Did you know there’s a hidden pot of gold with your name on it, just waiting to be claimed? Nearly one million Australians are currently owed a Medicare refund, with the average payout sitting at a tidy $265 per person.
In fact, there’s more than $260 million in unclaimed Medicare rebates gathering dust in government coffers—and some individuals are owed more than $10,000!
So, why is all this money just sitting there? The answer is surprisingly simple: outdated bank details.
If you’ve changed banks, closed an account, or simply haven’t updated your information with Medicare, your refund could be in limbo.
Services Australia estimates that around 960,000 people are in this boat, with millions owed across every state and territory.
New South Wales leads the pack with $81 million unclaimed, followed by Victoria ($64 million), Queensland ($51 million), Western Australia ($30 million), and South Australia ($19 million).
How to check if you’re owed money
The good news? It’s incredibly easy to find out if you’re one of the lucky ones. Justin Bott, Services Australia’s community information officer, urges everyone to take a couple of minutes to check their Medicare online account via myGov or the myGov app.
Here’s how:
- Sign in to your myGov account.
- Select the ‘Task and notifications’ menu.
- Click on ‘Update your bank details’.
- Enter your current bank details and hit ‘Save bank details’.
Once you’ve updated your information, any money owed to you should appear in your account within three days. It’s that simple—and could be the easiest $265 you’ll ever make.
Don’t forget your loved ones
Even if you’re not owed anything, it’s worth checking on behalf of your children, grandchildren, or other family members. As Justin Bott points out, ‘What a great present to find that money being paid to them.’ It’s a quick favour that could make someone’s day—or even their week!
More lost money than you think
While you’re on a roll, why not check if you have any other unclaimed money floating around? It’s not just Medicare refunds that go astray.
Australians are regularly reunited with forgotten funds from uncashed cheques, refunds, dividends, overpaid bills, lost superannuation, and more.
These amounts can go missing if you’ve moved house, changed your name, lost paperwork, or simply forgotten about an old account.
Where to search for unclaimed money
Each state and territory has its own system for tracking down lost funds. Here’s where to start your search:
- Federal: Search ‘ASIC unclaimed money’ for a national database.
- ACT: Public Trustee and Guardian
- NSW: Revenue NSW
- NT: Northern Territory Treasury
- Qld: Public Trustee of Queensland
- SA: South Australian Department of Treasury and Finance
- TAS: Tasmanian Department of Treasury and Finance
- VIC: State Revenue Office of Victoria
- WA: WA Department of Treasury
A quick online search with your name and these agencies could reveal a pleasant surprise.
Why does this happen?
It’s easy to lose track of money in our increasingly digital world. A change of address, a new bank account, or even a simple oversight can mean that refunds and payments never reach you.
The government holds onto these funds until you come forward, but they won’t chase you down. It’s up to you to check.
A timely reminder
For many in the community, life admin can pile up. But with the cost of living rising, every little bit helps.
Whether it’s a few hundred dollars or a much larger sum, reclaiming your money is a smart move. And if you’re helping older relatives or friends with their affairs, this is a great opportunity to check their details too.
Have you ever found lost money?
We’d love to hear your stories! Have you ever discovered forgotten funds or received a surprise refund? Did you find the process easy, or was it a bureaucratic maze? Share your experiences in the comments below—your tips could help others in our community track down their own hidden cash.
And remember: a few minutes today could put hundreds of dollars back in your pocket. Don’t let your hard-earned money go unclaimed!
Also read: Medicare rebate boost of up to $11.15—did your town make the list?
It’s worth checking occasionally for lost monies. I am not sure of the period, whether it’s five years or seven, but after an account is inactive it’s reported.
Periodically I have a look, last year or the year before, I had a look for myself, found a small dividend of $20/$30 for myself and over $1700 from my mother.
Mum had died in 2016, and had numerous accounts. When my parents one of accounts had been overlooked, and the old address was on file. We applied for the money which was a nice extra amount for Dad.
We had problems dealing with the Bank, it took months, had to provide copies of death and birth certificates, will etc.
Due to this we sought compensation and received an additional $1000. It took us over nine months. I don’t think it is normally so onerous.
The point remains, though, it’s worth looking, you never know what you will find.
Often looking, you can find superannuation. Many employees have changed jobs, and with a new employer, new superannuation. Especially so, for those who have had many jobs, temping, casual, or seasonal work.
Ther is no task and communication menu when you sign into myGov. Please try it yourself before thousands of readers go looking for it.
It’s under Medicare and My Details