If you or someone you care for has a disability, you may be eligible for support from the National Disability Insurance Scheme (NDIS). One important decision you'll need to make is how to manage your NDIS funding. Self-managing your own plan is one option, but plan management is another alternative worth considering. Here's what you need to know about plan management and its benefits.
What Is Plan Management?
Plan management involves outsourcing the financial administration and management of your NDIS plan to a professional Plan Manager accredited by the NDIA. They handle things like:
- Paying service providers and managing invoices
- Maintaining financial records
- Managing and reconciling your plan budgets
- Providing regular spending statements to you
Your plan manager won't actually coordinate or schedule your support services. You'll still choose your own providers and services. They simply manage the finances for you.
Key Benefits of Plan Management
Choosing plan management means you don't have to worry about doing these NDIS-related administrative tasks yourself. Here are some of the key advantages plan management offers:
Convenience
With your plan manager by your side, you can bid farewell to the hassle of keeping track of payments and invoices, as well as the worry of staying within your plan budgets. Enjoy peace of mind knowing that all these tasks are efficiently taken care of for you, allowing you to focus on what truly matters. Relax and let your plan manager handle the details while you make the most of your time.
Cost Efficiency
Plan managers have systems set up to process payments quickly and cost-effectively. You benefit from their economies of scale.
Safeguards
Accredited plan managers must comply with strict auditing, reporting and operational requirements set by the NDIA. This provides security around your NDIS funding.
Expertise
Plan managers are specialists in NDIS finances and administration. They stay on top of any NDIS changes or requirements so you don't have to.
Support
Your plan manager provides support if you have any questions or issues related to managing your plan budgets and spending.
Is Plan Management Right for You?
Plan management is an excellent solution for simplifying the management of NDIS finances and administration, effectively removing the stress from your shoulders. If you require specialized support or find the complexities of handling budgets, invoices, and reporting too time-consuming, plan management can be an ideal option for you. Don't hesitate to reach out to your NDIA planner or support coordinator to discuss whether plan management aligns with your specific needs and preferences. They will be able to provide you with detailed information and guidance tailored to your situation.
Contact a local provider to learn more about NDIS plan management.
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