NDIS plan funds are incredibly useful, but their management can seem challenging. You may feel overwhelmed due to the several requirements these funds mandate. You could also be adept at managing them. At the end of it all, you must decide the best way to use your funding and ensure all payments are made on time.
Many participants use the plan management option to manage their funds. With a dedicated plan manager working with you, you can focus on living your life while the plan manager manages all the administrative details for you.
In this blog, we have discussed the different methods of managing NDIS funds and the benefits of getting a plan manager.
Different ways of managing your NDIS fund
Managing your NDIS funding can be tricky. You must ensure all the transactions are done in accordance with guidelines and accounted for. Look for the perfect service provider and ensure they receive payments on time. You also must maintain the invoices of the funds used.
There are three ways to manage your NDIS funds.
Self-management
Self-management refers to managing your funds yourself. You will be responsible for organising and selecting your services, monitoring your funds and maintaining receipts, complying with the guidelines, and maintaining paperwork. This option is ideal for you if you prefer to have complete control over your NDIS funding. This option gives you more freedom and flexibility. However, it is also time-consuming and can get really stressful. And if you are a new participant, you may find it difficult to find the best service providers and negotiate prices.
Planned management
You will have to hire a third party to manage your funds in planned management. The plan manager you hire will manage all the administrative tasks of your NDIS plan, enabling you to focus on what you want. Therefore, they will be responsible for financial reporting, making payments, and maintaining invoices.
Many participants choose this option to manage their funds since it gives them freedom and transparency over their plan while not having to manage the administrative requirements. You can use NDIS provider finder to find a good plan manager.
NDIA-management
NDIA management involves NDIA managing your funds. If you choose this option, you can select your providers, and the NDIA will handle the payments and funds. You also get access to your budget details.
For more information on the differences, see NDIS Self-Managed vs Plan-Managed vs Agency-Managed Explained.
Top reasons to get a plan manager
Now that you know the different methods of managing your NDIS funds, here are some reasons you should hire a plan manager.
Pay for your services on your behalf
With a dedicated expert managing your funds, you won’t have to worry about paying for your services and supports. Your plan manager will make payments to your service providers, maintain the invoices and documents, and submit them to the NDIS.
Having an expert manage your plan funds will also give you a sense of peace. You don’t have to worry about making payments on time, understanding category codes, or maintaining paperwork.
No stress, more freedom
One of the biggest advantages of having a plan manager is that you can say goodbye to stress and time-consuming administration. Plan managers are experienced with NDIS and will help you with the following:
- Maintain all records
- Pay your bills and manage invoices
- Provide customised support and advice on maximising your benefits
- Negotiate better rates from service providers
- Help you understand and manage the NDIS in simple language
Get more choices
You may be wondering, how does having a plan manager ensure you get more choices? Well, here’s how. With plan management, you can choose from registered providers and non-registered providers.
Non-registered providers can also be highly skilled and good at their work. They may not be registered because of the time-consuming and costly registration process. Therefore, you have a much larger pool of choices to select a provider from.
Gain more knowledge about your NDIS plan
Having a plan manager is the same as having an expert you can consult. You can get your queries clarified and doubts related to your NDIS plan to your plan manager, and they will be happy to guide you. Having more knowledge about NDIS will also help you develop more confidence in your own understanding of the game.
Get personalised service
With the NDIS plan management option, you get an experienced plan manager and team who understands the intricacies of the NDIS and its working. They will take their time to understand your goals. According to your goals, they will help you develop a plan and give personalised recommendations.
With these personalised recommendations, you will have a clear pathway to reaching your goals. Your plan manager can also help you select better service providers.
Track your funds
Plan management services offer complete transparency. Depending on the services offered, you can track your funds and budget anytime and anywhere. You may also get monthly statements from your plan manager with details of spending with all service providers. Most plan managers also provide access to the right technology and tools to empower their clients and make their life easier.
Maximising your budget
NDIS Plan managers can help you maximise your budget. Managing your funds is crucial to achieving your goals. An expert plan manager will ensure your funds are effectively allocated to your needed services. They will also ensure you don’t overspend.
Navigating the NDIS can be tough, but the path is easier with a dedicated expert. A plan manager acts as your partner and gives you the best support possible. Since the NDIS fund allocation depends on your unique goals, they ensure you receive the best services and reach those goals. With a plan manager by your side, you only need to focus on achieving your goals and living your life. The plan manager will take care of the rest. Use the NDIS provider finder to find the best supporting partner for yourself.
