NDIS Plan Management in Geelong: Understanding the Costs

When navigating the NDIS plan management in Geelong, you are often aware that its costs are included in the NDIS funding. This means that you are not under obligation to pay the plan managers. 

However, understanding how much of the costs are allocated for NDIS plan management services are essential too. Because it helps you to assess the plan manager’s fit to get the right value for money. 

In this blog, you will discover everything about the NDIS plan management, its funding category in your plan, the costs of NDIS plan management in Geelong, and tips to maximise your funding. So, keep reading the blog till the end. 

Understanding NDIS Plan Management in Geelong

NDIS plan management is a service to manage the financial aspects of the NDIS plan. When creating your NDIS plan with the help of a local NDIS planner, early childhood partner, or support coordinator, you are often asked to choose one out of three options: self-management, NDIA-management, and plan-management. 

Of all the options available, NDIS plan management is the most practical and helpful support to maximise your NDIS funding. Under this service, you get a plan manager and the flexibility to choose both registered and non-registered NDIS providers. Both of these benefits are not likely possible with a self-managed or an agency-managed plan respectively. 

Here is how the NDIS plan management in Geelong works:

• Guides you through the NDIS funding category and the budget allocated under each category.

• Tracks your spendings through a CRM portal to avoid the chances of overspending or underspending on NDIS services. 

• Prepares a monthly statement of your spendings and savings on NDIS support to help you use the funds wisely. 

• Reviews the provider’s invoices for necessary and accurate details before processing them. 

• Raises NDIS claims directly through the NDIA’s official website to pay your providers on your behalf. 

Breakdown of the Costs of the NDIS Plan Management in Geelong

Even though your NDIS plan covers the cost of hiring a plan manager in a full-fledged way, realising the actual costs helps you to request the services accordingly. Or if necessary, it helps to review the plan if you fall short of the funds. 

One-time Set Up Fees 

If you live in a metropolitan area or suburban region, you must expect a $232.35 fee for the financial arrangements. However, the costs are slightly higher for people living in remote areas, with $325.29 for remote and $348.54 for highly remote areas. Plan managers charge a one-time fee which covers the following services:

• Setting up your financial account.

• Configuring the payment system.

• Collecting required documents.

• Creating a financial monitoring system for optimising the funds.  

These services are a part of the NDIS plan management in Geelong over the tenure of your plan. NDIS plan managers are required to be paid before the start of the mentioned services. 

Monthly Financial Management Fees

Besides the costs for the initial financial arrangement, your plan manager charges monthly fees for the ongoing maintenance of your finances. 

This includes a $104.45 fee for participants living in metro or suburban areas. But your fund manager can also charge as high as $146.23 fee for a remote region and $156.67 fee for a highly remote area. The fee covers the following services:

• Tracking and managing the funds in your NDIS plan.

• Processing the invoices and paying the providers on time. 

• Reviewing the financial status regularly.

• Providing ongoing support and maintenance. 

• Reporting monthly spending summaries, upcoming payments, and overview of the remaining fund balance. 

• Advice on self-managing the plan in future or with evolving needs. 

Why are Fees Higher in Remote Areas?

You might wonder about the higher fees for managing an NDIS plan in a remote area. Rightly so, here are the key reasons behind it. 

• Travel Costs:

An NDIS plan management in Geelong charges for travel costs if the plan manager needs to travel to a distant remote location. If you are an NDIS participant, a plan manager charges a fee to meet and coordinate every service.

• Fees for Coordinating Remote Services:

Another likely cost of hiring an NDIS plan manager can be a fee for spending extra time and effort into finding and arranging NDIS services on behalf of you. 

• Fees for Handling Remote Transactions:

Due to the lack of robust digital infrastructure, some of the plan managers even charge a separate fee for handling remote transactions manually. This also involves a cost for customising the financial system for remote-based payment. 

The Process of Funding the Costs of NDIS Plan Management in Geelong

Here is a detailed breakdown of how the NDIS planner plans your funding when you choose a plan-managed option.  

• Capacity Building Support:

Plan management services fall under the “capacity building support” category. Under this category, participants get funds for learning how to manage an NDIS plan or to seek employment. So, the cost of tracking expenses, paying providers, and reviewing budget is paid from the “Capacity Building” NDIS support. 

• NDIS Price Guide:

NDIS sets a maximum price limit for plan managers in their price guide. This keeps the costs transparent and helps you to assess whether the plan manager is adhering to the NDIS price guide. Moreover, the guide is regularly updated for any changes to the fees structure. 

You will always get a portion of the capacity building funding set aside for the plan management services. There is no hidden cost and NDIA ensures to keep the participant free from any out-of-pocket expenses. 

• Review of the NDIS Plan:

If the costs for the NDIS plan management exceeds the allocated funding, you can always request a review of the NDIS plan. 

Final Words

We hope you found this blog useful. As you see, knowing the costs of an NDIS plan management in Geelong is crucial to find the right plan manager and use your funds wisely. 

Remember to always ask questions about the fees and funding allocation before hiring an NDIS plan manager in Geelong. Choose Sky Plan Management for their experienced team of plan managers offering person-centric and hassle-free financial management services.