How Do I Know if My Funding is Plan Managed?
First things first, let’s identify if you have funding for NDIS plan management. Check your NDIS plan under the ‘Capacity Building Supports’ section. Look for phrases like:
- “Supports to help you manage your plan funding and pay for services using a registered plan manager.”
How Do I know which Funding category is Plan Managed?
In your NDIS plan, within the budget category, it should state:
- “This funding is Plan-managed.”
Who is Responsible for the Plan Spend and the Budget?
Ultimately, you, or your representative, are responsible for managing the budget. While you might have a Support Coordinator and a Plan Manager to assist, you remain in control of your NDIS budget.
Why is it Important to Keep an Eye on My Budget?
1. Limited NDIS Funding: The National Disability Insurance Agency (NDIA) provides a set amount of funding they believe is reasonable and necessary. Keeping track of your budget prevents running short unexpectedly.
2. Continuation of Supports: Staying within budget ensures you can continue receiving the supports you need without interruption.
3. Personal Financial Responsibility: Overspending could mean you’ll need to cover the excess out-of-pocket, which is something everyone wants to avoid.
How Can I Avoid Running Out of Funding?
Plan Ahead
Think about your budget over the entire duration of your NDIS plan. This helps in determining how many hours of support you can use without running out of funds. If you have a Support Coordinator, they must assist you with this.
Shop Around
Different providers may offer the same items or services at different prices. Finding a provider with lower costs can help stretch your budget further.
Track Your Spending
Your plan manager should send you monthly reports. At EPSS, we provide detailed updates including:
- Your opening balance
- Invoices paid
- Remaining funds
Regularly reviewing these reports helps you stay on track and adjust as needed.
Check Your Real-Time Balances
Your plan manager should have the technology for you to access real time balances. At EPSS you can log in at any time to see your current balances. This real-time data keeps you informed and allows you to scale back hours of support if needed to avoid overspending.
Lodge a Change of Situation Form if You Need More Funding (more funding is not guaranteed)
If your situation changes and you require different or additional supports, gather evidence and submit a Change of Situation form well before your funds run out. Please note that this does not guarantee you will get additional funding. For more details, refer to the Change in Circumstances on the NDIS website.
Join EPSS for Plan Management
At EPSS, we support you in staying on budget with our comprehensive plan management services:
- Quick Budget Setup: We set up your funding budget according to your NDIS plan.
- Budget Allocation: On your instruction, we can quarantine funds to specific providers, so you know the supports are covered and these are not used for other supports.
- Monthly Reports: Clear, consistent updates keep you informed.
- 24/7 Access to Real-Time Balances: Check your funding status anytime.
- Efficient Invoice Processing: Know exactly what’s been spent and what remains.
- Responsive Support: We’re here to answer any plan management questions promptly.
By following these tips and teaming up with EPSS, managing your NDIS funding can be simpler and stress-free.
Have you had a chance to review your latest report from your plan manager recently?
