Aussies missing out on more than $200 million in unclaimed benefits

Nearly 200,000 Queensland residents are missing out on millions of dollars in unclaimed Medicare benefits.

It has been revealed Services Australia is sitting on more than $200 million in unpaid benefits due to out-of-date details on the Medicare and MyGov accounts of Australians.

The agency said the pool of money is growing because people aren't updating their details, meaning refunds and payments can't be processed.

Queensland has the third-highest amount of unclaimed money with around 198,000 residents owed a total of $44.1 million.

Contact and bank details can be easily updated through the myGov app.

For Australians without an online Medicare account, Services Australia recommends setting one up and linking it to MyGov.

Australians can also visit their nearest service centre to get their details updated.

Following this process, Services Australia will automatically identify if you are owed any money and will generally reimburse you within three days.

Own a fractional luxury property