If you are new to the NDIS, the next question you may be wondering is how you would like to manage your NDIS plan.
There are three ways that you can manage your NDIS Plan: self-managed, plan managed, NDIS managed (also known as agency managed).
Option 1: Self Manage your NDIS Plan
When you self-manage your NDIS Plan, you or your nominee are responsible for choosing service providers and general administration of your supports, services, and finances.
· Tracking budgets and how much you spend
· Paying invoices
· Recordkeeping, such as keeping receipts for fives years for audit purposes
· NDIA audit checks, reporting budgets to NDIA and providing evidence of what you have spent on your budget and when.
· Choose between registered or non-registered NDIS providers to provide supports. You can choose to employ or contract staff directly.
For more information about Self-Management visit: https://www.ndis.gov.au/participants/using-your-plan/self-management
Option 2: Plan Manager manages your NDIS Plan
An experienced Plan Manager helps you to look after the service agreements between you and your providers and help with the financial responsibilities of your NDIS Plan.
· NDIS Plan Managers are qualified, trained, and experienced in the NDIS
· Manages your NDIS budget
· Help to understand types of support you can purchase with your NDIS Plan
· Keep track of your spending with regular reports or an easy to use NDIS app available 24/7
· Help understanding prices you pay for your supports
· Paying your invoices (YCPM offers same-day invoice processing!)
· Keep track of your records, including receipts and invoices
Option 3: NDIA Managed
The last option is NDIA managed also known as agency-managed. This option is where the NDIA will look after participants’ financial responsibilities of their NDIS Plan.
· NDIA will pay your invoices
· Manage your funding and keep records of spending
· Manage financial reporting
· Participants will choose NDIS registered providers, track budget and spending in the MyPlace participant portal
What are the key differences between self-management and plan management:
· Plan Managers take the hassle out of managing your plan’s finances. They take care of paying your invoices to your providers and claiming funds back from the NDIA. When you self-manage you manage and claim your provider’s invoices.
· Both Plan Managed and Self-Managed allow participants to choose from providers that are not NDIS registered.
· Plan Managers handle all receipts and invoices in case of audits, self-managed you will need to take records of everything for the past 5 years.
Each NDIS participant has access to a Plan Manager. The funds are not taken out of your current NDIS funding allotment. The NDIS gives additional funding for your Plan Manager, so no out-of-pocket for you or your NDIS Plan.
Your Choice Plan Management offers NDIS Plan Management Australia-wide. Our friendly team is qualified, experienced and offers a personalised and friendly experience. Their expertise allows them to see where your Plan may benefit so you can get the most from your funding.
Our team offers support via phone, email, or video chat. Our Plan Management offices are also located on the Sunshine Coast, Gympie or Caboolture.
1300 497 492
The information was sourced from the official NDIS government website: www.NDIS.GOV.AU/manage-your-funding
