If you’re a new member of the NDIS or just starting to look into your options, you have three options for managing the financial part of your NDIS plan: Agency Management, Self-Management, and Plan Management. On the other hand, finding the best alternative for you may take some time. Therefore, every NDIS participant can select a management option during their NDIS planning meeting. Plan management is when a provider assists you in managing financing in your NDIS plan. Here are more details about plan management and its benefits.
What is Plan Management?
NDIS plan management allows you the freedom and control to use your NDIS budget with a plan manager who administers your finances, pays your invoices, and monitors your budget. A plan manager can also make NDIS portal claims on your behalf.
Anyone with an NDIS plan can seek plan management, and there are no hidden costs. When you choose NDIS plan management, the NDIS will provide additional funds to pay your NDIS plan manager.
Plan Management enables you to perform the following tasks:
- Select and work with service providers who meet your requirements.
- Negotiate the pricing to meet your needs.
- You gain more experience, options, and power when someone else handles your administrative duties.
Plan Management is a service provided to NDIS participants. It serves as a financial bridge between participants, service providers, and the National Disability Insurance Agency (NDIA). So, what precisely is the role of a Plan Manager, and what are the advantages of having an NDIS Plan Manager?
What exactly does a Plan Manager do?
An NDIS plan manager assists and is responsible for several things for people with disabilities. A plan manager will:
- Paying your service providers on your behalf
- Assist you in tracking and maintaining your finances and budget.
- Manage and keep track of your bills and invoices.
- Provide you with financing updates
- It includes a list of NDIS support coordinator providers in your area.
Having the proper plan manager can significantly increase the success of your NDIS plan and help you build solid relationships with other skilled experts.
Benefits of plan management
It helps in your organization.
Your Plan Manager is in charge of all record-keeping and will present you with monthly statements so you can know and understand where your money is going. This will help you be more prepared for your plan review.
It is free.
Anyone with NDIS access can request financing for NDIS plan management, and in virtually all cases, they may grant your request. However, the money comes from an additional budget, and they will not deduct it from any other help.
It saves time and alleviates tension.
To manage your plan, you must use NDIS funds to pay providers. You should also keep track of your spending to ensure you don’t run out of funds before your plan review.
If you choose Plan Management, you will not have to deal with the accounts teams of your various suppliers; your Plan Manager or Plan Coordinator will handle all of the administration on your behalf.
Control, flexibility, and choice
Plan Management is more adaptable than other choices because you can acquire services from non-NDIS certified providers. For example, if you have a trusted health specialist who is not NDIS registered, you would be unable to recuperate monies if your plan was agency-managed.
You can, however, continue to receive these services through NDIS plan management. As long as the costs are within the NDIS price guide, they can be deducted their cost from your NDIS budget.
Peace of mind and security
Plan Managers are NDIS-approved providers. They are usually qualified, accountants or bookkeepers. You may relax knowing that your funds are in good hands. One of their responsibilities is to ensure that every invoice obtained is compliant and in compliance with the NDIS Price Guide. They do this so that you are not overcharged.
You can determine the ideal NDIS money management approach by what works best for you and your circumstances. However, if you can obtain a Plan Managed NDIS financing option, you will have the best of all worlds! This means you’ll have more options and freedom regarding Service Providers and a partner in your Plan Manager to help you organise and pay your invoices.