Self-Managed, Plan-Managed, or NDIA-Managed?
Navigating NDIS funding isn’t just about understanding the supports available; it’s also about managing your funding effectively. The NDIS offers three main options for managing your funding, each providing different levels of choice, flexibility, and control. Your NDIS Plan will specify how your funding is managed—but what does each option really mean for you?
Self-Managed Funding
What It Means
When you are self-managed, you or a nominated person takes full control over your NDIS funding. You’ll handle all aspects of managing your supports, from choosing providers to making payments and keeping financial records.
Benefits
- Maximum Choice: Self-management lets you work with both NDIS-registered and non-registered providers, so you have the widest range of options.
- Flexibility with Costs: You can negotiate service costs directly with providers, allowing for potentially better rates.
- Complete Control: You have full autonomy over your budget, which can help you tailor supports to meet your unique needs.
Considerations
Self-management requires keeping track of invoices and ensuring payments are made on time, so if you enjoy having control and don’t mind some administration, this option could work well for you.
Plan-Managed Funding
What It Means
In a plan-managed setup, a registered plan manager handles the finances on your behalf. They take care of the administrative side, like processing payments, keeping track of expenses, and managing records.
Benefits
- Professional Support: With plan management, you get professional help in managing your budget and spending, freeing you up to focus on your goals.
- Wide Choice of Providers: Like self-management, you can choose from both NDIS-registered and non-registered providers.
- Opportunity to Learn: Plan managers can help you understand budgeting and financial management along the way.
Considerations
Just like the other two types of NDIS funding types, to access plan management, it must be specifically included in your NDIS plan. If it isn’t, you can discuss adding it with your NDIS contact.
NDIA-Managed (Agency Managed) Funding
What It Means
Providers submit invoices directly to the NDIA, and you can monitor your spending through the NDIS myplace portal.
Benefits
- Simplified Process: The NDIA handles all the invoicing and payments, so there’s no need to manage invoices yourself.
- Easy Budget Tracking: You can keep an eye on your spending and funds through the myplace portal, which makes it easy to stay on top of your budget.
Considerations
NDIA-managed funding only allows you to work with registered NDIS providers, which may limit your options compared to self or plan-managed funding.
Tips for Making the Most of Your Funding Management
- Check In Regularly: Monitor your budget and make sure your chosen management style is working for you.
- Know Your Rights: No matter which management style you choose, you have the right to pick your providers and decide how your funding supports your goals.
- Ask for Help If Needed: Don’t hesitate to reach out to your My NDIS contact if you’d like more guidance on which management style might suit you best.
