We systematically investigate lower and upper bounds for the modified Bessel function ratio Rν=Iν+1/Iν by functions of the form View the MathML source in case Rν is positive for all t>0, or equivalently, where ν≥−1 or ν is a negative integer. For ν≥−1, we give an explicit description of the set of lower bounds and show that it has a greatest element. We also characterize the set of upper bounds and its minimal elements. If ν≥−1/2, the minimal elements are tangent to Rν in exactly one point 0≤t≤∞, and have Rν as their lower envelope. We also provide a new family of explicitly computable upper bounds. Finally, if ν is a negative integer, we explicitly describe the sets of lower and upper bounds, and give their greatest and least elements, respectively.