4 Key Components of NDIS Investment Support

What is NDIS Plan Management? Online NDIS Plan management is one of the best management options you obtain for managing your money in the National Disability Insurance scheme. NDIS ensures that you do not have to pay any income tax on your National Disability Insurance Scheme (NDIS) contributions. NDIS means no income tax, and hence NDIS is a combination of two words, i.e. National disability insurance and Tax.

The National Disability Insurance Scheme (NDIS) is funded by the federal government and enables the disabled persons to avail disability support and monetary assistance through several federal policies. The main function of the National Disability Insurance Scheme is to provide disability support and personal assistance to disabled persons and their loved ones. The scheme offers long term and short term disability support. Through this way, the eligible persons can manage their resources and eventually lead a life they can manage. The Disability support provided under the scheme also enables disabled persons to purchase things for themselves and meet other expenses like school fees, electricity, gas and other household expenditures.

To gain more insight into the concept of online NDIS Plan Management, let us take a look at some of the key features that are provided under the management options available to the participants of the National Disability Insurance Scheme (NDIS):

  • NDIS Premiums – This is the cost of premiums paid by the insured person every month. It is calculated based on the risk factor factors present in the plan, and hence the premium rates are adjusted to suit the needs of the participants. These include duration of illness, medical costs, the standard of living, participant income, participation in work program etc.
  • Service Providers – Under the plan management scheme, service providers are paid for administrative tasks. The service providers are accountable to the NDIS plan managers and receive payments only if their performance meets the criteria. The payments are made to these service providers monthly. The payment structure depends on the service provider selected by the participant. If the service provider proves to be inefficient in performing the required tasks, the participant may refuse to pay the amount to them.
  • Contract Management – The concept of contract management is very important in online NDIS Plan Management. In managing the National Disability Insurance funds, the NDIS is granted the right to borrow money from external funding sources. When this happens, the process of managing the fund starts again. This is an important option for ensuring timely and adequate funding for all the individuals and groups who need it. Apart from this, it is also a convenient method for avoiding the hassles of paperwork and manual work involved.
  • Marketing and Promotion – To obtain maximum benefits from the NDIS plan management scheme, it is imperative to make the best use of its mechanism. For this purpose, plans should be designed in such a manner to attract more participants. There are several ways in which you can encourage participation in your plan. The methods include providing information about the benefits of enrolling in the scheme, provide information on the means through which funds can be released and provide an opportunity for promotion and marketing of products and services.