MANY Options Disability Support families have asked how they will manage NDIS funds once their disability support goals have been set.
There are three ways you can manage your National Disability Insurance Scheme (NDIS) funding.
1. MANAGED BY NDIA
THE National Disability Insurance Agency (NDIA) is the body that implements the NDIS. You can choose to have your funds managed by this body. The funds you are allocated for a 12-month period will stay with the NDIA. You will choose the services you want to meet your set goals. The service providers you choose will claim from your funding pool, held by the NDIA. You can monitor how much has been spent against your goals and paid to your chosen service providers via an online portal – a bit like monitoring online banking transactions.
2. MANAGED BY YOU
YOU can choose to manage NDIS funds yourself.
You will provide the NDIA with details of your bank account for a transfer of your NDIS funding. Once your plan is approved you can purchase supports from both registered NDIS providers or providers you feel can best meet your goals.
Providers not registered with the NDIS must have an Australian Business Number (ABN). It will be for you to ensure they have the insurances and qualifications you are comfortable with. Providers not registered with the NDIS are also not required to set prices per the NDIS pricing guide.
Providers will issue you an invoice for their services and you will pay the provider directly. Invoices and payments will need to be uploaded to the NDIA’s online portal to be audited against funding expenditure and goals met.
If you do choose to manage your own funds, you can include funding support in your NDIS plan to assist you with the budgeting, record-keeping and monitoring of your services.
3. MANAGED BY A SERVICE PROVIDER OR OTHER THIRD PARTY
MUCH like the self-managed model, you can choose any service provider offering NDIS funds management – even those not registered with the NDIS. For a fee, this third party, or Plan Manager, will file and record your invoices and track you expenditure of NDIS funding, providing you with a regular update or report on your funding and goals.
Options Disability Support has put together the answers to a number of the NDIS questions we’ve been asked.
If you’re already an Options Disability Support family, we can help you pre-plan your NDIS goals.
Read more at: http://www.optionsdisabilitysupport.org.au/uncategorized/manage-your-ndis-funds/