The National Disability Insurance Agency (NDIA), a private plan management company, or self-management are the three options available to people who receive NDIS funding for managing their finances.
Each strategy has advantages, but there is some ambiguity surrounding self-management. This article covers the information that NDIS participants should be aware of regarding NDIS plan self-management.
Myths About Using Your NDIS Funds on Your Own
It's important to explain a few crucial phrases before we get into these widespread fallacies. Support coordinators assist participants in finding providers and in the implementation of their NDIS plans, while plan managers help with the financial and high-level management of NDIS funds. . While each function is essential to your NDIS journey's success, their functions vary.
● Myth 1: If you self-manage, you'll have more money
Many participants are under the impression that managing their own plans will allow them to keep a larger portion of the NDIS funds. This is untrue; funding for plan management is added to your NDIS budget. It is not a part of it. In other words, if you choose plan management, you'll get extra money to pay for that expense.
It's a good idea to independently verify any claims that self-management is more expensive if you rely on someone else for NDIS support. The NDIS wants to make things simpler for members, and by funding plan management, they relieve participants of some of the stress that comes with self-management, which takes a lot of time, paperwork, and organisational skills.
● Myth 2: When self-managing, you can spend your money as you like.
You do not have unrestricted access to your NDIS money if you employ self-management. You'll need to be able to justify the use of your cash to the NDIS in order to make sure that it is used for reasonable and essential assistance, and the money must still go toward those supports.
No matter how you use your NDIS funds, they must be utilised for the services and objectives specified in your individual plan; they cannot be used for anything else.
● Myth 3: Self-management gives you more flexibility
This is related to the second myth, but it merits a thorough explanation. Self-managed participants are held to the same criteria as those who choose plan managers. They must play by the same rules as every other NDIS member, including adhering to the price guide and service agreements and support requirements.
Remember that even with plan management and support coordination, you are always free to select your suppliers. Plan managers and coordinators are here to support you in achieving your NDIS objectives, not to impose meeting restrictions or establish your specific needs.
An important point with self-management myths is that you should only acquire your knowledge from reliable sources. Despite how interesting NDIS social media groups and forum posts may seem for networking and support, you shouldn't rely on the information you find there. Always verify any information that sounds shady and obtain it directly from the NDIS Plan Management In Melbourne, a plan manager, or a support coordinator.
