Know the Difference: NDIS Self-managed Vs Plan-managed Funding

The National Disability Insurance Scheme (NDIS) provides direct funds to people with disabilities to access the support and services that they need to lead an independent life. Plan management is one of the many services funded under the NDIS that ensures an easier NDIS journey for the participants. When a provider helps the participants to manage the funds allocated in their NDIS plan, that is known as plan management. Participants can also let the NDIA manage their funds or choose to self-manage their plans.

There are many differences between self-managing your NDIS funds and getting your funds managed by a plan manager. Plan managers will ensure timely payment of all your provider invoices after your approval. They will also keep an accurate record of all your NDIS spending and report back to you every month with details about all the paid invoices and remaining money in your budget. The plan manager that you hire will take care of all the official proceedings and paperwork that you need to start your plan management journey. Since plan management is fully funded by the NDIS, you do not have to pay any extra money out of your pocket for the service. While self-managing the NDIS funds, the participants will have to take up the responsibility of purchasing supports, paying all the service providers on time and keeping all the records of how they spent their money for auditing purposes. They
also have to come up with service agreements with their service providers regarding the supports they’ll get, including how the supports will be given and paid for etc. Self-management of NDIS funds is recommended for participants who wish to have a more active role in the implementation of their NDIS supports.

At the end of the day, it depends on the participant to decide how to manage their NDIS funds. Based on their individual needs, goals and personal circumstances, they can choose the way that they prefer. Plan Guard is a plan management service provider with years of exp