Creating Your NDIS Plan: How to Manage Your NDIS Funds
A participant’s NDIS plan outlines their goals and the funded support required for them to pursue those goals. An NDIS plan is unique to each individual’s disability support needs. It includes information about everything from their living situation and supports funded by the NDIS to information regarding the mainstream and informal support that the participant receives. While creating their NDIS plan, participants have the option to choose how they are planning to manage their NDIS funds. NDIS funding can be managed in one of three ways: self-managed, plan-managed and NDIA-managed. Participants also have the choice of combining the three options.
Self-Managed NDIS Funding
Under self-management, the participants themselves are in charge of everything from managing their NDIS funds, purchasing supports and paying the invoices from service providers. It provides flexibility regarding the choice of service providers and allows the participants to negotiate prices with the providers which can be below the NDIS price limits.
Plan Managed NDIS Funding
Plan Management is a service that the participants can purchase which helps them to manage and monitor their NDIS funds with the help of experts called plan managers. The financial aspect of the participant’s NDIS plan which includes keeping track of the budget, paying the providers on time and preparing budget reports will be handled by the plan managers. They also help to develop the plan management skills of the participants to make them more self-reliant.
NDIA Managed NDIS Funding
According to the choice of the participant, sometimes, the NDIS plan and funding are directly managed by the NDIA. In such instances, participants can only avail themselves of the services of registered service providers. The NDIA will oversee the financial management of your plan and pay your invoices when the providers make a claim.
Aussie Life Care is a registered NDIS service provider who can help you understand your needs and assist you in choosing the best way to manage your NDIS funding. Contact us today and we will guide you through your NDIS journey.
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