If you're about to receive NDIS funding for the first time, then you have to choose how you spend the money in a plan. Typically, you have three options here. You choose which one to use. In some cases, you can combine options for a blended approach. What do you need to know?
1. You Can Self-Manage Your Funding
Some people choose to manage their NDIS funds themselves. They choose how to spend this money and where to spend it.
If you want complete control over your plan, then this option gives that to you. However, if you haven't had NDIS funding before, then you will have to learn as you go along.
For example, you might not know how to allocate your money to get the support services you need yet. You might spend too much on some services, leaving you with no money for other care. If you don't know how the system works yet, then you might prefer a more managed approach to start with.
2. You Can Ask the NDIA to Help
Some people use the NDIA to manage their NDIS plans. Here, you can choose registered care providers. The NDIA pays them directly and manages your plan's budget and records. You can follow your spending on the agency's portal.
While this simplifies your plan management, an NDIA-managed approach has some limitations. For example, you can only use approved and registered care providers if the NDIA directly pays for your support services.
In some cases, unregistered suppliers might meet your needs more effectively. They might cost less than registered individuals or companies. So, while you get useful help here, you have less control over your choice of care providers and your support services might use up more of your plan's funds.
3. You Can Hire an Independent Plan Manager
You can also manage your NDIS funding through a plan manager or management company. You'll usually get extra money from the NDIA to pay for this cost on top of your regular funding.
A plan manager helps you set up and manage a plan to meet your support needs and budget. You talk to them about your needs and they book services for you. They track your spending. They can also teach you how to self-manage your money if you want to do this in the future.
Most importantly, an independent plan manager can usually arrange for you to get both registered and unregistered support services. So, you have more choice of care provider and more control over your costs.
To find out more about your options and to get advice on the best way to manage your funding, contact NDIS plan management advisors.
Reach out to a company like KaizenCare for more information.
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