An Applicant's Medical Information Received From The Medical Information Bureau

Understanding Your Medical Information Bureau (MIB) Report: A Comprehensive Guide for Applicants

Applying for life insurance, health insurance, or even some types of loans often involves a check with the Medical Information Bureau (MIB). This report, containing medical information shared by participating insurance companies, can significantly impact your application. Understanding what's in your MIB report, how it's used, and how to address potential inaccuracies is crucial. This comprehensive guide will walk you through everything you need to know.

What is the Medical Information Bureau (MIB)?

The MIB is a non-profit organization that acts as a central repository of medical information shared by participating insurance companies in the United States and Canada. It's not a credit bureau; it doesn't track your financial history. Instead, it focuses solely on health-related information relevant to underwriting decisions. Think of it as a tool used by insurers to assess risk. Millions of insurance companies across North America utilize the MIB to gather and share critical data points to help inform their underwriting processes. This collaborative approach helps them make informed decisions and potentially prevent fraudulent activity.

What Kind of Information Does the MIB Contain?

The MIB report primarily contains information about your medical history, specifically data that could affect your insurability. This may include:

Medical Conditions:

• Diagnoses: Information regarding any diagnosed medical conditions, including but not limited to heart disease, cancer, diabetes, and mental health conditions. The severity and duration of the condition are also noted.
• Hospitalizations: Records of hospital stays, including the dates, reasons for admission, and treatments received.
• Surgical Procedures: Details of any surgeries you've undergone, including the type of procedure, date, and outcomes.
• Prescription Medications: A list of medications you've been prescribed, along with dosages and durations of use. This does not include over-the-counter medications.
• Lab Results: Significant findings from blood tests, imaging scans (like X-rays or MRIs), and other diagnostic tests.
• Physician Visits: Information about consultations and treatments with healthcare professionals, although usually not including specifics about each visit.

Important Considerations:

• The MIB doesn't contain your entire medical history. It's focused on information relevant to insurance underwriting. Routine checkups and minor ailments may not be included.
• The information is coded, not explicitly named. To protect privacy, the MIB uses codes to represent medical conditions and procedures. Insurance companies using the MIB use these codes to understand the underlying issue.
• The information is only shared with insurers participating in the MIB. This is a large network, but not every insurance company participates.

How is the MIB Used in the Insurance Application Process?

When you apply for life insurance, health insurance, or other insurance products, the insurance company may request a report from the MIB. They use this information to:

• Assess your risk: The MIB report helps insurers understand your health status and potential health risks. This informs their decision on whether to offer you coverage and what premium to charge.
• Identify inconsistencies: The MIB can help identify potential discrepancies between the information you provide in your application and your actual medical history. This helps prevent fraud and ensures accurate risk assessment.
• Prevent fraud: By sharing information across insurance companies, the MIB helps prevent individuals from misrepresenting their health status to obtain more favorable insurance terms.

Obtaining Your MIB Report: Understanding Your Rights

While you can't directly access your MIB report yourself, you have the right to know what information insurers have reported about you. Here's how:

1. Requesting a Report: If you're denied coverage or given less favorable terms due to information found in your MIB report, you have the right to request a copy of the report. You need to request this directly from the insurance company that denied your application or provided less favorable rates.
2. Reviewing the Report: The insurance company must provide you with a copy of the information in your report. Keep in mind that the information is coded, so you may need the assistance of a medical professional to fully understand it.
3. Dispute Incorrect Information: If you believe the information contained in your MIB report is inaccurate or incomplete, you can dispute it. This is crucial because inaccurate information can significantly affect your ability to secure insurance. The dispute process typically involves submitting supporting documentation from your doctors and other healthcare providers.

What to Do If You Find Inaccuracies in Your MIB Report

If you discover inaccuracies in your MIB report, taking proactive steps is essential:

1. Gather Documentation: Collect all relevant medical records, doctor's notes, and any other supporting evidence that contradicts the information in the MIB report.
2. Contact the Insurance Company: Contact the insurance company that reported the inaccurate information to the MIB and formally request a correction. Provide them with your supporting documentation.
3. Contact the MIB Directly: While you can't directly correct the information yourself, you can contact the MIB to understand their process for addressing disputes. They will typically guide you through the process of requesting a correction from the reporting insurer.
4. Persistence is Key: Correcting inaccuracies in the MIB can take time. Be persistent, follow up regularly, and keep meticulous records of all communications.

The Impact of MIB Information on Your Insurance Applications

The information in your MIB report significantly impacts your insurance applications. It can affect:

• Eligibility: Insurers might deny your application outright if the report reveals serious health conditions.
• Premiums: Even if you're approved, inaccurate or incomplete information may lead to higher premiums than you would otherwise pay.
• Policy Exclusions: Insurers may exclude certain conditions from coverage based on information in the MIB report.

Protecting Your Privacy and Rights

The MIB operates under strict privacy guidelines. It's essential to understand your rights and how to protect your privacy. Always be aware of what information is being shared and take steps to ensure accuracy.

Conclusion: Proactive Management of Your MIB Report

Your MIB report is a critical aspect of your insurability. By understanding its contents, how it's used, and your rights regarding its accuracy, you can proactively manage your insurance applications and ensure you receive fair and accurate treatment. Remember, obtaining a copy of the information reported and disputing any inaccuracies are essential steps to protect yourself. Don't hesitate to seek professional assistance from an insurance broker or legal counsel if you encounter difficulties. Knowing your rights and being informed is the first step in navigating the MIB process successfully. Proactive management of this crucial information can significantly improve your chances of securing favorable insurance terms.