You might have a share in Medicare's unclaimed millions. Here's what to check

A Christmas bonus could be on the cards for nearly a million Australians who have yet to receive the Medicare benefits they are owed.

Unclaimed Medicare benefits have been building up due to Australians without valid bank details Source: AAP / Dave Hunt

KEY POINTS

• Nearly one million Australians are owed a share of unclaimed Medicare benefits totalling $234 million.
• Australians have been urged to check their bank details registered with Medicare are current so rebates can be issued.
• Those with a MyGov account will be notified. Those without one have been encourage to set one up.

Nearly one million Australians could receive a festive season boost to their bank balance, as the government tries to return $234 million in unclaimed Medicare benefits.

On average, these Australians are missing out on about $240 but could reclaim the money within three days by updating their bank account details on the myGov website.

The stockpile of unclaimed benefits have been building up for years because these Australians did not have valid bank details registered with Medicare.

Government Services Minister Bill Shorten says it could be a financial boon for many Australians ahead of the Christmas period.

"We know Australians are doing it tough, and I want to reunite people with millions in unpaid Medicare benefits before the holidays," he said.

Australians between 18 and 24 years old had the most to gain with more than $49 million in unclaimed benefits for 221,000 young people.

Nearly 700,000 people are set to receive a notification that Medicare owes them money but another 300,000 who don't have a myGov account may not be contactable.

Shorten is encouraging all Australians to create a myGov account to ensure they aren't missing out.

"Two minutes on the app, three days later money in your account, good news for Christmas."

Nearly one million Australians could receive a festive season boost to their bank balance, as the government tries to return $234 million in unclaimed Medicare benefits. Source: AAP

Opposition spokesman for government services Paul Fletcher said the coalition had exposed the unclaimed benefits figures in October.

"Almost one million Australians have been missing out on vital hip pocket relief," he told the Australian Associated Press.

"Families are struggling with cost of living pressures and this is their money, not the government's."

How to update your bank account details with Medicare

1. If you are using a computer, sign into MyGov and select Medicare. If you are using the Medicare app on iOS or Android, open it and enter you MyGov pin.

2. Navigate to 'My details' and then scroll to find 'Bank details'. If none have been provided or they are no longer current, you can add or update them here.

3. Then select 'Save bank details'.