Around one million Aussies are being presented with a Golden Opportunity to claim $260 payout sitting in unclaimed Medicare benefits. The unclaimed sum has now reached over $241 million, largely due to Aussies who haven’t shared their updated Bank details. You can claim your share and put this extra cash back into your pocket.
Australians enrolled in Medicare may be owed unclaimed benefits, with an average payout of around $260 per person. This includes nearly 930,000 people who haven’t received Medicare refunds or rebates, either because they’ve forgotten to update their bank details or are unaware of the unclaimed funds.
The unclaimed amounts range widely, with 200 people reportedly owed over $10,000 each. Young adults, particularly those aged 18 to 24, account for a prominent portion, with 224,000 people in this age group eligible for over $52 million combined. If you fall within this group, now is the time to check and update your information to see if you’re owed money.
Why Are These Benefits Going Unclaimed?
Government Services Minister Bill Shorten highlighted that the unclaimed benefits issue largely results from outdated bank details linked to Medicare accounts. Many Aussies overlook this detail or assume that any payments would automatically reach them.
Without current banking information, Medicare is unable to transfer the funds, leaving a large sum in government coffers instead of in Australians’ bank accounts.
“This is good news for nearly a million Aussies from all walks of life all over Australia,” said Shorten. “With everyone doing it tough due to cost of living, there’s no better time than now to check if your bank details with Medicare are current.”
How to Check If You’re Owed Money?
Accessing your unclaimed Medicare benefits is simple and can be done within minutes. You just need to verify and, if required, update your bank details through your Medicare online account, either via myGov or the Medicare app. To claim your entitlement:
- Log in to myGov: Open the myGov website or app and log in to your account.
- Access Notifications: Go to the ‘Tasks and Notifications’ section within myGov.
- Update Bank Details: Select ‘Update your bank details’ and make sure everything is current.
- Save Changes: After entering any new information, select ‘Save bank details.’
Once your details are updated, you could receive your payment within three days, directly transferred to your account.
If you’re unsure about the process, Services Australia has sent over 500,000 notifications to myGov inboxes, alerting Australians who may be eligible. So, if you’ve received one of these notifications, this could be your reminder to update your details and claim any money owed to you.
In an effort to address this gap, since December 2023, the government has released $117 million in unpaid Medicare benefits to approximately 500,000 Australians.
Yet, nearly $241 million remains unclaimed. Medicare benefits for the last financial year totaled close to $30 billion, highlighting the scale of unclaimed funds relative to the total.
With inflation affecting food, energy, and housing prices, even a small boost can help minimize financial strain.
“We know a bit of extra money is always welcome in the lead-up to the holidays,” added Shorten. This unclaimed $260 average payout could provide a welcome buffer as families across Australia prepare for end ofyear expenses.
