Keeping tabs on financial transactions and tiring paperwork while also making sure you comply with NDIS rules can be very tasking — and that’s why you should consider getting a professional plan manager. It is true that NDIS participants have the choice to choose how they want to manage their funds, but most times, managing an NDIS plan is best left to the professionals.
Opting for professional plan management will save you a lot of time you can channel into other activities. Before we dive into choosing the right plan management and the factors you should consider, let’s take a second to touch on what plan management is. That way, we’ll all be on the same page, and no one will be left behind.
What is plan management?
In straightforward terms, plan management refers to someone or an entity ( formally known as a provider) to help you manage funding in your National Disability Insurance Scheme (NDIS) plan. NDIS is an organization dedicated to catering to the e welfare of people with disabilities in Australia.
The roles of the NDIS plan manager are quite many, but top on the list is helping NDIS participants manage both the administrative and financial aspects of the plan. In addition to that, a professional plan manager will help you manage your funds wisely and prevent you from overspending. That way, you can live a comfortable and financially independent life.
With that in mind, we can now proceed to how NDIS participants can manage their plans via plan managers.
How to manage your NDIS plan with the help of a professional plan manager
To fully grasp the different ways that a plan manager can help you manage your NDIS plan, it would help if you knew the roles of the plan manager. As such, here is a list of the functions of a plan manager.
- They help you keep tabs on your NDIS budget
- They help you improve your financial and management skills (for managing your funds)
- They also guide you on how to self-manage your NDIS plan
Having mentioned that there are three primary ways you can manage your funds or NDIS plan: you can manage your plan through an NDIA ( National Disability Insurance Agency, which is a government organization), via a professional NDIA plan management company, or self-management (where you man every aspect of the plan like making claims and managing your funds.) Even though these are the main ways you can manage your NDIS plan, you can opt for a fourth option — a combination of all the previous three ways. In this case, participants that opt for this option prefer to deal with their provides directly while they engage a plan manager to oversee the paperwork.
As we hinted earlier, self-management means that you are in charge of everything regarding your plan. It allows you exercise your choices on how you want to manage your funds and plan — think flexibility. Under self-management, you are in charge of sorting bills, keeping records, and sending reports to the NDIA.
While it’s true that this option offers much flexibility, it tends to be both time-consuming and stressful for both you and your family members. As such, participants that opt for this type of plan management are assessed by the NDIA planner to determine whether they can pull it through. If you are deemed incapable of handling the responsibilities, you will be assigned a plan manager to handle your funding.
In this case, your service invoices will be handled by the NDIA. They will also be responsible for processing your claims and helping you navigate the NDIS. And, of course, helping you pay NDIS support providers.
Last but not least;
You can think of plan managers as the link between you (the participant), the provider, and the NDIA. What plan management does for NDIS participants is to give you ample time to spend with your family — without worries of dealing with finances and paperwork. Opting for a professional NDIS plan management has many advantages. They include letting you choose your providers, streamlining your claim processing ( by helping you file and submit your claims.)
Plan management also helps with budgeting (planning and allocating NDIS funds) and tracking your spending, so you don’t run out of funds. With plan management, rest assured that you have professionals who are knowledgeable of NDIS processes and rules handling your plan.