Managed Budgets (sometimes called Managed Accounts or Third Party Accounts) are a way for people who receive Direct Payments or Personal Health Budgets – as well as people who are self-funding their support – to keep complete choice and control over their care and support, but without all the work and responsibility of managing the money.
If you use our Managed Budgets Service we can We can hold the money for your care and support in a dedicated, secure account and make sure your care bills, agency invoices or staff wages are paid correctly and on time. We will also monitor the account regularly to make sure it doesn’t go overdrawn and to check for any unexpected income or spending. We will also deal with any record keeping or other paperwork required by your local council or health authority.
What are the benefits?
Managing payments to agencies and staff can be a time consuming and complicated process. Our knowledgeable and friendly team of advisers can handle everything for you, every step of the way. You will have a named Managed Budgets account manager who you can contact at any time by phone, text or email.
Using our Managed Budgets Service means:
Less paperwork – we do it all for you.
More choice, control and flexibility – we receive and make payments on your behalf in line with your support plan and the instructions you give us so you always know that everything is being handled just as you want it.
Peace of mind – we will regularly monitor your account and send you regular statements so you always know what is going on.
Who can benefit from out Managed Budgets Service?
Anybody who is using care and support – either self-funded or paid for by Direct Payments or Personal Health Budgets – to pay agencies or staff. If you don’t want to manage all the financial arrangements yourself – either because you find it difficult to manage your money or simply because you don’t want the extra work and responsibility – then this is the service for you.
We can support anyone across the UK and we have a single simple price for everyone.
How it works
We provide a friendly and professional service that is independent and impartial, handling all aspects of setting-up and on-going management of your budget.
During set-up we will talk to you, or your nominated representative, about your options and your support arrangements and advise on the best way of setting-up your Managed Budget and agree how you want things to be managed.
Once we have set up your dedicated bank account we will process all your payments (including any client contributions). We will also use the account pay any care agency invoices or support staff wages that you want us to handle. We will also make any payments required to HMRC.
If you wish, we can also liaise with other people supporting you – like your social worker, for example.
We will make sure that all your care bills, agency invoices and staff wages are paid correctly and on time. We will also monitor the account regularly to make sure it doesn’t go overdrawn and to check for any unexpected income or spending. If we receive any invoices or payment requests that don’t match with what you have told us we will always check with you (or your representative) before paying.
If required, we will deal with the purchase or renewal of any insurance that you have.
N.B. Unlike several other services we can handle Managed Budgets arrangements for people whose Personal Assistants are self-employed. This can often be a confusing and complicated area, but we can deal with everything for you so you don’t need to worry.
We will keep all records up to date and send you regular statements showing how your money has been spent and an update on your current balance.
Everything will be done in line with your care and support plan and your agreed instructions. You will still have complete choice and control over you support.
£330 per year plus one-off set-up fee of £45
All prices are inclusive of VAT
Find out how we can help
If you would like further information about the Managed Budgets Service please contact: