State lawmakers held a hearing in Mineola Wednesday on a plan that would replace all private health insurance with a publicly funded system run by the state.

Sponsors of the New York Health Act say that if it is passed, residents will not have to worry about premiums, deductibles, co-pays, provider networks and out-of-network charges. Health care would instead be publicly financed based on ability to pay.

Supporters said during the hearing that it would provide all New Yorkers with a full choice of doctors while saving them money.

The so-called single payer system would be financed by a graduated income tax. Backers insist, however, that it would be cheaper in the long run than the current private system.