Participants in the National Disability Insurance Scheme (NDIS) receive funds for them to have the money to buy anything that will help them become more independent and have the chance to take part in various social and economic activities. This money is provided individually to each participant.
Once they are approved to receive the funds, the participants can choose where they want to get the services and support that they need. However, the NDIS has a price guide that sets the amount that the National Disability Insurance Agency (NDIA) will have to pay for these services and supports.
NDIS Plan Management
Plan management is crucial when it comes to NDIS funding. This involves budgeting, keeping the records updated, and paying for the support needed. The assistance and services that you or your loved one receives, are paid for. However, you have to learn how to manage and budget the funds properly in order to provide everything that is needed by the individual. There are different ways to manage your NDIS funds. Here’s what you need to know.
- NDIS Agency Managed. Many people do not want to touch the funds allocated for NDIS. If you want to have the National Disability Insurance Agency (NDIA) manage your plan, this is possible. This simply means that you are giving the NDIA the capability to take care of all payments and management of your funds on your behalf.
- Plan Managed. You can get assistance with managing your NDIS funds from a qualified plan management provider. The All Disability is just one of the most trusted names. The company considers it to be ‘supported self-management.’ They offer a more personal approach with their plan management where members are able to get the most out of their NDIS plans. Their goal is to focus more on their members and make their journey easier.
- Self-Managed Plan. If you choose to self-manage your NDIS funds, you, a family member, or another person that you truly trust will be the one responsible for the day-to-day management of the funds. However, it is very important that the person has a full understanding of the responsibilities that come with this role. They must know the needs of the person in the first place.
- Combination Managed. The combination managed is a combination of any of the two methods above. This simply means that the NDIA or a plan manager is in charge of managing all of the funds for the NDIS. Still, you have control over some of it if needed.
Remember that you can change how you manage your NDIS funds any time that you want. However, it is crucial that before doing so, you have already informed the NDIA about the changes that you want to make when it comes to managing the funds.
