The 3 NDIS Fund Management Options Explained
Your NDIS plan revolves around you– what your goals are and what disability support services you need to achieve them. Who will manage your funds will be also discussed in your planning meeting and be included in your NDIS plan. Like everything in your NDIS plan, how your NDIS funds will be managed will be your decision.
The three fund management options are:
- Plan management
- NDIA management
- Self management
Read more about the differences of each to know which one may be right for you.
Plan Management
In this fund management option, your NDIS funding will be managed by an independent service provider who is called a plan manager. Note that you will receive a budget in your plan to pay for it, meaning there will be no out-of-pocket costs.
Your plan manager ensures that your chosen service providers are paid and keeps track of all your invoices. They can also provide you with online tools where you can see the transparency of your payments and invoices in real-time. Plan managers can also help give you advice on disability support and budgeting for them. If you choose plan management, you can avail of disability services from providers who are not registered with the NDIS.
NDIA Management
Another fund management option is where you will put the National Disability Insurance Agency (NDIA) in charge of your NDIS funding. The NDIA will be the one to pay service providers and manage your invoices. However, unlike plan management, you can only choose service providers that are registered with the NDIS which can limit your options.
Another downside in choosing NDIA management is that it doesn’t come with the added support and tools that plan managers usually give.
Self Management
As the name itself, self management means that you will be the one in charge of managing your NDIS funds. With self management, you can access both unregistered and registered NDIS providers.
Though the most flexible, self management comes with the most responsibility. Managing your own NDIS funding is like being an accountant for a small business. You will be the one to submit providers’ invoices, make sure they’re paid, and keep all your receipts and financial records on file for 5 years for auditing purposes.
Choosing the Right NDIS Fund Management Option for You
Choosing which option for you will depend on your circumstances and your personality. If you think you will be needing support with managing your NDIS funding, then go for plan management or NDIA management. If managing your own funds will not be troublesome for you and want a hands-on approach over your funding, then self management could be the option for you.
Take note that you don’t need to have just one management option for all your support categories. You can have a combination of these management options. For example, you can self-manage your Core support funding but choose to plan-manage your Capacity Building funding. Also, you can switch options in the middle of your plan without a full plan review.
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