What are the options for managing my NDIS funds?
One of the great advantages of being an NDIS participant is that you now have much more control over your supports. This article focuses on one of the most important aspects of your NDIS journey: managing your NDIS funds.
While some people love the hands-on approach of managing their NDIS funds themselves, others would like a little bit of assistance along the way. The good news is that both options are available to you! In fact, there are three ways you can manage your funds and each offers its own advantages, depending on your situation:
1. Use a Plan Management service ('Plan Managed')
Plan Managers, like Plan Partners, are specialists who can support you by handling the daily administration that comes with in managing your NDIS funding.
Your Plan Manager will:
Plan Management is available to every NDIS participant and it is fully funded by the NDIS. Just ask for it to be included in your NDIS plan in your planning meeting. It will be in the 'Improved Life Choices' category.
Not all Plan Managers are the same, so make sure you do your research carefully before you make your decision. At Plan Partners we offer many exclusive benefits, such 24/7 access to your NDIS budget information with your online Dashboard. With Plan Partners, you can relax knowing you'll have an independent NDIS expert by your side throughout your NDIS journey. Every day, we support thousands of people all over Australia by taking care of time-consuming and tricky paperwork, so they can focus on living the life they want.
Plan Management doesn’t include more specific assistance with finding and connecting you with service providers. If you need this, Support Coordination may be helpful. Plan Partners provides both services.
2. Leave your funding with the NDIS ('NDIA managed')
You can get the NDIA, the organisation responsible for the NDIS, to handle your funds and pay your service providers directly. If you choose this option:
- You will be limited to using NDIS-registered providers only
- The NDIA will process your invoices, pay your service providers and process claims
Other than with Plan Management, you won't get access to handy tools to track your spending or independent advice on how to spend your budgets. Also, you may find that many service providers, particularly sole traders and independent support workers, are not registered with the NDIS, so they won't be able to support you.
3. Manage your funds by yourself ('Self Managed')
Self-management leaves things entirely in your hands. If you choose this option, you'll be responsible for all financial management aspects of your NDIS plan. Some people describe it a bit like running their own small business, because you are responsible for all the administration and record keeping, such as:
- checking to make sure your service providers' invoices are correct
- paying your service providers and manually submitting a claim to the NDIS to be reimbursed
- keeping track of your spending
- keeping all your receipts and maintain accurate financial records.
Like people who choose Plan Management, you will be able to access all service providers, whether they are registered with the NDIS or not. However, these service providers won't be bound to the price limits the NDIS has set out in their price guide for supports, so they may charge you more or less than they would under the other two options.
This table gives an overview of what each option will do for you, including Plan Management with Plan Partners:
Which option is right for me?
Everyone’s situation is different, so there’s no ‘one size fits all’ answer. Many people choose Plan Management because it offers choice and flexibility, saves time and makes managing NDIS funds and tracking your spending easy.
But to decide what’s best for you, you should consider your aspirations and needs, how much time and effort you want to invest in managing your funds and whether you think you would benefit from getting some support.
So, if you would like some advice how to best manage your NDIS funds and determine whether Plan Management is right for you, just call our friendly team on 1300 333 700 or leave your details here and we'll contact you.