Understanding the differences between NDIA managed, self-managed, and plan managed
Published at 24-07-2023 13:15:00
Understanding the differences between NDIA managed, self-managed, and plan managed
When you take a look at the National Disability Insurance Scheme (NDIS) in Australia, you will figure out that there are quite a few options available to manage your services and funds. They include NDIA managed, self-managed, and plan-managed. We at Just Plan Managers thought explaining the differences between these schemes, could give you the knowledge to make an informed decision and pick the best management for your life.
NDIA managed
This is the default option available for the participants who don’t select any other management option. This is where you allow the NDIA to manage the funds allocated to your plan. The NDIA will continue to make the payments to service providers on behalf of the participants. All these payments will be done to the approved services and supports as mentioned in the plan.
Key features of NDIA managed plans:
- The NDIA will make direct payments to the service providers.
- Participants can select from numerous registered NDIS providers.
- The NDIA will manage all claims and financial transactions.
- Participants can request for plan reviews and plan changes via NDIA.
Self-managed
If you want to take complete control over your NDIS funds and services, this is the best option available for you to consider. When you go ahead with this option, you will be responsible for engaging and sourcing service providers. Moreover, you will have to manage payments and invoices, and keep records of all the expenses as well. It is important to keep in mind that self-managed plans require excellent financial management and organisational skills to succeed.
Key features of self-managed plans
- You can have complete control over the NDIS funds as well as service providers.
- You can select from non-registered service providers. This will offer added flexibility.
- You will need to manage all the financial transactions, such as making payments and keeping track of records.
- You will need to adhere to the NDIS guidelines and provide appropriate documents for auditing purposes.
Plan-managed
If you are looking for the middle-ground, you should go ahead with the plan-managed option. It combines the elements of both self-managed and NDIA-managed approaches. This gives participants the opportunity to engage with a registered plan manager. The plan manager will take care of all aspects related to the management NDIS funds. For example, the plan manager will manage budgets, pay invoices, provide regular financial reports, and track expenditures. As a participant, you will also be able to pick either a registered or a non-registered provider.
Key features of plan-managed plans
- You will get a plan manager to take care of the financial activities, such as managing budgets and paying service providers.
- You will have the flexibility to pick from registered service providers and non-registered service providers.
- The plan managers will provide regular financial reports to participants to ensure transparency.
- You can seek support from the plan manager with related to budgeting and funding decisions.
- You can request for plan reviews and changes via your plan manager.
In a nutshell
You need to take a look at your personal preferences and capabilities when selecting the right management for your needs. You may seek out professional assistance if you don’t have a clear idea of the complicated NDIS processes. The NDIS and plan managers can work flexibly with your needs.
Get in touch
If you have any questions, we’d love to help you out! Call us on 1300 217 037 or email us at info@justplanmanagers.com.au and our friendly team will get back to you in no time.