Once you're approved funding from the National Disability Insurance Scheme (NDIS), you should exercise caution and good judgment when managing your funds. As with any significant financial decision, you'll want to conduct research and ensure that you're budgeting and spending responsibly.
These funds are a vital part of your ability to access long term support services, and a wrong decision could cost you down the track. The NDIS allows you to utilise three different methods to manage your funds, each with its own benefits and drawbacks.
Many who use NDIS choose to manage their own funding. This option does provide you with the most agility and flexibility in terms of making choices about supports and services to treat your disability. The National Disability Insurance Agency (NDIA) can help advise you on services approved by NDIS. That being said, self-management comes with the most risk as it makes you more vulnerable to scams and manipulative figures.
Additionally, some of these programs have a high degree of complexity. For those who lack the expertise or time for research, a managed funding option may work better. Otherwise, you might face more issues for overspending or underspending.
Underspending can cause more problems than overspending in that NDIA may see it as evidence that you receive more funds than necessary. To make things more difficult, self-management also involves handling your own paperwork, and mistakes made with your paperwork can hurt your NDIS eligibility. Self-management should serve as a choice primarily for those who have prior expertise in fields related to the NDIS process.
Agency or NDIA Managed Funding
Some who receive NDIS funding choose to allow the NDIA itself to manage their funds. This serves as a safe alternative to self-management. Government officials familiar with NDIS, as well as its services and programs, consult with you and make decisions about which providers will best accommodate your needs.
Although allowing the NDIA to manage your funds does provide enhanced safety, they also tend to impose a lot of restrictions. For example, unlike the other two methods, you cannot use non-registered providers. This means that, under this option, you may not have access to trusted health care resources in your community.
With plan managed funding, you can enjoy the peace of mind of leaving your NDIS funding in the hands of experts. At Bright Plan Management, we focus on putting together the right support system for your disability, allowing you the flexibility of using non-registered providers and making other choices not allowed under management from the NDIA.
Plan managed funding allows for a wide variety of perks, such as:
Price negotiation to bring costs below the NDIS allowed rates
More choice in which providers you can access
Financial reporting on your behalf
Assistance in finding and selecting providers
Plan managed funding offers the security of NDIA managed funds while giving you the freedom to take advantage of a larger array of products and services for your specific disability.
Reach Out to Bright Plan Management Today
Do you want to learn more about how the plan management option can protect your funding while allowing you the maximum range of provider and product options?
Our professional and attentive staff can answer any question or concern you may have about our service. At Bright Plan Management, we offer a personalised plan management service for you and your specific needs. NDIS is complex, but you don't need to take on the process alone. Reach out to us today and make the most out of your plan!