Is Plan Management the right option for you?
Plan Management is a support offered to NDIS participants. It is the financial intermediary between the participants, their service providers and the National Disability Insurance Agency (NDIA). So, what exactly does a Plan Manager do and what are the benefits of having an NDIS Plan Manager?
What is Plan Management?
Plan Management is a service that offers to look after your NDIS funds on your behalf. Your Plan Manager will pay providers from your budget, keep track of your funds and take care of your financial planning.
Plan Management is paid under the Capacity Building budget, in the support category Improved Life Choices, and is an addition to your support budget. This means if you choose to use a Plan Manager, you won’t lose any funding you can spend on other supports.
What are the alternatives to Plan Management?
There are three alternatives to having a company like Inebura look after your Plan Management. These are:
NDIA (or Agency) Managed
Some people choose to have their funds managed by the NDIA and is the default method of funds management. In this option, the NDIA will pay NDIS registered providers on your behalf. Unfortunately, it also means you can’t use non-NDIS registered providers and can’t elect to pay more than the amounts laid out in the NDIS Price Guide.
Self-Managed
Some people choose to manage their NDIS funds themselves. If you choose this, you or your nominee will be responsible for all the activities involved in managing your Plan’s finances. You will need to pay providers, claim funds from the NDIS Participant Portal to be reimbursed, and keep track of your spending, so you don’t exhaust your funding too quickly.
With this option, you can use both NDIS registered and non-registered providers, and may pay fees higher than what is laid out in the NDIS Price Guide.
Combination
You can choose to have a combination self-managed and Plan Managed. This may be a good option if you want a Plan Manager to look after most of your plan for you, but would still like to use a provider that might not be NDIS registered or charges above the NDIS Price Guide.
How would having Plan Management benefit me?
Not sure if it’s worth having a company like Inebura manage your NDIS plan? Here are some benefits so you can weigh up your options and make the right decision for you:
1. Saves time and reduces stress
If you choose to manage your plan, you need to claim funds from the NDIS to pay providers. You also need to keep track of your expenditures to make sure you don’t run out before your plan review.
If you choose Plan Management, you do not have to deal with the accounts team of your different providers – all the administration will be done on your behalf by your Plan Manager or Plan Coordinator.
2. Security and peace of mind
Plan Managers are qualified accountants or bookkeepers and are approved NDIS providers. You can rest easy knowing your funding is in safe hands. Part of their role is to make sure every invoice received is compliant and in-line with the NDIS Price Guide so you aren’t overcharged.
3. Helps you get organised
Your Plan Manager looks after all the record-keeping and will provide you with monthly statements so you can see where your funds are being spent. This will help you be more prepared when it’s time for your plan review.
Afea’s Client Portal allows you or your representative to log in from anywhere at any time to check the status of invoices, see real-time budgeting information, and approve payments.
4. Flexibility, choice and control
Plan Management is more flexible than other options because you can receive services from providers that aren’t NDIS registered. For example, if you have a trusted health specialist that is not NDIS registered, you wouldn’t be able to use NDIS funding to recoup funds if your plan was agency managed.
However, with Plan Management, you can continue receiving their services. We can claim their cost from your NDIS budget as long as the prices are within the NDIS Price Guide.
5. It’s ‘free’
Anyone who has access to the NDIS can request funding for Plan Management, and in almost all circumstances the request will be granted. The funds come from an additional budget and will not take away from any other supports.
Afea Plan Management
Our experienced Plan Management team work with you to make sure you get the most out of your plan and don’t run out of funds prematurely. We organise the reporting and paperwork you need for your plan review, taking the stress out of the preparation.
We can view and approve your invoices and track your spending anytime through our custom-built Client Portal. Let us help you get the most out of your funding while you spend time doing the things you love.
Want to find out more about how Plan Management could benefit you? Get in touch with us.
