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Many people know that the Federal Reserve sets interest rates in order to loan money to other banks so they can keep cash flowing throughout the U.S. financial system. Mostly, this works great for everyone involved. But, sometimes, banks and thrifts need a little extra cash, mostly so they can meet the reserve requirement (the minimum amount of deposits banks need to be considered in good financial shape).
To meet the reserve, the Fed has what's known as the discount window, which allows banks to borrow money for a short period of time at a higher interest rate (called the discount rate) than the official Federal Funds rate.
It's called a window because it used to be an actual teller window, where banks would go to borrow from the federal government. Now, it's used more as a lender of last resort. In fact, banks prefer to borrow from one another than directly from the discount window, since the interest owed can be cheaper and going to the discount window tends to imply that the bank is in a spot of trouble.
The Fed, too, doesn't like banks borrowing this way, which is why the discount rate is always higher than the target rate. It also requires banks to collateralize the loans, meaning they have to turn over liquid assets, such as loans or CDs, to the Fed in order to get the money. As with any loan, the banks get the underlying collateral back when they pay off the balance.
Home / Markets / Industries / Government
Monday, February 18, 2008
Questions You Should Ask Your Parents' Potential Assisted-Living Facility
Kathryn Vasel
FOXBusiness
But baby boomers increasingly are having to assess their parents' medical needs and ability to live alone. Adult children need to be aware and looking for signs that their parents might need more care than they are currently receiving, said Elinor Ginzler, director of livable communities at AARP and co-author of Caring for Your Aging Parents.
Retirement is On Topic at FOXBusiness.com in February. Click here to read stories ranging from tips for how to build your nest egg to the top retirement destination.
Experts offered the following tips to help identify red flags that your parents might need some help.
- Peek into the fridge to make sure there is enough food, the right balance of food and that nothing is past its expiration date
- Check the expiration date on prescriptions and over-the-counter medications. Check the dose to see if a medication is being taken properly
- Look around at the house. Is it being maintained like it used to or is there evidence they are having trouble keeping on top of basic household chores?
- Watch your parents' habits. Do they avoid going up or down stairs? Are they not as social as they used to be because they don’t want to drive?
- Inspect your parents’ appearance. Are they able to bathe themselves? Are they keeping up with their hygiene?
- Go through the mail. Are they falling behind
on bills or receiving more subscriptions than they used to?
With the prices of assisted living facilities ranging from $2,500 to $3,000 a month, according to Paul Williams, director of public policy for the Assisted Living Federation of America, choosing the right environment should be carefully calculated.
Below are key questions to ask when scoping out potential assisted-living facilities.
Certifications
All assisted-living facilities are regulated by a state agency, said Williams.
- Call the state agency that regulates and ask to see copies of inspections or any formal complaints
- Ask the facility for any inspection papers and certifications
- Ask to see employees' certifications and licenses
One of the main reasons people choose to live in an assisted-living facility is to help manage their medications. “A lot of people are prescribed a lot of medications to be taken at certain times and certain days and it gets to hard to remember everything,” Ginzler said.
- How are medications managed? Who administers them and what certifications do they have?
- How are prescriptions filled/refilled?
- Can residents administer
over-the-counter medications themselves?
You want to avoid having to move your parents again, said Joy Loverde, author of The Complete Elder Care Planner (Random House, Second Edition). “One move is enough for most people so during the initial phone call ask what level of care the facility has.”
- Under what circumstances would a resident get discharged from a community?
- How much time and how is the family notified of a discharge?
- Are they able to handle dementia patients?
- Is there a doctor
on staff? How many nurses are on staff?
The social and recreational offerings of a facility are important and will often determine your parents’ happiness in a place, said Loverde. Talk to current residents as well as the family of residents and ask them to identify issues they don’t like about the facility. Talk to staff members and find out how long they’ve been working there. A long-lasting crew is a good sign, said Ginzler.
- What types of activities do they offer? Are any intergenerational?
- How do they accommodate religious needs?
- What type of complaint system do they have in place? Do they have a resident-advocate representative that speaks on behalf of the residents? Talk to that person.
- Is transportation available? Is it a set schedule or can residents make requests?
- What kind of technology is available to the residents?
- How does the facility communicate with family members to alert them of any medical problems or changes?
- Can residents order their own newspapers or magazine subscriptions?
- Are pets allowed?
- What is the meal plan? Is there a wide selection of meals? Are dietary and religious restrictions adhered to?
Family members don’t ask enough questions about total cost, said Loverde.
- What happens if a resident is admitted into the hospital? Is the residence bill prorated?
- What happens if a resident can no longer pay? How much notice are you given if a resident has to leave? Does the facility have a payment plan?
- Are there extra charges for transportation, special meals, activities?
- Is a deposit required? Is it refundable?
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