Interested in Joining?

Because we're a small fund, we do a lot of one-on-one review, consulting, trend analysis, training and control. Because every nursing home situation is unique, your Worker Comp premium is dependent on a number of factors. Please read over the information below to learn about how our quote process, premium payment schedule and dividend programs work and contact Pat Williams to request a quote or for more information.

Quote Process

New members or facilities requesting to join CareComp must have a reputation and historical demonstration of excellent management and knowledgeable management staffing.

For a formal quote to be issued by CareComp, we must have the following information:

  1. The current Experience Modification Factor for each facility. If there is no Experience Modification Rating available, please provide the latest three audited years of payrolls by class/department in addition to the information listed below so that one may be calculated for you.
  2. The budgeted payroll by class code or department for each facility as anticipated to be paid by the facility for the current calendar year. (This approach is more effective because at the end of the year, when we finalize the current yearactual payroll audit, the situation of under estimating the original estimated billing is minimized or completely eliminated and therefore there is no risk of receiving a huge bill at the end of the year for under estimated premium calculations.)
  3. Five years of loss data or, at a minimum, three years of loss data indicating the type of claim, the amount paid on each claim (indemnity, medical and other) and the future reserve on each claim.

Premium Payment Schedule

CareComp produces the estimated billing (based upon the facilities provided budgeted payroll) and bills the facility in 12 equal monthly installments (interest free unless the monthly payment is paid late).

CareComp's insuring term is for 1/1/2014 through 12/31/2014.

At the end of the current calendar year, CareComp has an outside payroll auditing vendor conduct an onsite payroll audit and that payroll audit is then utilized to calculate the facilities' final premium for the current fund year.


Since the inception of the CareComp program, CareComp has given back to its members $29,858,111 (which represents a 24% return of premium).  This distribution is in cash, i.e. it is not a premium discount off of billing……so it is important to always remember that the premium quote is for the full premium without any reduction for the cash distributions that the members receive annually.

The following is the protocol for cash dividend payments. This will give you an idea of the working parameters of actual dividend cash return and how that program works.

Dividends are declared, each year, by the Board of Trustees subsequent to financial due diligence being performed by the Board of Trustees (which includes, but is not limited to, full reserve audits, actuarial IBNR levels established and a complete financial review by the outside accounting auditing firm) and those dividends are paid back to the qualifying members in the form of cash at the ANHA annual convention.

CareComp separates out each premium dollar into an administration fund, and a claims fund.  25% of every premium dollar goes into the administration fund, and 75% of every premium dollar goes into the claims fund.

The administration fund covers the administration cost of the program, and CareComp enjoys one of the lowest administration costs in the State of Alabama, as far as administering a trade association workers’ compensation program.

The claims fund covers the claims that are filed by the participating members.

The administration fund’s remaining unexpended capital is generally declared as a dividend every year, and the claim fund’s dividend is declared on any one past year as released by the actuaries; however, for the fund year to qualify for dividend distribution, two years must lapse prior to that year being eligible for dividend distribution calculations (this is because a workers’ compensation claim has a statute of limitations of two years).