Nov 2, 2022

Flexible Senior Living Payments: Introducing Sunbound Pay

Nat Miller

Many seniors and their families face two principal difficulties when paying for senior care (whether in the form of at-home care, independent living, or assisted living or nursing home care). The first is that it can be difficult paying on the first of the month. Senior living communities generally require rent to be paid on the first of the month, which can be difficult for seniors whose income may arrive each month from multiple sources. The second is that it can be a challenge to coordinate splitting the sometimes large monthly payments between the family members who are often helping pay for care. 

That is why we started Sunbound Pay, which provides seniors and their families rental flexibility to pay for senior care each month on their own terms. Each month, Sunbound Pay will pay your entire senior living bill on the first of the month, and then work with you and your family to pay Sunbound back over the rest of the month. We believe that seniors and their families should be empowered to pay for senior living on their schedule and on their terms.

How does Sunbound Pay work?

Sunbound Pay is a flexible rent product that allows residents and their families to pay for senior living care on their schedule each month. Once a resident is enrolled in Sunbound Pay, we then automatically pay their senior living community each month when their rent is due. With their rent taken care of, residents are then free to pay Sunbound back over the course of the month in as many installments as they would like.

Sunbound charges an easy monthly membership of $19.99 per month, as well as a payment processing fee of 1% of the monthly rent. For example, if your rent is $1,000, then your processing fee will be $10. Sunbound’s pricing is easy and transparent, and best of all there are never any interest rates or late fees when using Sunbound Pay. In addition, if you would like to set up a recurring automatic payment plan, you can have Sunbound Pay charge your preferred payment method on a set, pre-planned date each month.

What are the benefits of Sunbound Pay?

Sunbound Pay provides benefits for both senior living communities and their residents. For senior living communities, Sunbound Pay makes sure that they are paid all rent at the beginning of the month. Not only does this improve communities’ cash flow and help reduce bad debt, it also saves communities the time and effort that they would otherwise have spent throughout the month working with residents to finish paying their monthly bills. These time savings allow senior living communities and their employees to focus on what they do best: providing excellent care. In addition, offering payment flexibility to prospective residents can provide a powerful marketing advantage.

For residents, Sunbound Pay takes all of the stress out of paying for senior living. For some seniors it can be difficult to pay the large lump sum required for senior living on the first of every month. By giving residents the flexibility to pay in installments throughout the month, senior living residents and their families can easily budget to make their full payment throughout the month and without time pressure. Many residents love being able to pay their rent throughout the month, even if they’ve never been late on a rent payment before. In addition, because many senior living residents rely on one or more family members to help them make payments each month, Sunbound Pay allows families to coordinate and view payments all from one easy to use dashboard. This provides valuable insights and transparency into senior living payments.

Learn more about Sunbound Pay

If you work for or operate a senior living community, serving residents of any acuity level, and want to learn more about Sunbound Pay then check out our Community information page here. If you are a resident in a senior living community and would like to learn more about using Sunbound Pay, check out our Residents page information here or send us an email at sales@sunboundhomes.com to learn more about getting Sunbound Pay at your community. And if you just want to learn more about senior living in general, make sure to check out our blog, where we post weekly updates on all things senior living.

To learn more about how Sunbound can help make senior living more affordable for you or your loved one, send us an email at info@sunboundhomes.com or check out our FAQ page to learn more. Sunbound is the best way to pay for senior living and is on a mission to make senior living affordable for everyone. 

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