Australians have a lot of lost money, in places like old bank accounts and superannuation. But did you know that there is currently over $241 million in unclaimed Medicare benefits, waiting to be accessed?
The federal government revealed this amount is owed to more than 930,000 Australians, with the average amount owed around $260 (200 people are owed a whopping $10,000)*. Surprisingly, younger Australians aged 18-24 are owed the most. The reason? Medicare doesn’t have their correct bank details.
When you pay for a service that is covered – either all or partially – by Medicare, benefits are generally provided as a payment made directly into your bank account, after you’ve paid for the service in full. This can happen automatically, or it can take a day or so.
Services Australia pays billions in Medicare benefits to Australians every year. If they don’t have your correct bank details, your benefit payment is held until this information is provided. So, if you move bank accounts or change banks, and you don’t tell Medicare, your benefits aren’t going to coming to you.
If Medicare is unable to pay a benefit to you, you should receive a message through myGov from Services Australia about unpaid benefits. You should then be notified of this message via text message, email, or alert via the app.
The process to claim any Medicare benefits you are owed is simple:
- Login to your myGov account via the website or app
- Check that your myGov account is linked to Medicare
- Make sure your bank details are up-to-date, via the My Details section in the menu
Once your bank details are up-to-date, any money you’re owed should be paid into your bank account within three days. More detailed information can be accessed via the Services Australia website.
These days, there are a lot of scams pretending to be from myGov, Medicare, Centrelink or Services Australia. These can be texts messages or emails containing links to “update your details”, or automated phone calls. Always remember that any legitimate contact from these government bodies will never contain links or requests for personal information.
If you think you’ve fallen victim to one of these scams, contact the Services Australia Scams and Identity Helpdesk on 1800 941 123. Visit the Active scams page on their website for more information.
