$260 cost-of-living increase up for grabs for almost one million Aussies: ‘Update your information’

Thousands of Aussies are being advised to inspect their information as they can be qualified for thousands of bucks. There are greater than $241 million in unclaimed Medicare advantages that are waiting to be asserted.

The ordinary payment is approximated to be $260 each, yet there are 200 Aussies that are owed greater than $10,000. The federal government stated there are 930,000 individuals that have not supplied their existing financial institution information to Medicare which’s why the cash hasn’t been asserted yet.

“We know a bit of extra money is always welcome in the lead up to the holidays – so there’s no better time than now to check if your bank details with Medicare are current, and if you have any unpaid benefits,” Government Services priest Bill Shorten stated.

“Young people are owed the most, with more than 224,000 Australians aged between 18 and 24 owed over $52 million.”

“With everyone doing it tough due to cost of living this is good news for nearly a million Aussies from all walks of life all over Australia.”

Medicare advantages amounted to almost $30 billion last fiscal year.

Since December 2023, the federal government has actually given out $117 million in unsettled advantages to around 500,000 individuals.

“Services Australia is in the process of sending over half a million notifications to people’s myGov inbox asking them to update their details,” Shorten said.

The Government Services minister said it only takes about a minute to check whether you’re owed any money.

“There are a few quick and easy ways to check and update your Medicare details, including through your linked Medicare service on the myGov app, or your Medicare online account,” he clarified.

You just need to check that the bank details you have listed for Medicare are up to date. Here’s how you do that:

1. Sign in to myGov.

2. Select the Tasks and notifications menu.

3. Select Update your bank details.

4. Enter your bank details, then select Save bank details.

If you’re eligible for a payment, it should land in your account within three days.

The government will send the money via an electronic funds transfer, but cannot give out a cheque or cash.

“We’ll write to you within two days of assessing your claim. We’ll tell you how to give us your bank details so we can pay you,” the government said.

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