life insurance medical information bureau

What Is The Medical Information Bureau? (MIB)

No! It’s Not The MEN IN BLACK!

Men In Black MIB
What Is The Medical Information Bureau? (MIB) 3

What is MIB?

MIB- The Medical Information Bureau was founded in 1902 and has information on life, health, long-term care insurance applications, and disabilities of millions of people. MIB offers fraud protection services to insurance companies.

MIB maintains a confidential consumer database that is accessible only by its member companies. It exchanges personal data about individuals among its members and also issues consumer reports to them. In turn, MIB also provides full disclosure to consumers regarding their files.

MIB Compliance with Fair Credit Reporting Act (FCRA)

The membership consists of life and health insurance companies, and information in the MIB database comes from members. 

MIB complies with FCRA on an enterprise-wide basis just as it protects sensitive and confidential information through an Enterprise Security Program.

Importance of MIB

The MIB is a very useful resource for insurance underwriters since it helps them with information to assess risk and evaluate life insurance applications.

MIB helps insurance companies gather accurate information about new customers. MIB reports simply the underwriting process, these types of databases make it possible to buy insurance online quickly with no medical exam. Given the data that is stored in the MIB database, it’s best to be honest when you apply for insurance.

Insurance underwriters use the information listed on MIB to countercheck with the data that applications have filled in their forms. The records reveal omissions, errors, or misrepresentations that might be in the applications. Therefore, MIB protects both insurance companies and consumers. The bureau avails data easily which makes insurance affordable and convenient.

Most insurance companies in America are part of the MIB. Even when they are accessing your medical data, they must adhere to the HIPAA guidelines. As an applicant, if you are not sure about your medical details, you can request your MIB report anytime.

Insurers use MIB for critical illness insurance, life or health insurance, and checking about disability income. When you apply for insurance, insurers get your previous data on health conditions from the MIB. Instead of asking you health questions, they go through your MIB records at MIB. They want to know about any issues that increase the risk that they will have to pay benefits. 

What information does a MIB Report Contain?

When you apply for an insurance policy, you give the insurance company express authorization to contribute underwriting information to the MIB.

  1. Driving record data including adverse driving records
  2. Occupation
  3. Foreign travel
  4. Medical information
  5. Criminal activity
  6. Dangerous sporting activities or advocations
    When you answer questions on a life insurance application, it’s important to respond accurately and honestly. Insurance companies countercheck your answers with any information available to them. Before getting data from MIB, the insurance company to which you applied must be a MIB member company. They should be able to submit their MIB inquiry with your consent.

Does the MBI protect personal data/information?

The MIB safeguards your data by avoiding selling it. It also prevents criminal enterprises from accessing your data and using it unfairly. One of the ways that the MIB protects data is by using MIB codes instead of medical records.

When an insurance company shares information to the MIB database, it doesn’t share actual medical records. Instead, the information is coded so that there are no personal identifiers that can be used for identity theft.

The code in your MIB record is an alert that warns future potential insurers to pay attention to your blood sugar. Besides, MIB states that the information it gathers is only used for detecting fraud. It will only share your information with insurance companies as part of the underwriting process.

When you make an application for life insurance of your choice, you sign a HIPPA form where you authorize the insurance company to access your medical records in MIB.

Which Records Does MIB Avoid?

MIB does not collect or store medical records such as paramedical examination reports, attending physician statements, lab test results, x-rays, or any other medical record. Does the MIB have a record of whether you’ve been declined or rated for insurance? Although the MIB has your codes, it doesn’t know the underwriter’s decision—whether standard rated, rated, or declined.

How Long Does the MIB keep your data?

The MIB keeps your data for a solid 7 years period. After that time elapses, they wipe your records from their database.

Can You Access Your Medical Records from the MIB?

Yes, it is possible to get your medical records from the MIB. However, they only allow one free copy per annum. If you want the copy, you only need to visit the MIB website and enter your personal details. The MIB will send you a copy via email. The sent file will have medical and personal data for the past 7 years.

Can You Alter Your MIB Record?

The best thing about checking your records with the MIB is to ensure that all the information entered there is accurate. If you read through the file and realize that there is inaccurate information, feel free to call the MIB and request a change. The MIB will contact the insurance company and inform them about the change of details.

However, it can take up to 45 working days to change the information which means that one must be patient. Besides, if you feel that the waiting period is too much, you can shorten the process by sending your personal and medical information to your health providers.

In addition, 98% of the information at MIB is accurate and that leaves you with a 2% chance of making a correction.

Final Thoughts….

MIB data helps insurance underwriters with useful medical and personal information on an individual as they purchase life or health insurance policies. The information improves the rate at which the approval decision is done. MIB works with FCRA in preventing identity fraud of client details. Besides, MIB keeps records for only seven years which is an important security feature. Most importantly, MIB has accurate information and you do not need to countercheck. The insurer cannot check your MIB record not unless you give them consent.