With the cost of living crisis pinching people's wallets, any windfall is a welcome help.

There's a hidden pot of gold waiting for nearly a million Aussies, and here's how you can benefit from it.


More than $260 million in unclaimed Medicare refunds are sitting idle and are set to be distributed in payouts.

The average payout comes at $265 per person.

Meanwhile, Medicare may owe a few individuals more than $10,000.

These amounts of money could be helping with bills and groceries or even a little treat!


Why is this money unclaimed?

It's easy to lose track of Medicare refunds.

A lot of individuals may lose track due to several factors.

For seniors who recently switched banks, closed old accounts, or have not checked their Medicare info in a while, refunds may be stuck in limbo.


For those who believe they qualify for this cash boost, Services Australia has a message for everyone.

Justin Bott, Services Australia's Community Information Officer, encouraged everyone to check their Medicare online account.

Medicare members may check this via the myGov website or the myGov app.

According to Services Australia, around 960,000 people have yet to receive their refunds, with millions waiting to be claimed across every state.



Here's how to do it:

1. Sign in to your myGov account.
2. Select the 'Task and notifications' menu.
3. Click on 'Update your bank details'.
4. Enter your current bank details and select 'Save bank details'.

After updating this vital information, Medicare should automatically register these changes.

Should Medicare owe you money, it should appear in your updated bank account within three days.


It's also worth checking in with other family members.

'It might not be you, but maybe it's your child, your grandchild, that has that money owing,' Mr Bott also emphasised.

'Get them to check as well because what a great present to find that money being paid to them.'

Beyond the Medicare boost, why not see if any other unclaimed funds are floating around?

Many Aussies often discover forgotten money from the state or federal government, which usually include:

• Uncashed cheques
• Refunds
• Dividends
• Bill overpayments
• Lost superannuation
• Other miscellaneous payments

These amounts could go missing when moving residences, changing names, losing important documents, or just forgetting about them over the years.

While life gets busy, taking a few minutes to check Medicare and other unclaimed money could put hundreds or thousands of dollars back in your pockets.
Have you ever discovered funds you forgot or received a surprise refund recently? Were they easy to claim, or did you have to jump through hoops? Share your experiences in the comments below!