The NDIS participants are subject to the rules and regulations of the National Disability Insurance Scheme (NDIS) system in order to procure its benefits. The NDIS consumer directed care model allows the disabled community to enjoy flexibility and customisation of how they want to receive the support services that might help them to achieve their desired goals and aspirations.
The NDIA provides various NDIS plan management options in Brisbane. They get to choose from self-managed, NDIA managed and plan managed funds where every type of fund has its own set of advantages and disadvantages. However, the participants receive maximum amount of control under the self-managed funds.
Now, before we compare the NDIS self-managed and plan managed funds, let’s have an understanding of what exactly does NDIS plan management mean.
What do you mean by NDIS plan management?
Well, you might be wondering as to why is it important for you to manage your NDIS funds. While the NDIS is relatively streamlined still it is essential for every participant to individually manage their funds.
Here is what plan management consists:
- Ensuring that the payments are timely made to the service provider.
- Managing invoices.
- Managing the reimbursement in case the service providers are directly paid by you.
- Keeping a record of your NDIS budget to make sure that you don’t run out of funds.
- Preparing all the monthly reports.
Also, the plan management providers receive funding from the NDIS which means that you would not require an extra amount of money to pay the manager for keeping your plans organised.
Self-managed NDIS plans:
As the name suggests, self-managed plans are those in which you have to oversee all your funding. As a part of this plan, the entire responsibility of administering your finances as per the NDIS plan would be on your shoulders.
What does it include?
- According to this plan, every participant is entitled to perform tasks such as handling their NDIS budget, making claims through the NDIS portal, paying all the support and service providers and maintain all the records in case of an audit.
- There are a number of people that consider to opt for a self-managed plan as it provides greater flexibility and independence to the participants for arranging and paying for their support.
- There is a lot of responsibility associated with this plan as you would have to be very comfortable with the NDIS providers in order to make agreements on the support you would want to receive.
- You would also have to advise the NDIA of any significant changes in your circumstances that might have made it difficult for you to manage your plan on your own.
- In this option, you might have to pay the providers with your own money.
- You would also have to submit the request for reimbursement through the NDIS portal if required.
- Self-managed plan requires you to keep a control of your income in order to stay inside your budget and keep enough money aside that could be used later for expenses related to your plan.
Self-managed plan may suit you if:
- You like to keep things organised and maintain records.
- You are capable enough to face the challenges associated with managing your NDIS funds and ensuring that you would exceed your budget.
- You are aware of the ways and means through which you can keep records of your budget and invoice.
- You are prepared about the potentials of being audited.
Self-management may not suit you if:
- You cannot take out at least 1hr a week for the required administration.
- You are not capable enough to get an extensive understanding of the NDIS.
- You are not good enough in maintaining records.
- Unable to manage your time.
- You have lack of understanding of the NDIS portal.
Another option to manage your NDIS plan is by hiring your preferred third party plan management agency.
What does it include?
- A plan manger would administer even your most difficult plan funds so that you don’t have to worry about paying the providers or maintaining a budget.
- The plan manager would always try to maximise your funding and would provide recommendations for the same.
- Also, the misconception, that only a self-managed plan allows the participant to exercise choice and control is broken by the plan managed funds as you still receive the access to choose and have a say on how you would like to use your funds.
Plan managed funds may suit you if:
- You would not want to pay the service providers out of your pocket.
- You are not savvy enough to handle your records.
- You face trouble while maintain a budget.
- You are unable to manage your time.
- You desire to work with plan managers that can help you achieve your goals.
Plan management may not suit you if:
- You like to administer your tasks yourself and want to self-manage your NDIS plan.
So, after getting an in-depth understanding of the pros and cons of both the self-managed and plan managed funds, you have decided to go for the plan managed funds and are worried to look for the best NDIS plan manager then SKY PLAN MANAGEMENT is just the right place for you as it has the expert professional staff that have relevant experience of how to make the best use of your NDIS funds so that you achieve your development goals.