Affording and paying for self funded care is complex, partly because eligibility can be means tested, but not for all types of care. Secondly, what the local authority suggests as appropriate care to fund, might not in your eyes be adequate, in which case – who pays the difference as inevitably your preferred option will be more expensive?
There are 2 main routes to self-funded care: savings and investments or through the value of property.
Our guidance is to be sure your parents have had a financial assessment by the local authority, whatever their financial circumstances. Even if you know they will have to pay for all their own care, it is useful to be “in the system”. Many people do not want to “take from the state” so are reluctant to either have an assessment or even consider what care options (from support in their home to full-time residential care) are available. No doubt your parents worked long and hard for their retirement – so they for sure deserve to benefit from whatever care they are entitled to under the state.