You can manage your NDIS funding in multiple ways, but which way works the best? This blog explains the three different fund management options available to participants with an NDIS plan.
There are three options to manage your NDIS funding; self-managed, NDIA-managed and plan-managed.
Self-managed: You manage your NDIS funding completely. You will have to organise all invoice payments to service providers, manually claim funds back from the NDIS, keep all invoices and receipts, participate in payment auditing and make clear agreements with your providers. This option gives you flexibility, choice and control.
NDIA-managed: This option is also referred to as Agency-managed, and as the name implies, the NDIA manage your funding. However, you cannot use unregistered providers, so you are limited to a range of NDIS registered providers. This option is less work than being self-managed, but reduces your flexibility, choice and control.
Plan-managed: By opting to have your NDIS funds plan-managed, you are able to choose a plan management company to manage your funding. This option enables you to choose from registered AND unregistered service providers at your discretion and they will manage all invoices, budget tracking, financial reporting and more. This is the only option where you are able to access tools to track your spending and receive independent budgeting advice.
With My Solutions Plan Management, you are afforded the flexibility, choice and control of being self-managed, with the added bonus of having a specialist plan manager monitor and organise your payments. You couldn't ask for an easier or more efficient way of managing your NDIS funds.
The option of being plan-managed is available to every NDIS participant and is also funded completely by the NDIS. You simply need to ask in your planning meeting or plan review to have Improved Life Choices - Plan Management added!
“But which option is the best for me?”
Everyone is different and everyone's situation is unique, which means that there is no 'correct' answer. We often find that many people choose plan management as it offers the best of both worlds, or a combination of NDIA and plan-managed.
To decide what is best for you, you should consider your own objectives, situation and needs. Do you think you would like support throughout your plan? Do you have the time to manage your funding?
If you would like to speak with someone about these options to discover whether choosing to be plan-managed is right for you, head over to our contact page and get in touch.