4 ways to manage your NDIS funds
DATE: 26 February 2019
During your National Disability Insurance Scheme (NDIS) planning meeting, you will be asked how you would like to manage your NDIS funds – this means how you want your service providers and supports to be paid. It’s a good idea to be prepared for this question.
There are four different ways to manage the funds in your NDIS plan. They are:
- Agency-managed: Having your NDIS funds Agency-managed means that the NDIA will pay service providers on your behalf. The NDIA will manage the bookkeeping, and keep a record of your spending in the NDIS participant portal, myplace. You will be able to view your plan and track your spending in the myplace portal, without having the responsibility of paying providers. This funding can only be used for NDIS registered providers, such as Yooralla. Service providers who are registered with the NDIA have met requirements regarding qualifications, approvals, experience and capacity for the approved supports. Find out more about registered providers.
- Plan-managed: If you choose plan-management, you will receive NDIS funding to have a Plan Manager. The Plan Manager will pay your providers for the supports you purchase, help you keep track of your funds, and do financial reporting for you. This option means you can use registered and non-registered providers.
- Self-managed: Self-managing your NDIS funding means you’ll manage your NDIS funds and pay for your supports yourself (this may be all of your supports, or perhaps only some). You will need to keep invoices, receipts, pay slips and bank statements for five years as evidence that you have responsibly managed your NDIS funding. This option means you can use registered and non-registered providers.
- A combination of the above three options.
You can change the way your NDIS supports are paid during your plan review meeting with the NDIS.
For more information about choosing how to manage your NDIS funding, or any other NDIS questions, you can contact Yooralla’s Community Engagement team for a free one-on-one NDIS discussion.
Yooralla also has a range of free NDIS resources that can support you to understand and the National Disability Insurance Scheme (NDIS), no matter what stage of your journey you are in.