What are the options for managing your NDIS funds?
The NDIS is designed to help you achieve your goals in life by giving you more control and choice over your supports. There are many ways it does this, but in this post we’ll be focusing on one of the most rudimentary and important: how you manage your 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 professional Plan Management service
Plan Managers, like Plan Partners, are specialists who can support you in managing your NDIS funds. As your Plan Manager we will handle all the time-consuming and tricky daily administration tasks that come with the day-to-day management of your NDIS plan.
We will keep track of your spending, maintain accurate financial records, handle claims from the NDIS and make sure your service providers are being paid. You’ll have the choice of using your NDIS funds with any provider – not just those that have formally registered with the NDIS, and we’ll even give you access to our ever-growing list of service providers.
Plan Management is funded by the NDIS, so there is no cost to you. Just make sure you specifically ask for Plan Management to be included in your NDIS plan at your next NDIS planning meeting. The NDIS will then have to include it in your NDIS plan - it will be in the category called ‘Improved Life Choices’.
Click here for more information about Plan Management and signing up for it with Plan Partners.
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.
2. Leave your funding with the NDIS
You can get the NDIS to handle your funds and pay your service providers.
If you do this, you will still need to be hands-on, setting up service agreements with your providers and managing how the service is delivered. When choosing service providers, you will be limited to those who are on the NDIS list of registered providers.
3. Manage your funds by yourself
Self-management leaves things entirely in your hands.
You’ll have to organise payment of your service providers, keep receipts and invoices in file and manually claim the money back from the NDIS.
Which option is right for me?
Everyone’s situation is different, so there’s no ‘one size fits all’ answer. To decide what’s best for you, you should consider your aspirations, life goals, support needs and how much time and effort you want to invest in managing your funds.
Many people choose Plan Management because it offers the most choice and flexibility, saves time and makes managing NDIS funds easy.
So, if you want more choice, more freedom and more control over your NDIS funds, or would just like some independent, honest advice about whether Plan Management is right for you, we’re here to help. Just call our friendly team today on 1300 333 700.