As we navigate the complexities of modern life, it’s not uncommon to overlook the finer details that could make a significant difference to our finances. For Australian seniors, staying on top of such details is crucial, especially when it comes to healthcare benefits. That’s why the latest announcement from Services Australia is something you won’t want to miss: there’s a staggering $247 million in unclaimed Medicare benefits waiting to be claimed by nearly one million Australians, and some of that money could very well belong to you.
The reason for this unclaimed cash? It often boils down to outdated or missing bank details. Services Australia has made a public call urging Australians of all ages to take a moment to ensure their bank details are current. This simple act, which typically takes less than a minute, could result in a welcome cash boost.
Imagine what you could do with an extra bit of money in your pocket. Whether it’s covering the cost of prescriptions, treating the grandkids, or simply enjoying a meal out, every dollar counts. And with the average benefit owed being around $260, it’s certainly worth the effort to check. In some cases, individuals are owed more than $10,000, which could be a game-changer for many.
The demographic most affected by this issue are those aged 18 to 24, with approximately $54 million owed to them. However, Services Australia emphasises that there is ‘money owed to people of all ages’, so regardless of whether you’re a fresh-faced 18-year-old or a seasoned senior, it’s time to take action.
Here’s the good news: once you update your bank details, Services Australia will automatically process any Medicare benefits you’re owed within three days. Plus, any future benefits you’re entitled to will be directly deposited into your account after your claim has been assessed and approved.
So, how do you go about checking and updating your bank details? It’s quite straightforward:
- Log into your myGov account and click on your linked Medicare online account.
- In your Medicare online account, under ‘My details’, select ‘View and edit my details’ and navigate to ‘Bank details’.
- If you need to update your information, select ‘Edit’.
- If you haven’t provided your bank details at all, sign in to myGov, select the ‘Tasks and notifications’ menu, and choose ‘Update your bank details’.
- Enter your details and then select ‘save bank details’.
For those who prefer a visual guide, Services Australia has provided a step-by-step guide on their website. Alternatively, you can update your bank details via the Medicare app, by visiting a Services Australia centre, or by calling Medicare on 132 011.
Remember, even if you discover you’re not owed anything, it’s likely someone you know might be. Spread the word to friends and family so they can also benefit from this opportunity.
Have you updated your bank details recently? Or know someone who could benefit from this? What would you do if you found out you were owed a benefit? Share your thoughts or questions in the comments below—we’d love to hear from you!
Also read: Australia’s Medicare crisis: Can it be saved before it’s too late?
