The Australian government urges nearly one million people to check and update their bank details with Medicare. Over $241 million in unpaid benefits are ready to be distributed. Individuals can claim an average of $260, while some may receive over $10,000. Young Australians feel the impact most, as citizens aged 18 to 24 have left more than $52 million unclaimed.
Unclaimed Benefits: What’s the Story?
The unclaimed funds are the result of unpaid Medicare benefits, which can accumulate if Medicare doesn’t have the right banking information to transfer the money. In fact, the average payout is around $260 per person, but there are even some cases where people are owed over $10,000.
These funds could provide crucial support to cover everyday expenses like groceries, rent, or bills, which are becoming harder to manage due to the rising cost of living.
Government Services Minister Bill Shorten has emphasized the importance of taking action, saying, “We know a bit of extra money is always welcome in the lead-up to the holidays.” His message comes at a time when many Australians are feeling the pinch from higher costs of living and interest rates.
The Minister added that young people, in particular, are missing out, with more than 224,000 Australians aged 18 to 24 collectively owed over $52 million. This demographic might not be aware of these unclaimed benefits or simply haven’t updated their details with Medicare.
How Did This Happen?
The main reason these funds have gone unclaimed is outdated bank details. When people change banks or accounts and forget to update their information with Medicare, the government cannot transfer their benefits. Currently, it’s estimated that 930,000 Australians have not provided current banking details, leaving millions of dollars sitting unclaimed.
This isn’t the first time the government has highlighted the issue. Since December 2023, they’ve successfully paid out $117 million to around 500,000 people who updated their details. However, there is still a long way to go. Services Australia, the department responsible for managing Medicare, has been sending out over half a million notifications through people’s myGov inboxes, encouraging them to check and update their information.
Why It’s Important to Check Your Details
With nearly a million people potentially missing out on money they’re entitled to, the government’s campaign is a reminder of how critical it is to stay on top of your financial details. The good news is that checking and updating your information is simple and takes only a minute or two. And for many, it could mean receiving a much-needed financial boost within days.
How to Check If You’re Owed Money
Here’s a step-by-step guide on how to check if you’re eligible for unclaimed Medicare benefits:
- Sign in to your myGov account: If you don’t have one, you can easily create it.
- Go to your linked Medicare service: This can be accessed directly through myGov.
- Update your bank details: Navigate to the “Tasks and Notifications” menu and select “Update your bank details.” Enter the most current information and save it.
- Wait for your payment: Once your details are updated, eligible payments should be deposited into your bank account within three days. All payments will be made through electronic funds transfer, so no cheques or cash will be provided.
The government will also inform you within two days if your claim has been assessed and processed. If additional steps are needed, you’ll be notified on how to proceed.
