NDIS Self-management vs Plan Management: Which Is Best?
It is difficult to manage the National Disability Insurance Scheme (NDIS), especially when deciding how to take care of your money. The most popular ways of doing this are self-management and plan management. Both have their advantages and disadvantages, and the best for you will depend on your personal circumstances, level of independence, and ability to manage money. Let’s look at how self-management for NDIS is different from plan management so you can choose what suits you best.
What is NDIS Self-management?
Self-management is where you are entirely responsible for your NDIS budget, with the power to decide everything regarding your funding. You have flexibility in choosing service providers, like those who are not registered with the NDIS, and negotiating the fee to obtain the best out of your plan.
Benefits of Self-Management
Greater Flexibility – You can choose any service provider, including non-NDIS registered providers.
Budget Control – You have complete control over how your money is spent.
Personalised Support – You are able to tailor your support to your individual needs rather than being limited to NDIS-approved services.
Quick Payments – No delay awaiting a plan manager or agency signature on payments; you process invoices yourself.
Disadvantages of Self-Management
Time-Consuming – Processing payments, keeping records, and tracking expenses can be complex and time-consuming.
Financial Responsibility – You have to manage budgeting and ensure NDIS compliance.
Invoicing and Record-Keeping – You have to perform all the documentation work, including keeping receipts and submitting claims.
What Is NDIS Plan Management?
Plan Management is an intermediary choice where someone else, as an NDIS plan manager, looks after your money for you. In this setup, you still get to choose providers, but the plan manager pays the invoices and ensures NDIS compliance.
Advantages of Plan Management
Less Administrative Hassle – Your plan manager produces all invoices, makes payments, and maintains records.
Flexibility in the Choice of Providers – Plan-managed participants are free to attend registered and non-registered NDIS providers.
No Hidden Payments – NDIS plan management services are covered by the NDIS, meaning you don't have to pay extra for the service.
Financial Guidance– NDIS plan managers make sure that you are staying within your means and getting the most from your funding.
Which Option Is Best for You?
The best choice is dependent on your comfort with money management and how much time you have to handle your NDIS funds.
Choose Self-Management If:
You want full control of your budget and choice of providers.
You are skilled with money management and can handle invoices and accounting.
You enjoy doing things yourself and have the time to manage your plan.
Choose Plan Management If:
You would want flexibility in choosing providers without the hassle of managing finances.
You would want to leave payment, invoicing, and NDIS compliance to a professional.
You want to have financial guidance for you to gain from your plan.
Wrapping Up
Both self-management and plan management offer unique benefits, and the right choice depends on your personal needs and preferences. If you enjoy managing finances and want complete control, self-management could be ideal. However, if you prefer expert support and hassle-free financial management, choosing an experienced NDIS plan manager is a smarter choice. Contact me today to learn how I can help you navigate the NDIS plan management in Melbourne with ease!