Ok, so you been accepted by the NDIS as eligible for funding to support you to achieve your goals. One of the things to sort out is which is the best way for you to manage the bookkeeping side of using your funding to pay for services that the scheme provides. If you or your loved ones are part of the NDIS, it’s crucial to choose a way to manage your fund that suits your capability and aligns with your unique needs and preferences.
In this comprehensive article, we’ll explore the three primary ways of managing your funds: Agency-Managed, Self-Managed, and NDIS plan management.
Agency-Managed: Convenience at a Cost
Opting for Agency-Managed NDIS involves entrusting the National Disability Insurance Agency (NDIA) with the responsibility of managing your NDIS fund. This means that the NDIA will take care of sourcing service providers, managing invoices, allocating funding, and preparing necessary reports. It’s a one-stop-shop solution for all your NDIS needs, ensuring convenience and streamlining the process.
However, it’s essential to be aware that choosing this option might come with reduced participant autonomy and limited choices in service providers. Only NDIA-registered providers are authorised to work with participants under this plan management method.
Pro: Centralised management for all NDIS needs
Con: Limited autonomy and choice of service providers as they must be registered to provide services for NDIS participants.
Self-Managed: Full Control at Your Fingertips
With a Self-Managed NDIS Plan, participants gain unparalleled control over their funding. They have the flexibility to use their funds for various services, equipment, or even other needs unrelated to disability support. Budgeting is entirely in their hands, and they can negotiate fees with service providers, including those who are not registered with the NDIA. This option grants participants the freedom to choose who they work with, enabling them to explore local businesses that provide customised services tailored to their needs.
However, it’s essential to note that the Self-Managed option requires participants to possess intermediate to advanced bookkeeping and financial management skills, as they must handle paperwork, manage invoices, and prepare reports independently.
Pro: Full autonomy in NDIS fund management – full choice over the providers selection
Con: Requires you to have bookkeeping and financial skills
Plan-Managed: Striking the Balance
The Plan-Managed NDIS scheme offers the best of both worlds, providing participants with a perfect balance between autonomy and administrative support. In this model, participants can make important decisions about their funding while delegating essential administrative tasks to a dedicated plan manager, such as AIIM Choices.
Working with a NDIS plan manager involves creating a personalised NDIS plan, identifying goals and aspirations, assessing the participant’s current situation and needs, choosing the most suitable support services and providers, and envisioning the future they wish to achieve.
One of the significant benefits of the Plan-Managed option is that there are no additional fees for hiring a plan manager, as the NDIS incorporates adds this cost on additional to your plan. However, participants must be aware that they may face limitations on services that go beyond the recommended NDIS price guide.
Pro: Full control over NDIS fund management with minimal administrative burden. Full choice of the providers that can best suit your needs.
Con: Some limitations on services beyond the NDIS price guide
Take Action Now!
Navigating the NDIS plan management options can be overwhelming, but it’s essential to select the option that best fits your needs and preferences. If you desire full control over your NDIS journey without being burdened by administrative tasks, consider the Plan-Managed option through AIIM Choices. Take charge of your NDIS journey today, and achieve the support and services you rightfully deserve!
Explore our NDIS Plan Management services and take control of your funding today! Visit AIIM Choices to discover how you can manage your fund using our app, with support in over 15 languages and access to dedicated plan managers tailored to your needs.