When a provider assists you in managing financing in your NDIS plan, this is referred to as plan management. These providers are referred to as plan managers.
Plan management is distinct from having the NDIA manage your NDIS plan’s finances or deciding to self-manage your plan.
Let’s take a look at the options on how to manage your NDIS fund.
What are the options to manage your NDIS fund?
When you start your NDIS journey, you have two options: plan management, or self-management.
The option you select will influence things like the kind of service providers you can use. Like how much help you get with your admin such as admin tools, invoices, and more.
So, let’s take a look at each of the three management alternatives and see which one is best for you.
What is plan management?
Your plan manager handles the administrative aspects of your NDIS plan, such as making sure your service providers are paid and maintaining all of your bills on file.
Plan management also empowers you to use smaller providers who have not registered with the NDIS. Which is not feasible if your plan is managed by the NDIA.
If you choose OysterCare as your plan manager, you’ll also receive a variety of great resources to help you make the most of your NDIS funds.
You will also have access to our experienced staff. Who will answer your questions and advise you on how to make the most of your NDIS payments.
If you opt to plan to manage your NDIS funds, you will receive a budget in your plan to cover the costs – there will be no out-of-pocket expenses for you.
Let’s dive into the advantages and disadvantages of plan management.
Advantages of Plan Management
1.Not limited to NDIS registered providers; existing providers may be used. This provides you the freedom to hire anybody you want.
2. You don’t have to worry about paying suppliers because your Plan Manager handles it for you.
3. There is no need to preserve receipts or invoices in case of an audit.
4. An excellent Plan Manager will assist you in getting the most out of your NDIS money and will ensure that you do not run out of cash abruptly.
5. You are not required to utilize the NDIS Portal.
6. Using a Plan Manager is an excellent first step toward learning to self-manage.
Disadvantages of Plan Managing
1.If you choose a provider who costs more than the NDIS Price Guide, you will be responsible for the difference because plan managers are required to adhere to the price guide.
2. As with any other service provider or service, you may engage a Plan Manager who gives bad service: is sluggish to pay invoices, insensitive to your demands, and unhelpful. So, like with any other NDIS provider, seek recommendations or visit with prospective plan managers before selecting one.
Since we’ve already talked about the plan management option. Let’s look more closely at self-management options.
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What is self-management?
You are in charge of administering your plan and its money if you manage it yourself.
Self-management provides the most freedom of the three fund management solutions, but also the most workload and responsibility.
You can not only access registered and unregistered providers, but you can also pay providers more or less than the NDIS price restrictions, which can expand your assistance options.
Managing your own NDIS funds is similar to operating a small business.
In contrast, to plan management and NDIA management, you are responsible for submitting your providers’ invoices, ensuring they are paid, and maintaining all receipts and financial records on file for 5 years in case you are audited.
Now, let’s look at the advantages and disadvantages of a self-managed plan.
Advantages of Self-Management Plan
1.Not limited to NDIS registered providers; existing providers may be used. This allows you the freedom to hire anybody you want. A participant added, “We’ve been NDIA managed up till now, but all our therapists have canceled their registration because it costs too much, therefore I have to be self-managed to receive their services.”
2. You can be more creative with how you spend your money.
3. Participants in rural and remote locations have more provider options.
4. You are not limited to NDIS price guide costs, therefore you can negotiate rates or pay higher rates as needed.
5. You can directly hire your own support team and you can seek assistance with this.
Disadvantages of Self-Management Plan
1.Not restricted to NDIS price guide so providers can demand more than the NDIS rate.
2.Need to have the capacity and time to engage with providers, pay invoices, etc.
3.Need to keep records and receipts in case of an audit
Which is the best option for you?
How you manage your NDIS funds is determined by your situation, personality, and goals for your NDIS journey.
If you need assistance managing your NDIS money, plan management or NDIS management is the best option for you.
Many consumers enjoy the additional support and valuable tools that a professional plan manager may give, as well as the wider range of service providers.
Self-management may be right for you if you don’t mind a lot of hands-on admin work and want more control over your financing.
Another thing to consider is that you do not need to have a single management option for all of your support categories.
For example, you might want to self-manage your Core financing but have someone else manage your Capacity Building funds so you don’t have to pay huge fees upfront.
You can also change selections mid-plan without having to go through a complete plan review.
Our knowledgeable Plan Management team works with you to ensure that you get the most out of your plan and do not run out of cash too soon.
We organize the reporting and paperwork required for your plan review, removing the stress from the process.
We can examine and approve your invoices as well as track your spending at any time. Allow us to assist you in making the most of your funds while you spend time doing what you enjoy.