If you’re new to the world of NDIA (National Disability Insurance Agency) and the NDIS (National Disability Insurance Scheme), you may have heard about the three key ways your NDIS Plan funding can be managed, but not be entirely sure what they mean.
To make things a little less straightforward, you can also choose a combination of all three!
We put together a summary of each!
Self-Managed Funding
This is exactly as it sounds. The NDIA provides you with the funding based on your NDIS Plan, and you take responsibility for accessing and physically paying for the supports you need.
The Benefits
One benefit of a self-managed NDIS Plan is the increased flexibility and choice to decide what support services you want to use.
Plan-Managed Funding
For plan-managed funding, the NDIA provides funding in your plan to a Plan Manager who pays your support providers for you, helps you manage your funding, and does all the financial reporting for you.
The Benefits
The benefits of a plan-managed NDIS Plan includes:
- The opportunity to learn how to manage your funds;
- An increased choice of providers than an NDIS-Managed Plan;
- If the categories are Plan Managed, the fees for Plan Management are covered in the Plan so there’s nothing extra to pay; and
- For THC Plan Management clients, your monthly statements include how much you’re able to spend per week, the percentage of use, and exactly when you reach 80% or more in spend of your funding. This provides opportunity to contact us for advice on reviewing services so that you don’t exceed your budget.
NDIA-Managed or NDIS-Managed Funding
With an NDIS-Managed Plan (also known as an NDIA-Managed Plan), the NDIA pays your providers on your behalf, manages your funding budget and keeps track of your spend. All your providers must be NDIS registered providers, and payments (and provider claims) are simply made electronically. It’s important to highlight again; you cannot use unregistered providers on an NDIS-Managed Plan.
The Benefits
One benefit of an NDIS-Managed NDIS Plan is that it is all taken care for you!
Combination of Managed Funding Options
You don’t have to choose one option for your whole NDIS Plan. You may want the NDIA to manage one section of your funding but want to manage your own funding for another (for example). Speak to your NDIA Planner or LAC to discuss your options and choose what’s right for your situation.
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Resources
- NDIS: Ways to manage your funding.
