects information on only 15 to 20 per cent of people who have applied for individual health or life insurance policies.
The types of information the MIB collects include:
- Medical information: The MIB collects information on an individual's medical history, including any health issues, medical conditions, and prescription drug use. This information helps insurers assess the risk of insuring an individual and detect potential fraud.
- Driving record information: The MIB collects information on an individual's motor vehicle history, including any adverse driving records or accidents.
- Risky hobbies and habits: The MIB collects information on any risky hobbies or habits that an individual may have, such as private aviation, scuba diving, or hazardous avocations.
- Credit information: The MIB collects credit information on individuals, which can include information on their financial history and creditworthiness.
- Insurance application activity: The MIB gathers information from past insurance applications, including life, health, disability, and long-term care insurance applications. This information is used to help insurers verify the accuracy of new applications and detect any potential fraud.
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How to correct errors in your MIB file
MIB is an acronym for Management Information Base. A MIB file is a type of "codebook" that is required to interpret traps sent from SNMP devices. Your SNMP manager needs these files to properly handle incoming traps. For your system to function properly, it is important to have the correct file for your system.
- Ensure that you are using MIBs that are compatible with your manager. The two most common MIB types are DOS and UNIX. It is important to note that DOS may not work with a UNIX SNMP manager and vice versa.
- Make sure you have all the required RFC files. Most main MIBs require additional reference (RFC) MIBs during compiling. If any of these RFCs are missing, the main MIB will not compile properly.
- Check for bad syntax. Computers won't understand the underlying concepts if your syntax is wrong. The amount that can go wrong will vary based on the compiler that you are using.
- Check for errors in file comments. File comments are offset from the rest of the file by double hyphens (--). An important exception is that comments can be ended by a second pair of hyphens on the same line. Anything outside of the second double hyphen on the same line is considered part of the MIB code during compiling, which can lead to errors.
- Choose a manufacturer that provides MIB files and offers tech support. This will save you time and money, as you won't have to deal with as many issues on your own.
- Use a MIB compiler that is compatible with your files. Some MIB files may be modified to use special syntax specific to a particular compiler, which can cause errors if you are using a different compiler.
- Utilize tools like MIB Smithy, which can automatically correct certain errors and help with the conversion process when updating modules.
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Frequently asked questions
The MIB is a reporting agency that tracks medical histories and collects patient information. It was originally established in 1902 and serves the information needs of almost 500 life and health insurance companies in North America.
Insurance companies can access MIB files to verify the information on insurance applications. Consumers can also access their own MIB files to check for accuracy.
An MIB file includes information from insurance applications from the past three to five years. It may include medical information, risky hobbies and habits (e.g. skydiving, smoking), driving record information, and credit information.
You can request access to your MIB file for free at any time. You can call 866-692-6901 to order a copy of your file.
It is important to access your MIB file to ensure that the information is accurate and up-to-date. This can impact the cost of your insurance premiums or whether you are accepted for insurance coverage.
