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Forecast your premium

For: Employers and managers

Use our Premium Calculation Tool to forecast future premiums based on your agency's current claim experience and payroll.


About the tool

The Premium Calculation Tool is designed to help you understand Comcare’s premium model and how changes in your claim history can affect your premium.

The tool allows you to recreate premium outcomes and alter your agency claims history and payroll. This way you can see how changes can affect prescribed amount and bonus or penalty outcomes. This can be done for a single year and over a period of time.

Help to use the tool

The Premium Calculation Tool user guide (PDF, 382.4 KB) explains how to use the tool, including where to get the latest data on your agency’s claims experience.

Before you begin, you need up-to-date information about your agency’s incurred cost from the Customer Information System (CIS).


Disclaimer

Comcare developed this calculation tool as a guide only. In using this tool, you acknowledge that:

  • Comcare does not give any warranties or make any representations in relation to the accuracy, reliability or completeness of the results generated by the calculation tool as it is a simplification of our actual premium model.
  • There will be variation between the generated results and actual premium outcomes and in some instances the variation could be significant. This depends on factors including, but not limited to:
    - the actual movements in scheme average premium rate
    - agency payroll for the premium year
    - agency average payroll and incurred cost over the reassessment window.
  • When making decisions, your agency should rely only on the formal notification of your premium outcomes which we send you annually.

Click 'I accept' to indicate you acknowledge and accept these limitations.

Enter the relevant inputs and assumptions for your agency for each premium year.

After you have entered required information for a premium year, the key premium outcomes for that year will be displayed and the next year will be unlocked and available for you to enter information.

The detailed forecast outcomes for each year can be viewed by selecting the ‘Detailed calculations’ button.

Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)
Overview (excl. GST)
Performance adjustment
Prescribed rate
Prescribed amount ($m)

In this section you can view the detailed forecast premium outcomes for your agency and compare the movements between two sequential premium years (by selecting from the drop down menu). The detailed outcomes can be downloaded in a .csv or a .pdf format by clicking the ‘Download results’ button at the bottom of the table.

The outcomes below are indicative only and may vary from your agency’s actual premium outcomes. If you have specifically tried to re-create your 2020-21 premium outcomes, the tool may calculate slightly different outcomes to those previously advised by Comcare because your agency’s experience over the reassessment window is treated in the calculation tool as a single block, rather than as individual years, and because of the effects of rounding.

The 'Clear calculator' button allows you to clear all previously entered inputs/assumptions.

:
Premium Detailed Calculations
Item % Difference
Coverage
Reassessment window
Input Tax Credit
Input tax credit
Input tax adjustment
Previous Financial Year Initial Prescribed Rate
Previous Financial Year Initial Prescribed Rate
Pool Trend
Adjustment due to pool trend
Average scheme premium rate
Risk Relativity
Risk Relativity
Performance Adjustment
Average scheme incurred cost rate
Average performance benchmark
Average payroll over the reassessment window ($m)
Average incurred cost over the reassessment window ($m)
Incurred cost rate
Performance ratio
Agency size factor
Performance adjustment
Prescribed Rate & Amount (excl. GST)
Prescribed rate
Payroll ($m)
Prescribed amount ($m)
Bonus or Penalty
Bonus or penalty ($m)
Page last reviewed: 07 December 2019
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Comcare
GPO Box 9905, Canberra, ACT 2601
1300 366 979 | www.comcare.gov.au

Date printed 01 Oct 2020

https://www.comcare.gov.au/scheme-legislation/premium-payers/forecast-premium