Imagine you are opting for self-managing your NDIS plan. Now whenever the NDIS providers send you the invoices, you are responsible to pay them. However, as the time passes by, you begin to realise that you are missing out on due dates while taking care of your well being. And even when you have time, you are not sure if these invoices are true.
Managing funds yourself can be frustrating and even delay the NDIS benefits. But when you choose to have an NDIS plan manager in New South Wales, you become free from administrative burden.
In this blog, you will explore five ways in which an NDIS plan manager avoids likelihood of low funds, payment delays, irregular plan reviews, poor records, and non-compliance with NDIS. So, continue reading it till the end.
5 Common Problems that NDIS Plan Managers Solve
Let’s discover how self-managing funds can lead to mismanagement and the role of NDIS plan manager.
1. Misunderstanding NDIS Funding Categories:
NDIS funding combines Core, Capacity, and Capital Supports. Core support provides funds for daily living, capacity building assist in funding life skills, and lastly, capital funds are useful for accessing sensory equipment and modifying the home.
However, when you are self managing your funds for the first time, you are not familiar with these categories. As a result, you end up using daily living funds on skill development and vice versa. Eventually, you run out of funds to access necessary support.
Role of NDIS Plan Manager in New South Wales:
An NDIS plan manager explains each funding category to ensure you understand the basics. You learn more about available services and the maximum fund you must use for each service.
2. Delays in Invoice Payments:
At the end of every month or as per the service agreement policy, every NDIS provider sends invoices to their participants. When you choose to self-manage your plan, processing multiple invoices and remembering every due date can be overwhelming. Sometimes, delays in processing invoices can impact the services you will be receiving after the current service.
Role of NDIS Plan Management:
When an NDIS plan manager steps in, he takes on the burden of processing invoices. Their financial knowledge and understanding of processes helps them to handle all your invoices.
NDIS plan manager in New South Wales also aids in receiving the bills directly from the provider and processing them through the CRM portal, verifying the services, and reviewing the prices as per the NDIS price guidelines.
3. Imbalancing Funds:
When you are self managing your NDIS plan, it is possible that your needs, goals, and requirements will change. You will have to manage funds that meet your current and future funding needs. This can be difficult to understand and you might end up using less funds than what is necessary to support your disability plan.
Role of NDIS Plan Management in Australia:
A plan manager schedules regular NDIS plan reviews to see if the services are meeting with the current goals. Based on the reviews, a fund manager recommends updates or adjustments so that funds are available for every service. NDIS plan manager in New south Wales in Australia benefits without having you worry about the underutilisation of funds.
4. No Record-Keeping:
When you are managing your NDIS plan without any external financial advisor or fund manager, you are not familiar with the tools that record the transactions, track expenses, and maintain them well. Also, incomplete information and transactions can make it difficult to provide the proof during NDIS audits.
Role of NDIS Plan Management:
A professional NDIS plan manager maintains the complete records of all financial transactions. They also give you the access to track expenses and verify payments if any issues arise in the future.
5. Non-Compliance with Changing NDIS Policies:
NDIS policies can change over time. These policies also impact the NDIS budget for each participant. This means that you might not be able to access your current NDIS plan or miss out on better funding opportunities.
Role of NDIS Plan Manager in New South Wales:
NDIS fund managers explain policy changes and ensure that you understand compliance with the changes. They set aside more funds for a specific category than the other to make adjustments in the NDIS plan.
Final Words
We hope you found this blog helpful. As you see, having an NDIS plan manager helps in several helpful ways to reduce your administration tasks. Remember to set your expectations clear from the start and focus only on the services and its benefits for your well being.
If you are interested in learning more about NDIS plan management, it is advisable to talk to your NDIS local coordinator today. Don’t wait a day more — begin your first inquiry with a reputable and honest NDIS plan manager in New South Wales.
Kencho Plan Management runs a transparent and hassle-free process to ensure their workflows align with your NDIS goals. Contact them today to learn more.