Services Australia is holding $274.5 million in unpaid Medicare benefits, with nearly one million Australians owed a slice of the funds. The agency says 974,000 people have not provided their current bank account details, leaving their benefits unclaimed.
The average amount owed per person is around $280. Young Australians aged 18 to 24 account for the largest share, with more than $65 million payable to 255,000 people in that age group.
How to check if you're owed money
To receive Medicare benefits, Services Australia needs your bank account details. To check whether you're owed money, log in to your myGov account, or create one if you don't have one. Ensure your account is linked to Medicare, then check that your bank details are up to date. You'll need to provide your BSB, account number, and account name.
Detailed instructions are available on the Services Australia website. Once you've provided the required information, any unpaid Medicare benefits will usually be paid into your account within three days.
If you're not comfortable completing the process online, you can contact the Medicare line on 132 011 or visit a service centre to update your bank details.
Other unclaimed money pools
There are multiple pots of unclaimed taxpayer money across Australia. The Australian Taxation Office (ATO) said in October there were seven million Australians who could be owed a share of a $19 billion pool of lost and unclaimed superannuation. The average amount owed was $2,590.
Other sources of unclaimed money include deceased estates, lost share dividends, wages, cheques, overpayments and more. Each state has a database to search for unclaimed money, including NSW, Victoria, Western Australia, Queensland, South Australia, ACT, Tasmania, and the Northern Territory.
