A Simple Plan: Money

The Basics of NDIS Plan Managers

Knowing what your plan management options are is essential to knowing the value of NDIS plan managers. When it comes to NDIS participants, each will be given NDIS funds and to be able to manage them properly, NDIS planning is necessary.

You call the first NDIS planning option as agency managed where only the NDIA will be paying the providers and will be taking care of your funds. This is eventually the most common NIDS plan management choice participants have made, about 68% of them. The second type of NDIS planning option is what you call self-managed where the NDIS participants will be the ones to directly receive the invoices and then must take care of paying on time. These NDIS participants have the option to pay for their invoice first and then use the NDIS portal to get their claim reimbursement. Their other option requires claiming the invoice amount from the NDIA first and then paying them after the funds are received. For the third option you call plan managed, the plan will be managed accordingly by an NDIS financial intermediary. Usually, bookkeepers and accountants take the role of NDIS plan manager where they are the ones being invoiced by the providers. Your last option is a combination of all the three NDIS planning options just stated.

To know more about plan management and its effectiveness, you have to know how a good NDIS plan manager does. Plan management is basically a function of financial intermediary. The basic function of an NDIS plan manager includes claiming from the NDIS portal, receiving invoices from the participant or from the provider directly, and in paying invoices. These plan managers also take charge in the provision of monthly statement to the participant such as the breakdown of the remaining budget totals as well as a summary of your expenditure.

You can also expect these plan managers to be providing you with skills builder and intermediary services to support your being an NDIS participant. They help in establishing service agreements with your providers and in developing some self-management capabilities. Being able to explore on your many budgeting scenarios and options and in building your being financial literate are the other tasks that these plan managers do.

There are a lot of benefits to hiring NDIS plan managers. With NDIS plan managers, you can take hold of supports coming from providers that have not been registered by the NDIS. With help from NDIS plan managers, you will not use the portal of the NDIS anymore. By hiring plan managers, the NDIS can be navigated by you better and you can make the most benefit from your plan. By doing plan management, you get the benefit of having control and choice while making sure to leave your administrative burden to your plan managers.

The Art of Mastering Finances

What You Should Know About Investment This Year