Services Australia is on a mission to get rid of $200 million. That’s because it’s your money that it’s ‘babysitting’.
The agency says it has almost $200 million in unclaimed Medicare rebates owed to Australians who have neglected to update their bank account details.
In an interview on Sunrise, Services Australia boss Hank Jongen confirmed the size of the stash.
“One of my key pieces of advice is make sure your bank details with Medicare are up to date,” Mr Jongen said.
“Right now, there’s $200 million of outstanding Medicare rebates owing to people that we simply can’t pay because we don’t have their bank account details.”
He says all Australians should check that their bank account details on myGov and in the Medicare app are correct.
“I promise it will only take a few minutes,” he said. “If you’re owed money we will automatically identify that, and generally we pay within three days.”
This may seem obvious, but if you haven’t told Medicare about your new bank details, they aren’t able to pay you the benefits you’re owed, Mr Jongen said, adding that the easiest way to update your bank details is online through your Medicare account linked to myGov, or in the Express Plus Medicare app.
Here’s how. On a computer, go to myGov and sign in. If you’re using the app, open it and enter your myGov PIN. Then select ‘View’ and edit your details. If you need to make changes to your bank details, select ‘Edit’ next to ‘Bank details’.
Be sure to sign out to ensure your privacy and security.
“Once you’ve given your new bank details, any refunds you’re owed will be paid to you automatically,” Mr Jongen said.
In the same vein, he says to check and update your income and asset details with Services Australia.
Given Monday’s changes to Age Pension and carer payments and changes to the asset and income disqualifying limits, it’s particularly important to ensure those details are up to date.
You may have sold some items and that has reduced your assessable assets or you may have spent up on travel or renovations and reduced your income. That means you may now qualify for a bigger pension payment or for a part-pension if you were previously ineligible.
Third, says Mr Jongen, is to check for any lost superannuation.
Lost superannuation is where the member is either:
- uncontactable – the fund has lost contact with the member and the account hasn’t received a contribution or rollover for 12 months
- inactive – an account hasn’t received a contribution or rollover in five years.
Generally, any superannuation accounts that are unclaimed for people over 65, lost or inactive low balance accounts will be transferred from the super fund to the Australian Taxation Office (ATO) and held there for you.
You can search for any lost super with the ATO by logging into your myGov account and clicking on ‘Manage my super’. You can also call the ATO on 132 865. You’ll be asked some questions and will need to give your tax file number, so be ready when you contact them.
Are you diligent about updating your details when you make changes to your banking? And do you reassess your Age Pension eligibility at least once a year? Why not share your tips in the comments section below?
Also read: How to get the best out of the Pharmaceutical Benefits Scheme
