So what’s on offer? A wide range of businesses offers plan management services, ranging from individual disability service companies to large international disability service companies and specialist organisations. However, regardless of what type of plan manager you need, three overarching things can make a real difference. These are the size of your business, the quality of the service you’re looking for, and how much you’re prepared to pay.
The first thing to consider is the size of your company. Large multinationals will typically have a qualified and experienced disability service provider on board who has vast experience and knowledge of their field. In addition, some online resources can help you find potential disability service providers based within your region. It includes information on the companies providing online resources, including their contact details, websites, and respective prices and packages.
It is essential to understand what sort of plan manager or funding provider you require. There are typically two types: one which provides managed funds, and one which provides direct funding. Managed funds come from private investors or the Government, and direct funds are those that come directly from the Government. For more information on each of these types of plans and their services, please read the Government Direct Pay websites.
One of the most common questions concerning disability benefits is whether a participant should make an early outlay to receive payment. Most of the plans available will allow for such an option. However, it may not be automatic. If automaticity is required, the applicant should ensure that they inform their disability support company or advisor before proceeding with this. They should also ensure that the company or advisor providing them with the plan understands the plan itself and how it will work once the participant has reached their sited target date of retirement.
Disability insurance companies are expected to process invoices and pay the appropriate benefit level to their participants. In doing so, they will need to obtain the application and payment information of their participant. It is where the NDIS plan manager can be instrumental. They will review the application and process payments to supported individuals, they will have all of the relevant information they need to decide who to pay, when, and how much to pay. Additionally, they will have the relevant information on any amounts which may be defaulted.
It is possible to be enrolled as a fully covered or partially covered participant in a plan. When so, the plan manager will determine precisely how much coverage each person should require. Usually, this is done by assigning a dollar value to each asset which each participant owns. Assets will include cash, accounts receivable and inventory, property, investments, vehicles, life policies and other plans and policies. A fully covered plan will require all of these assets to be funded at the start of every year and the least amount funded per year.
Once these investments have been funded, the plan manager will prepare and distribute the appropriate payments. Partially covered participants will only receive distributions that meet the investment requirements specified in their premiums. For fully covered participants, the responsibilities of the plan manager include determining how much to distribute, when and how much. The distribution can take one of two forms, a benefit holiday or an additional return investment. Distributions may also be made on a quarterly or semi-annual basis.