(CNN) Massachusetts Sen. Elizabeth Warren announced Thursday that she will co-sponsor Sen. Bernie Sanders' "Medicare for All" bill, becoming the latest potential 2020 hopeful to sign onto the policy, a favorite of progressives.

"I believe it's time to take a step back and ask: what is the best way to deliver high quality, low cost health care to all Americans? Everything should be on the table -- and that's why I'm co-sponsoring Bernie Sanders' Medicare for All bill that will be introduced later this month," she wrote in a post on her website.

In the lengthy entry, Warren detailed her decision for her supporters, drawing on her own experiences as part of her reason for co-sponsoring the legislation.

"My own family plunged deep into debt when my daddy had a heart attack. My parents paid on those bills for years," she wrote. "Years later, as a bankruptcy law professor, I studied why working families were going broke. Through interviews and court documents, my research partners and I showed that most people who file for bankruptcy looked a lot like my family."

"Medicare for All is one way that we can give every single person in the country access to high quality health care. Everyone is covered. Nobody goes broke paying a medical bill. Families don't have to bear the costs of heartbreaking medical disasters on their own," she concluded.