How do I avoid under/over spending my funds?
If we notice you are over or underspending we will reach out via email or phone, however it is still your responsibility to discuss your spend with your providers if we advise this needs to be reduced or if you are running out of funds. As Plan managers we are not responsible for coordinating your supports, or managing appointments (we are not responsible for stopping your supports if you run out funds), however we do guide you when it comes to spend and how you can manage these funds more appropriately where needed.
1. Check budget emails from Plan Hero (IMPORTANT)
Plan Hero will issue budgeting emails when you reach 65% and 90% of your allocated budget, and we will also advise you via email or phone when we notice you are overspending and underspending your funds.
Note: If you spend more money than available in your plan, you can run the risk of overspending and will have to pay out of your own pocket for continued supports.
2. Set up Service Agreements with providers
Service Agreements are provided by your service provider and are a great way to budget your funds as they will outline details such as:
The type of supports provided
The cost of the supports
Payment terms
How long the support is provided for
Your providers responsibilities & your responsibilities
Cancellation notice
For more info on what a Service Agreement should include, click HERE
In other words - you know how much you will spend with the provider over a period of time, so you are less likely to overspend funds. Send a copy of any of your Service Agreements to Plan Hero so we can help you budget for future supports.
3. Negotiate pricing
The NDIA sets price limits which are the maximum that providers can charge NDIS participants for specific supports. Just remember, that when starting with a new provider or if reviewing supports provided, it is completely within your right to negotiate lower prices with your provider. This also includes the rate at which they charge you for provider travel.
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