One of the many benefits of joining the NDIS family is the freedom and choice of managing your funding. Amongst the prep and overwhelming paperwork leading up to your plan meeting, it's easy to neglect this aspect of your NDIS plan. However, each option to manage your funds offers certain advantages, and it's in your best interest to choose one that correlates with your priorities and circumstances.
Currently, there are three options to manage your funds; NDIA managed, Self-Managed and Plan management. Many participants embrace freedom and hands-on style to handling funds themselves. In contrast, others may find peace of mind with assistance navigating the murky waters of the NDIS, and avoiding the hassle of admin work. Today we'll cover the choices available and peek into why plan management is steadily rising in popularity as a preferred choice for many participants and families.
Option 1: NDIA Managed
This option enables the NDIA, the organisation representing NDIS services, to manage your funds and pays providers directly.
- The participant may only choose from registered NDIS service providers.
- All service bookings through the NDIA 'MyPlace' portal.
- All services paid will automatically be at the price guide rate, therefore eliminating the option to negotiate with providers to stretch funding further.
- Your providers will claim payment electronically from your funding.
Option 2: Self-Managed
A self-managed plan provides the participant with total responsibility for financial management regarding their NDIS plan. The participant/nominee receives invoices directly from providers with obligations to pay in a timely manner.
- Access to all service providers regardless of NDIS registration.
- Personal responsibility for administration and record-keeping of receipts and financial records.
- Zero limits on provider pricing.
- Responsible for verifying accurate invoices and submitting claims to the NDIS portal for reimbursement.
Option 3: Plan Management
Plan Management works essentially as an intermediary financial function. Under plan management, you'll work together with a registered NDIS plan manager of your choice. You'll achieve the freedom offered via self-management yet experience the relief of no administrative burden.
- Access to purchase supports from non-NDIS registered providers.
- You don't have to use the NDIS Portal.
- Plan Manager will receive and pay invoices.
- Ability to negotiate with providers with pricing never exceeding the NDIS price guide.
- Monthly statement of expenditures and budget totals provided to participants.
- No need to keep receipts and invoices in case of an audit.
- You have a partner in navigating the NDIS and someone to help you make the most value out of your funding.
It's important to note that not all plan managers are the same, and careful attention is required when selecting your plan management organization. At AlliedHealth Cleaning services, we offer many exclusive benefits and provide leading expert knowledge and guidance through your NDIS journey.
What option should I choose?
Every participant is different and leads different lives; therefore, there's no standard 'one size fits all' choice. Plan Management has been surging in popularity in part because it offers opportunity and control to participants, saves valuable time, and makes managing NDIS funds and tracking your budget simple. It can be a helping hand in a sea of providers, NDIS jargon and head-scratching admin work.
However, to decide what's the best option for you requires reflection on what your priorities are, your current circumstances, as well as how much time and effort your willing to spend on managing your funds and whether or not you would benefit from receiving assistance.
If you have any questions about plan management or the NDIS, please don't hesitate to contact us. Our friendly team is happy to chat and discuss your options. Give us on 1300 70 22 16 and take back control with AlliedHealth.