4 Best Ways to Manage Your NDIS Plan With NDIS Plan Management

The National Disability Insurance System, NDIS in short, is a welfare scheme available across Australia and offers assistance to persons with various impairments. It includes physical, intellectual, motor, and sensory assistance.

To empower all participants, the NDIS provides a wide range of assistance to enable people to live comfortably under professional care. Through this, NDIS intends to build the capacity of individuals, allowing them to live as independently as possible while achieving their goals.

So, what is NDIS plan management in Victoria?

NDIS Plan Management is simply the process of managing the funds of your NDIS plan. The NDIS offers comprehensive plan management, and you may choose the one that best meets your requirements.

4 Kinds of NDIS Plan Management in Victoria

NDIS provides four unique types of plan management Self-managed, Agency-managed, Plan-managed, and a combination plan.

Let’s go down each type of NDIS plan management in Victoria.

1. Self-managed

Self-management is an option if you desire absolute control over your plan. If you are comfortable organising your services, handling money, and completing difficult paperwork, this may be the option to choose.

You are solely accountable for the financing in your plan when you self-manage, and you must manage receipts, invoices, and service reservations yourself.

Merits of Self-managed plan:

• You are responsible for your well-being since you have absolute power over your NDIS plan.
• You have direct access to some aspects of your plan. For example, you can buy products within your consumables budget and seek reimbursement from the NDIA.
• You can arrange services with providers who are not NDIS-registered.

Demerits of Self-managed plan:

• Service agreements with your providers may be required.
• You are responsible for controlling expenditures, maintaining records, and ensuring that the money in your plan is used effectively. Such absolute control may be detrimental if you are not well-versed in these areas.

2. Agency-managed

The NDIA, National Disability Insurance Agency, oversees all agency-managed plans; the second type of NDIS Plan Management in Victoria.

In Agency-managed plans, service providers can bill the NDIS straight. The NDIA is responsible for paying providers for any equipment or services you arrange with them.

Merits:

• You no longer have to bother about spending or managing the finances of your plan. You can focus on organising and receiving services.
• There will be no administrative load on you. You are under the guidance of experts in money management.

Demerit:

• The key disadvantage of this method is that it is less adaptable. You can only schedule services from NDIS-registered providers.
• You must get NDIA clearance for all purchases, including modest items made under your consumables budget.
• Loss of authority over your funds’ management.

3. Plan-managed

The third alternative is the plan-managed. Here, you will have a third party — A plan manager — that manages your NDIS funds.

There are several plan management firms that have sprung up for this task since the NDIS’s inception. Else, it can also be your accountant or another individual you trust. For instance, if you live in Victoria, you can search for NDIS plan management in Victoria and see the third parties offering such services.

Merits:

• It offers many benefits of the self-managed option while lowering your administrative load.

Demerit:

• Your plan manager will charge you a fee for their services, but you may be able to get money for plan administration through your plan.

4. A Combination Plan

Perhaps you would like to have some control over the money in your NDIS or are tied up between any two plans. In such a case, you can opt for a combination plan. In this, you can merge the merits of two different plans, allowing you to handle your NDIS funds in a much more effective manner.

With a combination plan, you can choose to deal with different expenses in different manners. For example, regular expenses and equipment purchases.

This is what NDIS plan management is and the different types of it.

Conclusion:

NDIS provides for such extensive plan management. All you need to do is carefully review all that a plan offers and see if it fits your regular and special needs. Most importantly, every financial transaction you make through NDIS plan management must be tracked and accounted for.

Once again, NDIS plan management is the decision you make about who will be in charge of managing your budget and paying your providers.

Even if you opt for one plan but think a different plan might be better, you can change it anytime you want.

There you have it.
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