A single-payer healthcare program is "probably the best system" for America, investment tycoon Warren Buffett said Monday during an interview with PBS NewsHour.

The CEO of Berkshire Hathaway said the U.S. could afford to provide all Americans with government healthcare as its "gobbling up well over $3 trillion a year."

A single-payer system, also known as "Medicare for all," is universal healthcare where all residents receive core coverage regardless of preexisting conditions, income, and occupation.

"It's just about the same as federal, the federal budget, I mean it's getting up there," Buffett told Judy Woodruff.

When Woodruff asked whether the country needed to "think about some sort of single-payer system," Buffett said it would be the more effective way to bring down costs.

"With my limited knowledge, I think that probably is the best system. Because it is a system, we are such a rich country, in a sense we can afford to do it. But in almost every field of American business, it pays to bring down costs," he said. "There's an awful lot of people involved in the medical – the whole just the way the ecosystem worked, there was no incentive to bring down costs."