An NDIS participant will have to decide how they should manage their NDIS funding. And decide which is the best option between Plan Management and Self-Management? Your situation, personality, and how much time you have are some of the factors that you will need to consider when choosing between the two. Both options allow control and flexibility. However, there are also differences that you need to know about to be guided in making the right decision for yourself.
NDIS Plan Management and Self-Managed NDIS: The Key Differences
All Participants have the right to a Plan Manager if they prefer to be under a Plan Management. While this may seem an additional expense, the funds for a Plan Manager will be paid by the NDIS and will not be taken from the funding in your plan.
Participants need to choose a provider they trust. How they are comfortable with the people they work with will have an impact on the results of their therapy. By choosing Plan Management, you will have more (and better!) options in terms of providers. A Plan Manager can work with registered and unregistered providers which allows participants to find the best options that are suited for them.
Focus on Therapy
A participant who is undergoing therapy may be better off with the help of a Plan Manager. Instead of handling administrative tasks, a Plan Manager will do the work for the participant so they can focus more on themselves. NDIS Plan Management will take the load off a participant’s shoulder so they can be spared from stress and use their time well.
Supported by Knowledge and Experience
It requires the right amount of knowledge and experience in Plan Management to efficiently manage a fund. A Plan Manager knows the guidelines and is familiar with the inclusions and paperwork of a plan. They will be able to work on behalf of the participant with ease so they can move forward to living life independently and on their terms.
NDIS participants may choose Plan Management without paying anything. The NDIS will provide the funding for it from the “Improved Life Choices” budget.
With Self-Managed NDIS, the NDIA will provide funding so you can choose and pay for the services you need for your therapy. You will be the one in charge of your NDIS funding and do everything on your own and all decisions will be up to you.
Because you will be doing fund management on your own, you will be responsible for all the tasks related to it including administrative tasks. You have to ensure that provider invoices are submitted to the NDIA. Accurate and on-time payment is also a must. You are also responsible for the safekeeping of receipts that may be needed in case an audit will be required.
Freedom to Spend
Aside from allowing a participant to use existing providers and not be restricted to NDIS registered providers, Self-Managed NDIS allows more freedom to choose where to spend your funding.
Flexible Price Guide
Self-Management is also not restricted to the NDIS price guide. Participants are free to negotiate rates and may also pay increased rates as needed.
Plan Management vs Self-Management: Which is Right for You?
While the two may differ in some ways, the situation of the Participant is a key determining factor to know which option is best.
Participants should choose Plan management if they want greater control over NDIS funding, prefer the flexibility of choosing from a wide range of providers, and want to skip the stress of record-keeping and on-time payment of providers.
On the other hand, Self-Management is more suited for participants who want full control not just of the NDIS funding but as well as the administrative tasks that come with it including payments, record-keeping, and claiming from the NDIS portal.
NDIS Funding should be managed properly and with the least amount of stress on the part of the Participant. If you are looking for a Plan Manager that can take away the stress of claiming and paying invoices, Living My Way can help you.