A tax increase that would save more than $750 million on Medicaid costs is one of dozens of proposals under consideration by state panel tasked with reducing New York's Medicaid costs.

The proposal calls for raising taxes on nursing homes, hospitals and home-care agencies by half a percent. The estimated savings are $305 million in the first year, and $456 million in the second.

Governor Andrew Cuomo's appointed Medicaid Redesign Team has rated this and 49 other proposals aimed at reducing costs. The State Health Department is now analyzing the data and is expected to release the results next week.

Cuomo said the state's Medicaid program costs more than $53 billion annually. He's proposed $2.85 billion in cuts to the program, and asked the redesign team to help.