The National Disability Insurance Scheme (NDIS) provides participants with funding for a wide range of support depending on participants’ needs. This program aims to help people with permanent physical, mental, or behavioural impairments that prevent them from having independent lives.
Understanding the NDIS plan can be tough but what is harder is managing your funding efficiently.
Every participant is given a specific amount of money to bear the expenses of the support he or needs, but not everyone knows how to control their funding and not overspend it. If you start doing it without proper knowledge or experience, you might either under or overspend it; both cases are not beneficial for you, which is why it is essential to understand how you can stay in control of your NDIS funding.
Personalised Support Services are working as an NDIS disability provider in the South East. They have qualified and experienced support workers who serve the participants with utmost dedication and compassion.
Ways To Manage Your NDIS Fund
Staying in control of your funding can seem frightful, but the following are the ways that can help you manage your funds more efficiently:
- Self Management
- Plan Management
- Agency Management
The name of this fund management speaks for itself. When participants choose self-management, they can manage their funds by themselves. While it gives authority and control to the participants, it also puts a huge burden and pressure on them and their families.
They have to manage everything on their own, including payments, reimbursements, lodge claims, reporting, and many more things like that. Self-managing the fund can be time-consuming, overwhelming, and challenging to deal with, especially if you are not good at controlling your money.
However, if you think you can handle the pressure and manage your NDIS funds efficiently by yourself, then there is no better way to control your fund than self-management for you.
This way is for the people who do not wish to spend so much time managing money. NDIS allows you to hire a plan manager who will handle your funds on your behalf. A plan manager is someone who handles the administrative and financial burden of managing NDIS funds. It is best for the participants who are not experienced in managing funds as it provides them with a professional who has been working in the field for quite some time.
NDIS participants who choose plan management as their way of controlling funds can choose any service provider between registered and unregistered. However, if you want to get a plan manager for your funds, you must add plan management to your NDIS plan. Request the National Disability Insurance Agency (NDIA) to add plan management to your plan. If they deem it reasonable and necessary, you will be able to hire a plan manager.
The last way you can choose to manage your fund is agency management, where NDIA holds your funds and pays providers from them on your behalf. It takes a lot of burden off the participants since they don’t have to manage the funds themselves or look for a trustable plan manager, but it also limits their options. In self-management and plan management, the participants can choose any service provider they think is suitable for their needs.
However, in agency management, participants can only choose service providers from the ones that are registered under NDIS. Since NDIA manages the funds in this model, it doesn’t allow the participants to choose unregistered service providers, which limits their options, and they will not have enough control over the process.
These are the three ways you can manage your NDIS fund. NDIS has given these options to participants so they can choose what works best for them, and every way has different benefits to it. We hope that by now you know which way is the most suitable for you.
Looking For An NDIS Disability Provider In The South East?
If you want to get the best NDIS services in Australia, reach out to Personalised Support Services. Their professional support workers will make sure that you get nothing but the best so you can move towards your goal without any regrets.