Did you know that Medicare holds over $240 million in unpaid benefits?
There could also be more money waiting for you in bank accounts, investments, and superannuation.
You can do some simple things to find out if you’re owed a slice of the multimillion-dollar pie.
Lost bank accounts
If you’ve moved house and forgotten to update your details with the bank, you might have a shot at being able to claim some lost money. Moneysmart.gov.au explains that you can get money from lost bank accounts, shares, investments, and life insurance properties. This money becomes lost when you move residence and forget to update your details with a financial institution or company.
Bank accounts become unclaimed after 7 years if they are inactive (no deposits or withdrawals). Life insurance policies become unclaimed 7 years after they mature and are not claimed.
The Moneysmart website has tools to find out if you have any unclaimed money. It also tells you how to claim money from old bank accounts, insurance policies, shares, and other investments as long as you’re the rightful owner.
Lost superannuation funds
Often, people lose their super when they have had a range of jobs and open new funds with each new job.
So, if you’ve changed your name or address, or you’ve moved or lived overseas, there’s a chance you left some funds in super and forgot they were there.
ATO.gov.au explains that ‘lost’ super is money held by super funds where the member is either:
- Uncontactable – you’ve changed your name, address or job, and your super fund loses contact with you, and your account hasn’t received a contribution or rollover for 12 months.
- Inactive –a contribution or rollover has not been received in 5 years.
Sometimes, your super fund may transfer your super to the ATO. They’ll hold onto it until it can be claimed, paid out, or rolled over.
To find lost super online, you’ll need a myGov account linked to the ATO. You can also call the ATO’s automated super search line on 13 28 65.
Medicare-held payments
As of 30 November, over $240 million in unpaid Medicare benefits are waiting for 936,000 Australians to update their bank details. If we don’t have your correct account details, we can’t pay you your Medicare benefits.
Visit your Medicare online account through myGov to check that we have your correct bank details. Once you’ve entered them, any unpaid money will be paid within three business days.
You can also update your Medicare bank details by calling us on 132 011 or visiting your local Services Australia Customer Service Centre.
It’s a quick and easy process—so do it today and make sure the rest of your family has done it as well.
Have you tried any of the methods above to find out if you have ‘lost’ money? How did your experience retrieving it go? Do you have any tips to share about the process? Let us know below!
