What is the purpose of the Medical Information Bureau (MIB)?

The Medical Information Bureau (MIB) plays a crucial role in the health insurance industry by serving as a resource for member insurance companies to share and obtain medical data. This organization maintains a database that contains information related to the medical histories of individuals who have applied for insurance. Insurers access this information to assess risk and make informed underwriting decisions when evaluating health insurance applications.

The sharing of medical data among member companies helps to streamline the application process and can lead to a more accurate determination of eligibility and premiums, thereby fostering a more efficient healthcare insurance system. By having access to this data, insurers can also reduce the incidence of fraud and ensure that relevant health conditions are disclosed.

In contrast, the other options do not align with the primary focus and function of the MIB. Financial advice is not provided by the MIB, nor does it engage in enrolling individuals in health plans or selling insurance policies. The MIB primarily functions as a data-sharing entity for member companies, solidifying its purpose in the context of health insurance.