While navigating the NDIS Plan management in Sydney, you will come across three common ways to manage your funding – Self-managed, Plan-Managed, and Agency-Managed. Among which self-managed and plan-managed procedures are the most popular ones to choose by the participants using NDIS.
It starts with taking complete control and moves to a completely hand-off approach to funding. The ideal management type will depend on various aspects of the lifestyle, possibility of investment and the level of support needed by the participants. Each option is equipped with its own benefits and challenges, of how much flexibility the scheme offers and the intensity of responsibility the participant is willing to take.
We will explore the most popular options, which are self-managed and plan-managed, and the key differences between them to make it easier for the NDIS participant to decide.
NDIS Self-Managed Plan
A self-managed plan offers complete control to the participant over the budgeting, selection of the service provider, managing the financial and administrative aspects of the plan, and making decisions about the support and services.
If you are planning for a self-managed NDIS funding option, then you have to consider these key responsibilities before opting for it:
- Managing finance transactions and paying invoices at the right time
- Tracking the spending of the allocated funds, ensuring its proper use
- Taking time to find the right provider and negotiating the scheme yourself
- Managing the administrative works such as keeping the records and receipts for future review
- Each and every service and procedure should be aligned with the funding rules and regulations
Benefits of Choosing Self-Managed Plan
- You can hire an NDIS registered or non-registered provider with more service options.
- There is more control and flexibility over the budget, where you can make the decision of how and where to allocate the funds according to your requirement.
- You can negotiate the cost of service by yourself to save your money.
- You can independently design the care and services you need.
- You have the autonomy of paying the provider directly without any delay or approval of any other source.
Challenges Of Using Self-managed Plan
- There will be maximum administrative responsibilities to manage the documents, invoices, and receipts.
- You will need to pay the invoices and the payments according to the scheduled time without any delay.
- There can be a shortage of time for your own skill development and living a carefree life.
- If you are not able to maintain the proper budget system, there will be a higher chance of facing a shortage of funding when required.
- There will be helpful expert advice regarding the finance management and budget making.
- You should organise documents over the years by yourself for any compliance or audit requirements.
