3 ways to manage NDIS funds

It’s important to be familiar with each option as your choice will likely impact your overall NDIS experience, from the providers you can use to the level of admin assistance you can expect.

In this article, we’ll find out about three ways you can manage your NDIS funds. We’ll discuss the details of each option and what you should consider before deciding which option will work best for you.

Managing your NDIS funds

There are three options to choose from to manage your funds:

• Self management
• Plan management 
• Agency (NDIS) management

However, it’s also possible to request a combination of options. For example, you can choose to self manage your Core budget (to allow for more choice and control) and then plan manage your other allocated budgets.

You will be asked to decide how you wish to manage your funding at each planning meeting. You can discuss the options with your Local Area Coordinator and the meeting planner who will be happy to help if you require any further information or advice. If at any point during your plan, you’re not happy with your choice, you can simply call your LAC or  the NDIS (on 1800 800 110) and request to change to another funds management option.

Self management

Self management means that you are fully in charge of your budget and spending. This option offers the most flexibility and control out of all 3 - you can choose from both registered and unregistered providers and you don't have to follow NDIS price limits. This can give you more options when choosing providers. 

On the flip side, however, this option requires the most amount of administrative work, discipline and responsibility. You will be required to manage all financial aspects of the plan, including: receiving and paying invoices, tracking your budget and keeping all records of your spending. 

Plan management 

Plan management means that an independent expert known as a plan manager looks after all the financial and administrative aspects of your plan for you, while you remain in control over the supports and providers you choose.

This option allows almost the same level of flexibility as self-management because providers you choose do not have to be NDIS registered. The key difference is that plan managed supports can’t be paid at a rate higher than the NDIS price guide. This means you cannot select a provider who charges a higher fee.

This service is available to all participants that choose to plan manage their funding and is covered by its own funding category, meaning there are no out of pocket costs. 

Agency (NDIA) management

Agency management means that the National Disability Insurance Agency (NDIA) takes care of the financial and administrative aspects of your plan while you remain in control of your supports and providers. Similarly to a plan manager, the NDIA handles all the finance and admin related tasks and keeps records of your spending.

This option allows the least amount of flexibility because you can only choose NDIS registered providers which can sometimes limit your options, particularly if you live in a rural or remote area with fewer specialists and providers.

Considerations to keep in mind

The most suitable option for you will depend on a number of factors. When deciding, keep in mind the following questions:

• How much independence and flexibility would you like to have?
• How much free time do you have?
• Are you able or willing to spend time managing your plan?
• How comfortable are you with managing your finances?
• How confident are you in your knowledge of NDIS plans? 
• Do you have a strong preference for certain providers and are they NDIS registered?