April 19, 2021
You don’t have to be new to the NDIS to be considering your options for the management of your plan funds.
If you’ve found this article, chances are your current option is no longer working for you and you’re considering alternatives. Well, you’ve come to the right place!
If you’re considering between NDIS plan managed or self managed then it’s important you understand the differences, benefits and drawbacks of each.
To help you make an informed decision, we’ve unpacked these two popular NDIS plan management options and covered some of the most frequently asked questions.
NDIS plan managed or self managed – what are the differences and similarities?
Choosing the self manage your plan means that you’re responsible for taking care of all the financial administration involved with your funding. This includes monitoring your budget, paying for your supports and service providers and keeping records for auditing purposes. With this option, you often have to pay providers with your own money and submit requests for reimbursement through the NDIS portal meaning you have to be in control of your income and keep enough money aside for expenses related to your plan.
Another popular option is to have your plan managed by a third-party plan management agency of your choosing, such as Disability Plan Services. A plan manager’s job is to handle all of the difficult administration of your plan funds including paying suppliers, budgeting to ensure you maximise your funding, and providing recommendations based on your funds and goals. A plan manager is independent from the NDIS and therefore will always have your best interests at heart.
Like self managing, NDIS plan management allows you to remain in control of how your funds are spent and you are still free to make choices about your plan. Another similarity is that both options allow you to have complete choice and control over the providers you work with as both registered and non-register providers are available to you.
What are some of the disadvantages of choosing to self manage my NDIS plan?
Understanding the NDIS can sometimes be complicated and challenging, especially when it comes to managing your plan. Whether you’re new to the NDIS or not, self managing your NDIS plan can often be time consuming and with so many policy changes happening, keeping up-to-date can seem overwhelming. When it comes to make a decision about whether to have your NDIS plan managed or self managed, there’s a few things you should first consider.
Self managing your plan requires you to pay upfront for any costs related to your disability, such as paying service providers. This means you will be out of pocket until you lodge claim in the NDIS portal to have it reimbursed. This can be stressful if you don’t have a regular, significant income.
You might not be aware of this, but when you self manage your plan you’re required to keep all your NDIS records for five years in case you are audited.
Another big part to self managing your NDIS plan is keeping track of all your spending. To make sure you make the most of your funds and don’t accidently over or under-spend, it’s important to allocate your funds efficiently. Managing your budget can be tricky on your own so it’s recommended you choose NDIS plan management if you don’t have prior experience in this area.
How can NDIS plan management help me?
Choosing to have your plan managed by an NDIS service provider like Disability Plan Services comes at no extra cost to you or your NDIS budget. When you request plan management at your planning meeting or plan review, additional funds are provided to you for this service.
You might be worried that choosing to be NDIS plan managed will be like saying goodbye to your independence, but that’s not the case! NDIS plan management still allows you to remain in control of how your funds are spent. It gives you the freedom to be flexible, so some aspects of your plan can be managed by your plan manager and other aspects you can choose to manage yourself!
At Disability Plan Services, our experienced support team knows how the NDIS works, so we can work closely with you and provide personalised recommendations to help you achieve your goals. We take the time to get to know you and understand what you want and need so you can rest assured that we’re always doing what’s best for you.
Still not sure whether to have your NDIS plan managed or self managed? Here’s what one of our happy plan managed clients had to say!
“Disability Plan Services has given our family more of an understanding about how our son’s NDIS Plan works and have helped us to reach our goals. We now know more about what our son needs to live a better quality of life” – Samuel A
To contact the team at Disability Plan Services for help managing your plan funds, get in touch with us by calling 1800 312 870 or email email@example.com.
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