Combining Medicare coverage with commonly purchased private supplemental coverage into one health plan could save $180 billion over a decade, according to new research.

Researchers at The Johns Hopkins Bloomberg School of Public Health and The Commonwealth Fund  proposed a new benefits options called "Medicare Essential," which would bundle hospital, physician, prescription drug and supplemental health coverage into one, all-encompassing health plan.

Under the proposed plan, the researchers say Medicare beneficiaries could save a total of $63 billion between 2014 and 2023, with total premium and out-of-pocket costs for beneficiaries estimated to be 17 percent to 40 percent lower than current costs.

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