What is NDIS Plan Management?
NDIS plan management is the way the funding in your National Disability Insurance Scheme (NDIS) plan is managed. There are a number of different types of plan management so making the right choice for you and your family’s needs is important.
Whenever you access a service or a piece of equipment using your NDIS plan, a financial transaction is made. Every transaction made using the funds in your plan must follow the rules of the NDIS and be tracked and accounted for. Plan management is the choice you make about who is responsible for tracking your budgets and paying your service providers.
What is an NDIS Plan Manager?
A Plan Manager is financial intermediary support. They act as a middle person and a connection between an NDIS participant (you), providers (services you need) and the National Disability Insurance Agency (NDIA). The main role of a Plan manager is to communicate with service providers and pay invoices on your behalf. A Plan Manager should receive and pay invoices, either directly from providers, or passed on from you. To keep you on top of your plan they are also required to send monthly financial reports at your request, including the current budget totals remaining and where money has been spent.
Who can manage your NDIS Funding?Deciding how to manage the NDIS Plan of your loved one is an important decision that can easily be overlooked. There are methods of managing plans which are suited to different circumstances.
Option 1 : Agency Managed Plans
Agency-managed plans are managed directly by the National Disability Insurance Agency (NDIA). The majority of NDIS plans are managed this way. If your plan is agency managed, the NDIA is responsible for paying providers for any equipment or services you book with them. Service providers can invoice the NDIS directly or, if you have support coordination funding in your plan, you can receive help from a support coordinator employed by the NDIA or a local area coordinator employed by a third party. The main benefit of this is you do not have to track spending and manage the finances of your plan and can instead focus on organising and receiving services. The main downside of this option is it is less flexible. You are limited to booking services from NDIS registered providers, and you will have to seek approval from the NDIA for all purchases, including small purchases made under your consumables budget.
Option 2: Plan Managers
The second option is to have a third party manage your plan on your behalf as a “plan manager”. This is where Bamboo Wealth can assist your family in obtaining the best care for your loved one.There are a number of benefits of using a having a professional manage the NDIS plan most of them linked to the increased flexibility and less administration.
- Ability to use providers that have dropped their registration with the NDIS or never had it to begin with
- You do not have to arrange payment of invoices or keep records of services
- Will assist you with finding providers and changing existing providers
- Ensure invoices meet NDIA requirements
- Make claims on your behalf to the NDIA
- Provide reports and tracking of spending of the plan
You will have to pay a fee to your plan manager for our services, however it can be paid from your NDIS plan.
Why Bamboo Wealth is Unique ?
We are an independent plan manager and registered NDIS provider with a team of dedicated staff to support you, whatever your circumstances and wherever you are in Australia.
We work within the disability sector and understand the complexities of the NDIS system. We have a unique approach to Plan Management as we manage the finances of our financial planning clients. Our Principal have worked in the disability sector for over 20 years and have a passion for helping people living with disability and believe everyone deserves the right to a independent and joyful life. We have supported clients financial affairs for over 20 year providing comprehensive financial planning advice. We can facilitate more than just your NDIS Plan. We can guide you and your family in many other strategies that include estate planning , Centrelink planning and inter generational wealth transfer and protection.
We are impartial, meaning we don’t influence you to choose certain providers, and especially not steer you to using their company for other services they offer. We have your best interest as our priority. We don’t offer any other services such as home care and support therefore have no conflict of interest with third parties.
You retain full choice and control of your service providers but leave the administration to us. We act as financial coaching for your NDIS funding.
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