Minimise overspend by quarantining funds
Budgeting is an essential aspect of NDIS funding. This can ensure funds are allocated in the most effective ways. All to help participants thrive and meet their goals.
Quarantining funds is one useful tool to make the most out of your, or your participant’s funding.
How budgets are planned
Usually, at the beginning of the plan, a Support Coordinator meets with a participant. Together they’ll determine what services and supports will be most beneficial for the duration.
Those services and supports are specifically chosen to help a participant meet the goals outlined in their plan.
Service agreements, or schedules of support, are then developed and agreed upon by the provider and the participant.
Reasons to quarantine funds
Quarantining funds can ensure money is spent in ways that will best meet a participant’s goals.
The process helps reduce the chance of overspending in certain areas –– then not having enough to cover essentials down the line.
Support Coordinators may ask the plan provider to quarantine funds for agreed-upon services to protect that money –– reserving it for future service or support.
How to quarantine funds
If you want to reserve funds, it’s simple. Contact us and let us know:
- The provider’s business name
- The category you would like the funds reserved from
- The amount to be reserved
If you ever need to update quarantined funds, we can do it quickly over the phone or by email. And releasing funds back into the general pool is just as easy.
Once quarantined funds are exhausted, myAutonomy will also alert Support Coordinators or participants to give them an update on funds.
This can ensure everyone stays on track and there are no surprises during the plan.
We’re here to help
Have a question about quarantining your or your participant’s funds? Feel free to get in touch with our friendly team.
Call us on 1300 60 33 89 or email us at email@example.com.