Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Medical Information Bureau and Health Insurance
Old 12-20-2006, 10:34 AM   #1
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 860
Medical Information Bureau and Health Insurance

In case any of you want to find out what the insurance companies see when they look you up in the MIB (medical information bureau) for underwriting purposes, you can get a copy of your own MIB by calling (617)426-3660.

This is especially good for those of you who can't remember the services that you've had over the past several years, but want to apply and be as thorough as possible on your applications.
__________________

__________________
mykidslovedogs is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Medical Information Bureau and Health Insurance
Old 12-20-2006, 10:38 AM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,134
Re: Medical Information Bureau and Health Insurance

Quote:
Originally Posted by mykidslovedogs
In case any of you want to find out what the insurance companies see when they look you up in the MIB (medical information bureau) for underwriting purposes, you can get a copy of your own MIB by calling (617)426-3660.
You can also request it online at http://www.mib.com/

__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Re: Medical Information Bureau and Health Insurance
Old 12-20-2006, 10:53 AM   #3
Thinks s/he gets paid by the post
FIRE'd@51's Avatar
 
Join Date: Aug 2006
Posts: 2,322
Re: Medical Information Bureau and Health Insurance

Quote:
Originally Posted by mykidslovedogs
This is especially good for those of you who can't remember the services that you've had over the past several years, but want to apply and be as thorough as possible on your applications.
I'm not sure this is thorough enough. I got the impression from my agent, and also from Pilzer's book, that insurance companies tend to pretty much underwrite based on your answers to the health questions, without actually contacting your doctors. This is done to reduce the costs of underwriting. After you have submitted claims, especially expensive ones, the insurance companies will go back and more thoroughly look at your health history, contact doctors, etc. If at this point, they discover things that weren't answered correctly in the questionaire, they might refuse to pay the claim. If they believe you intentionally omitted information, they might even cancel your policy.
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
FIRE'd@51 is offline   Reply With Quote
Re: Medical Information Bureau and Health Insurance
Old 12-20-2006, 11:01 AM   #4
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 860
Re: Medical Information Bureau and Health Insurance

Quote:
Originally Posted by FIRE'd@51
I'm not sure this is thorough enough. I got the impression from my agent, and also from Pilzer's book, that insurance companies tend to pretty much underwrite based on your answers to the health questions, without actually contacting your doctors. This is done to reduce the costs of underwriting. After you have submitted claims, especially expensive ones, the insurance companies will go back and more thoroughly look at your health history, contact doctors, etc. If at this point, they discover things that weren't answered correctly in the questionaire, they might refuse to pay the claim. If they believe you intentionally omitted information, they might even cancel your policy.
There's no doubt you can hurt yourself by not answering questions the right way. That's why it is good to consult an agent....especially if you have a phone interview with an underwriter. Be careful....You don't want to tell an underwriter that you've had "lumps in your breasts", when the actual diagnosis is fibrocystic disease, because the insurance carrier will incorrectly assume that you are a risk for cancer.

Also, insurance carriers will do a quick comparison of your questionnaire to the MIB, and if they see anything obvious that stands out, they will question you. Another example. If you had a bout with acute bronchitis and took some albuterol, but you didn't think it was important to disclose the bronchitis on your app because it was a one time deal, the insurance carrier will probably notice in the MIB that you had filled an albuterol prescription and ask you what it was for before issuing the policy.
__________________
mykidslovedogs is offline   Reply With Quote
Re: Medical Information Bureau and Health Insurance
Old 12-20-2006, 11:13 AM   #5
Thinks s/he gets paid by the post
FIRE'd@51's Avatar
 
Join Date: Aug 2006
Posts: 2,322
Re: Medical Information Bureau and Health Insurance

Quote:
Originally Posted by mykidslovedogs
Also, insurance carriers will do a quick comparison of your questionnaire to the MIB, and if they see anything obvious that stands out, they will question you. Another example. If you had a bout with acute bronchitis and took some albuterol, but you didn't think it was important to disclose the bronchitis on your app because it was a one time deal, the insurance carrier will probably notice in the MIB that you had filled an albuterol prescription and ask you what it was for before issuing the policy.
I guess my concern is how complete the MIB is. The health questionaire often has questions like "Have you ever had ....?" What about before there was a MIB? Also, what if your doctor has things in his records that he didn't report? In other words, just because it's not in the MIB doesn't mean it won't come back to "bite you". At least that is my understanding of the process.
__________________
I'd rather be governed by the first one hundred names in the telephone book than the Harvard faculty - William F. Buckley
FIRE'd@51 is offline   Reply With Quote
Re: Medical Information Bureau and Health Insurance
Old 12-20-2006, 11:24 AM   #6
Full time employment: Posting here.
 
Join Date: Dec 2006
Posts: 860
Re: Medical Information Bureau and Health Insurance

Quote:
Originally Posted by FIRE'd@51
I guess my concern is how complete the MIB is. The health questionaire often has questions like "Have you ever had ....?" What about before there was a MIB? Also, what if your doctor has things in his records that he didn't report? In other words, just because it's not in the MIB doesn't mean it won't come back to "bite you". At least that is my understanding of the process.
I can understand your concerns, and most people can't remember back the last couple of years let alone a lifetime. But really, what the insurance carriers are concerned most about are those Big items like cancer, diabetes, etc, that people don't usually tend to forget. In Colorado, the contesability rules for "mistatements" on your policy is two years, so if a carrier accepted you and five years down the road you have a major medical event like cancer, they're not going to go back into your lifetime's history and rescind coverage because your doctor wrote somewhere in your medical records that you have a family history of cancer.

However, if you obviously fail to disclose something like the suspicious mole that you talked to your doctor about last year, and 6 months down the road (after you are accepted for coverage), you end up with a malignant melanoma, there is a strong likelihood that your coverage could be rescinded.
__________________

__________________
mykidslovedogs is offline   Reply With Quote
Reply

Tags
health insurance


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Scientific American poll: 90% fail at buying their own health insurance Nords FIRE and Money 3 09-16-2006 02:07 PM
Are illegal immigrants a serious problem or not? Art Other topics 200 07-09-2005 09:19 AM
Americans need to work longer... Marshac Young Dreamers 39 08-29-2004 05:51 PM
Health Insurance Barb FIRE and Money 12 10-06-2003 03:48 AM
Health Insurance Info - Check the MIB for $9.00 Telly Other topics 5 09-06-2003 04:37 AM

 

 
All times are GMT -6. The time now is 04:36 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.