Imagine you are opting for a self-managed NDIS plan. After a passing month, you would receive an invoice from your NDIS provider. As you will be responsible for reviewing the bills and requesting NDIS claims, how will you ensure equal attention towards the NDIS participant?
You are a human too. And it is both confusing and frustrating to balance NDIS fund management and participant’s well being. And to prevent excess administrative burden, realising the importance of NDIS plan manager is the key.
In this blog, you will understand the five helpful benefits of considering NDIS plan management service. So, continue reading it till the end and compare self-managed plans against the plan-managed services.
Quick Overview on Self-Managed and Plan-Managed NDIS Plan
During your meeting with an NDIS coordinator, you are often asked to choose one among the self-management, plan management, and agency management options. Your NDIS support worker discusses every option, including the process and control you’ll have in each service. However, it is good to have some idea beforehand to avoid making any decision in a rush.
Self-Management:
In this service, you will have complete control over your NDIS funds. You are choosing how much to spend on each service and making the most of the available budget in each category. At the same time, you have control over choosing the providers and managing all the paperwork.
Plan Management:
In this service, an NDIS plan manager handles your NDIS budget. Moreover, he oversees the spendings on each service, educates on the best fund utilisation, and keeps record of monthly reports.
Agency Management:
In this option, NDIA itself regulates your NDIS funds and follows the systematic process of paying the providers. However, this service allows NDIS participants no other option but to choose only NDIS-registered providers to comply with all the guidelines.
5 Common Problems and Their Solutions with NDIS Plan Managers
Let’s discover how self-managing funds can lead to mismanagement and the role of NDIS plan manager.
-
Misunderstanding NDIS Funding Categories:
The NDIS funding divides into three broad categories: Core Supports, Capacity Building, and Capital Supports. If core support provides funds for daily living, then capacity building funds programs for essential life skills. And lastly, the capital supports allocates money for accessing wheelchairs, sensory equipment, and making necessary home renovations.
However, when you are self managing your funds for the first time, you are not familiar with these categories. As a result, you end up using daily living funds on skill development and vice versa. Eventually, you run out of funds to access necessary support.
Role of NDIS Plan Management in Australia:
An NDIS plan manager explains each funding category to ensure you understand everything. You learn more about the available services and the maximum fund you must use for each service.
-
Delaying Invoice Payments:
At the end of every month or as per the service agreement policy, every NDIS provider sends invoices to their participants. When you choose to self-manage your plan, processing multiple invoices and remembering every due date can be overwhelming. Sometimes, delays in processing invoices can impact the services you will be receiving after the current one.
Role of NDIS Plan Management:
When an NDIS plan manager steps in, he takes on the burden of processing invoices. Their financial knowledge and understanding of processes helps them to handle all your invoices.
An NDIS plan manager also aids in receiving the bills directly from the provider. Further, the professional also processes invoices through the CRM portal, verifies the services, and reviews the quotes as per the pre-determined NDIS price guidelines.
-
Imbalancing Funds:
When you are self managing your NDIS plan, it is possible that your needs, goals, and requirements will change. You will have to manage funds that meet your current and future funding needs. This can be difficult to understand and you might end up using less funds than what is necessary to support your disability plan.
Role of NDIS Plan Management in Australia:
An NDIS plan manager schedules regular NDIS plan reviews to see if the services are meeting with the current goals. Based on the reviews, a fund manager recommends updates or adjustments so that funds are available for every service. Above all, the service takes full responsibility of optimising your funds, without having you worry about the underutilisation of funds.
-
No Record-Keeping:
When you are managing your NDIS plan without any external financial advisor or fund manager, you are not familiar with the tracking methods. Also, it is likely to not be familiar with the tools that record the transactions, track expenses, and maintain them well.
The worst scenario happens when any incomplete information and transactions makes it difficult to provide the proof during NDIS audits.
Role of NDIS Plan Management:
A professional NDIS plan manager maintains the complete records of all financial transactions. They also give you the access to track expenses and verify payments if any issues arise in the future.
-
Non-Compliance with Changing NDIS Policies:
NDIS policies change over time. These policies also impact the NDIS budget for each participant. This means that you might not be able to access your current NDIS plan or miss out on better funding opportunities.
Role of NDIS Plan Management:
NDIS fund managers explain policy changes and ensure that you understand compliance with the changes. They set aside more funds for a specific category than the other to make adjustments in the NDIS plan.
Final Words
We hope you found this blog helpful. As you see, having an NDIS plan manager helps in several ways to reduce your NDIS administration tasks.
Now that you are convinced, remember to set your expectations clearly from the start. You must focus only on the services and its benefits for your participant’s well being.
If you are interested in learning more about NDIS plan management, it is advisable to consult directly with the Sky Plan Management. Don’t wait a day more — begin your first inquiry with a reputable and honest NDIS plan management in Australia.
