Over $260 million in Medicare refunds are sitting unclaimed across Australia, with the average person owed around $265
Close to one million Australians are walking around with money they don’t even know they’re owed. Right now, there’s more than $260 million in Medicare refunds just sitting there, waiting to be claimed.
The numbers are staggering. Around 960,000 people have unclaimed Medicare benefits, with the average amount being $265 per person. But some lucky individuals are owed much more – Services Australia says a few people have over $10,000 waiting for them.
Why Haven’t People Been Paid?
The main reason people haven’t received their money is simple: outdated bank details. When you change banks, close an account, or update your banking information without telling Medicare, your refunds can’t be processed.
Services Australia’s Justin Bott says it’s a common problem that’s easily fixed. “I really encourage everybody to just check their Medicare online account through myGov or the myGov app and make sure those bank details are there. It will only take a couple of minutes.”
Where the Money Is
The unclaimed funds are spread across the country:
- New South Wales: $81 million
- Victoria: $64 million
- Queensland: $51 million
- Western Australia: $30 million
- South Australia: $19 million
The remaining amounts are distributed across Tasmania, Northern Territory, and ACT.
How to Check and Claim Your Money
Getting your hands on any money you’re owed is straightforward:
- Log into your myGov account
- Go to ‘Tasks and notifications’
- Select ‘Update your bank details’
- Enter your current banking information
- Hit ‘Save bank details’
Once you’ve updated your details, Medicare automatically registers the change. If money is owed to you, it should appear in your account within three days.
Don’t forget to check for family members too. Bott suggests checking accounts for children and grandchildren as well. “It might not be you, but maybe it’s your child, your grandchild that has that money owing. Get them to check as well because what a great present to find that money being paid to them.”
Other Places to Look for Lost Money
While you’re hunting for cash, it’s worth checking other government databases for unclaimed money. You might have forgotten refunds, overpayments, dividends, or even old superannuation sitting around.
Money can go unclaimed for various reasons – moving house, changing your name, losing paperwork, or simply forgetting about it. Here’s where to look:
Federal Government: Search ‘ASIC unclaimed money’ for nationwide records
State by State:
- ACT: Public Trustee and Guardian
- NSW: Revenue NSW
- NT: Northern Territory Treasury
- QLD: Public Trustee of Queensland
- SA: Department of Treasury and Finance
- TAS: Department of Treasury and Finance
- VIC: State Revenue Office
- WA: Department of Treasury
Don’t Wait Around
With cost of living pressures hitting households hard, an extra $265 (or more) could make a real difference. Whether it’s helping with grocery bills, covering utility costs, or just giving you some breathing room, this money is rightfully yours.
The process takes minutes, and there’s no downside to checking. Even if you don’t have money waiting, updating your Medicare bank details ensures future refunds go straight to your account without delays.
Services Australia is actively encouraging people to claim their money, so there’s no risk or catch involved. This is legitimate government money that belongs to Australian taxpayers.
The Bottom Line
Nearly one million Australians are missing out on money they’re entitled to. The solution is simple: spend a few minutes updating your Medicare bank details through myGov.
With the average payout being $265 and some people owed thousands, it’s definitely worth the small effort required. Plus, once your details are updated, you won’t miss out on future Medicare refunds.
Check your account today – you might be pleasantly surprised by what you find.
