When considering the NDIS plan management, it is important to understand what it is and how it works clearly. The concept behind the scheme is to ensure that disabled people can remain capable of pursuing an active lifestyle in their later years. As with any insurance plan, there are various plans and policies available to choose from. The type of plan you will choose will be influenced by your current and future living arrangements. This includes the type of work you do, your age and other factors.
Self-managed and managed options, including Individual Health Insurance Supplement (IHIS), Accounts Receivable Supplement (ASX) and Income Support Insurance (ISI), allow the disabled person to cover basic medical and disability-related expenses while allowing them to choose the provider of their supported income. Choosing to be self-managed means you are working with providers already registered with the NDIS. Some IHIS plans provide income support with a monthly income and a lump sum each month, depending on your personal needs. The monthly income and lump sum provided through IHIS are paid directly to the applicant.
On the other hand, managed options, such as Income Support, Account Receivable Supplement and National Disability Insurance Supplement (NDIS), allow participants to choose the type of NDIS plan manager they would like to work with. When applying for an NDI, or National Disability Insurance, you must complete one or more forms that outline your expected future living arrangements and how the funding will be applied. Upon approval, funds are transferred from the scheme’s reserves and used to cover your living expenses until you find employment that allows you to continue receiving the benefits. If additional funding is needed, applicants can request additional amounts from the scheme’s managing body.
Managed funds are usually more easily accessible by the disabled compared to the self-managed option. Self-managed funding is allocated through the local Social Development Department and depends on eligibility. Those who have experienced a dangerous medical condition and require more assistance may not acquire the funding through a traditional application process, which makes finding and applying for these schemes more challenging. The extra paperwork that comes with a traditional application also increases the chance that a participant will experience delays in obtaining their disability support. In contrast, most managed funds only require submitting a standard application and then funding is allocated based on an individual’s individual need.
Another difference between managed and self-managed funding involves the application process itself. Since the primary goal of an NDI, or National Disability Insurance, is to ensure that its participants receive the maximum support available, NDIS plan management is much more streamlined for these programs. The process requires detailed documentation of an individual’s medical history and current living arrangements. Participants may also be required to undergo a physical and neurological examination before receiving a decision on funding from the plan manager.
Finding a company that manages both an Individual Dental Incentive Account (IDIA) and a National Disability Insurance (NDIS) can make the process of finding the right type of funding that much easier. With both types of NDIS plan management, individuals can be sure they get the support they need and deserve. Using a professional service that can handle both the plans’ applications can also help provide peace of mind when attending any planning meeting. Knowing the process is handled by someone knowledgeable and experienced can help participants feel confident that their insurance providers will adequately meet their needs.