$260 Cost-of-Living Boost for U.S. Residents: Don’t Miss Out on Unclaimed Benefits

Are you leaving money on the table? With rising costs, every dollar counts—and U.S. residents may have unclaimed funds waiting for them.

As we head into the holiday season, it’s the perfect time to double-check your details with federal benefits programs.

Just like recent efforts in Australia, where nearly $241 million in Medicare benefits went unclaimed, the U.S. also has various unclaimed benefits available.

Here’s how to find out if you’re owed money, update your details, and get the support you need.
 

Why These Funds Might Be Waiting for You

Government benefit programs, like Medicare and Medicaid, often end up with unclaimed funds when recipients don’t keep their bank information or contact details current.

For instance, if your address or banking information has changed recently, any funds due to you could be held up.

These unclaimed funds aren’t limited to medical benefits; they can also include tax refunds, unemployment payments, and other federal support.

Read: The State By State Guide to Unclaimed Assets

“We know a bit of extra money is always welcome in the lead up to the holidays," said Government Services Minister Bill Shorten in a similar effort in Australia.
 

How to Find Out if You’re Owed Unclaimed Benefits

1. Medicare and Medicaid Benefits
   Medicare benefits can sometimes go unpaid if banking details aren’t updated. To find out if there’s unclaimed Medicare money waiting for you:

   • Sign in to MyMedicare.gov: Review any pending claims and ensure your bank details are accurate.
   • Contact Medicare Customer Service: Call 1-800-MEDICARE for help if you cannot access your online account.
   • Visit the Centers for Medicare & Medicaid Services (CMS): The CMS website provides instructions and contact information if you think you might be owed benefits.

2. Unclaimed Tax Refunds
   According to the IRS, millions of dollars in tax refunds go unclaimed each year, often because people forget to file a return. If you believe you’re owed a refund:

   • Visit the IRS’s "Where’s My Refund?" Tool: Use this tool on the IRS website to track your refund status.
   • Ensure Your Bank Information is Up to Date: Log into your IRS account to update any financial details.

3. Unemployment Benefits
   With various unemployment programs issued throughout recent years, some benefits might still be available. If you’re unsure whether you received the full amount you qualified for:

   • Visit Your State’s Unemployment Portal: Each state has a portal where you can view your benefits history and resolve payment issues.
   • Check Your Payment History: Most portals have a payment history option to review past disbursements.

4. Social Security Payments
   Social Security benefits can occasionally be delayed if account details are outdated. To ensure you’re receiving all owed benefits:

   • Visit the Social Security Administration (SSA) Website: Use your My Social Security account to view your benefit status and update your bank details.
   • Check for Missed Payments: The SSA has resources for reporting and recovering missed payments.

 

How to Update Your Information

It’s crucial to ensure your details are current with each government agency. Here’s how to do it quickly:

1. Log into Each Relevant Account (e.g., MyMedicare.gov, IRS.gov, state unemployment portal).
2. Go to Account Settings: Look for “Update Bank Details” or similar options in each portal.
3. Confirm Bank and Contact Information: Ensure both your address and bank account information are up-to-date.
4. Save Your Information: Submit the updates, and any payments should reach you in 3-5 business days.

“It only takes about a minute to check whether you’re owed any money,” said Bill Shorten in Australia’s recent initiative, and the same holds for most U.S. benefit systems.
 

Act Now and Claim What’s Yours

With costs rising, every bit of extra income can be a welcome relief.

Don’t let unclaimed benefits slip through the cracks! By taking a few minutes to update your details, you can ensure any overdue payments reach you promptly.

For more information, visit the USA.gov Unclaimed Money page, which offers a full directory of unclaimed benefits across various government departments.

Take action today to find out if you’re entitled to these funds—it could make a difference!

Previous article: New Bill Could Fast-Track Unclaimed Funds for New Yorkers — Governor’s Approval Pending

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