As a responsible individual, you take your health seriously. You exercise, eat a balanced diet, and visit the doctor regularly. But, how often do you check your medical information on the consumer database of the Medical Information Bureau (MIB)? Not many people are aware of the MIB’s existence, yet it plays a crucial role in safeguarding your health and financial wellbeing.
The MIB serves as a central repository of medical and insurance information that insurers use in the underwriting process. The information includes your medical diagnoses, treatment history, prescription drug use, and any health-related habits like smoking or drinking. Insurers use this information to assess your health risk and determine your premium rates when you apply for life, disability, or health insurance.
Many people assume that the MIB only tracks negative medical information, such as chronic diseases or disabilities. However, this is not entirely accurate. The MIB also tracks positive medical information, such as preventive care and wellness visits. Insurers consider this information when determining your insurance premiums.
Now, you might be wondering, why should you care about checking your medical information on the MIB database? Here are some essential reasons:
1. Ensure accuracy: Mistakes happen, and your medical information is not immune to human error. By regularly checking your medical information on the MIB, you can make sure that your data is accurate and up-to-date. If you find any errors, you can dispute them and request corrections.
2. Prevent fraud: Unfortunately, medical identity theft is a real threat. Criminals can use your medical information, such as your insurance policy number, to obtain medical services or prescription drugs. By monitoring your medical information, you can detect any unauthorized access and notify the MIB and your insurer.
3. Save money: Your medical information affects your insurance premiums significantly. By checking your information on the MIB, you can spot any negative information that might increase your insurance rates. You can then take steps to address those issues, such as quitting smoking or losing weight, to reduce your premiums.
In conclusion, checking your medical information on the MIB database is a crucial step in protecting your health and financial wellbeing. It ensures accuracy, prevents fraud, and can save you money in the long run. Remember, it’s your medical information, and you have the right to access and verify it. So, take charge of your health and check your medical information on the MIB database regularly.
