Managing NDIS Funding

National Disability Insurance Scheme (NDIS) offers many financial benefits for its participants, but the hectic paper work that comes with it is usually tedious and cumbersome. Managing the budget of your funding as a new or an existing participant is very essential part of the whole process.  

Some people consider it a full-time job to manage the NDIS plans, but you can keep this whole process simpler and easier for you. Keeping track of your NDIS budget enables you to ensure that you have enough funds to pay for your supports you need to complete your plan.    

NDIS plan may differ from one individual to another based upon the type of support they need. Traditionally an NDIS participants receives funding on one of the three supports:

Core Supports: This covers everyday activities and current disability needs.

Capital Supports: This helps to developing Participant’s skills and independence.

Capacity Building Supports: This involves an assistive technology, equipment, or vehicle modification.

Managing Your NDIS Funding

It is entirely up to you that how you manage your NDIS funding. There are three simple ways in which you can manage your funding- by yourself, by your plan manager or by NDIA.

Self-Managed

In this way you can manage your own funding. It offers the utmost flexibility, as you can choose your own providers and allocate the funds to the supports you are looking for.  The key benefit of self-managed plan is the level of control it offers. You can select your own provider on basis of who you find suitable for this task or you feel that best help you. Self-managed is the most flexible if you have time and capacity to manage your own funds.

Through Plan Manager

Having ‘My Plan Manager’ on my side can also help in managing plans. When you opt for this type of plan management, it means that NDIA will dispatch your funding to your plan manager who will use your funds to pay for the necessary supports.  Plan managers are skilled in managing trusted support coordination the financial aspects of your funds. They can also manage to pay support providers when you can not do so. All these payments must be in accordance with the NDIS Arrangements and Price limits.

NDIA Managed

Under NDIA managed, NDIA will pay funds to the providers for the trusted support coordination they provide. NDIA managed supports requires you to use NDIS registered providers. NDIA managed funds will save you from tiring documentation. NDIA will allow your providers to get their payments electronically. NDIA will take care of all the book keeping requirements and track your spending on different supports.

Utilizing your NDIS plan 

To best utilize your support funds, it is necessary for you to manage the fund in the best possible way. How you manage your NDIS fund is crucial, as it ensures that you are using your funds in the best way possible. To get maximum benefits out of your funding, you will need to set the right goals, understand your plan and your needs, and effectively communicate those needs to the NDIA.

How Can Hi Five Community Services Help Participants?

Hi Five is a registered NDIS provider that not only helps you get maximum of your funding but also helps you to achieve your goals. Be it plan management, Trusted Support Coordination, personal care, in-house support and community access, psychosocial recovery or aged care, Hi Five is always there to help you out. We as a provider of premium Disability Services in Australia, proudly offer flexibility, choice and control to Victoria’s disabled community.