What Are The Best Ways To Manage Your NDIS Funding?

Posted by Madeline White on February 16th, 2024

You can specify how you want NDIS funds to be managed when you apply for funding or finish the plan renewal process. In the end, your request for financing through Self, Plan or NDIA Managed will be reviewed and approved by the NDIA. Here we will discuss the best ways to manage your NDIS funding.

Self-management

If your NDIS funding is self-managed, you have financial control over it. You may utilise your money imaginatively to suit your requirements and pick the supports you purchase to assist you reach your objectives. You are in charge of deciding which supports to buy to assist you reach the objectives outlined in your NDIS plan. You will have the flexibility to engage with an NDIS provider in Alice Springs. 

Plan management

If your NDIS funding is plan-managed, your provider will assist you in managing your money. You will designate a Plan Manager who will handle all financial administration and provider payments on your behalf, saving you the trouble. The majority of your self-management options will still be available to you through plan management, minus the extra strain and effort. You can continue to work with your current providers or hire anybody you like since you are not limited to using NDIS providers in Sydney.

NDIA management

Known as "agency-managed funds" or NDIA-managed financing, the NDIA will provide you with a list of nearby registered providers and walk you through the various choices so you can keep tabs on your expenses. The NDIS Myplace Participant Portal which is accessed through the Participants MyGov account makes it simple to examine budget balances.

How to manage your NDIS funding?

Though it's a matter of preference, obtaining a Plan Managed NDIS financing option will provide you with the best of both worlds. As a result, you'll be able to choose from a wider range of NDIS providers in Alice Springs with greater freedom and your Plan Manager will work as a partner to help you manage and settle your bills.

Whatever suits you and your unique situation is the best approach to handle your NDIS funds. Diverse participants may require and favour distinct techniques and their preferences may evolve. Make sure to consider how much responsibility you want to have over your funding before your first planning meeting.