About one million Australians could be missing out on money that’s rightfully theirs, with $247 million in unclaimed Medicare benefits waiting to be collected. The reason? Outdated or missing bank details.
According to Services Australia, checking and updating your details takes less than a minute, and once corrected, you could receive your owed payments within three days.
Who Is Owed This Money?
Medicare benefits are owed to Australians of all ages, but the biggest chunk—around $54 million—is sitting unclaimed by people aged 18 to 24.
Last year, the government revealed that the average unclaimed benefit was about $260, though some individuals are owed more than $10,000.
Even if you’re not personally owed money, someone you know might be. Services Australia is urging Australians to spread the word so that more people can reclaim what belongs to them.
How to Check If You Have Unclaimed Medicare Benefits
Getting your money is straightforward. You just need to ensure your bank details are registered with Medicare. Here’s how to check:
- Log into your myGov account and access your linked Medicare online account.
- Go to ‘My details’, then select ‘View and edit my details’.
- Navigate to ‘Bank details’.
- If needed, select ‘Edit’ to update your details.
If you’ve never provided bank details before, you’ll need to:
- Sign in to myGov.
- Go to ‘Tasks and notifications’.
- Select ‘Update your bank details’.
- Enter your details and click ‘Save bank details’.
You can also update your details via the Medicare app, by visiting a Services Australia centre, or by calling Medicare on 132 011.
What Happens After You Update Your Details?
Once your details are corrected, Services Australia will process any outstanding Medicare benefits within three days. Any future benefits will also be automatically deposited into your registered account.
This is an easy way to ensure you don’t miss out on money that belongs to you. A quick check could mean a cash boost for you or someone you know—so take a minute to update your details today!
