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Mark Cuban says over half of Americans are helping the country’s largest health insurers put profits ahead of patients.
The billionaire entrepreneur and founder of Cost Plus Drugs has spent the past decade trying to find solutions for the country’s ailing healthcare industry. Now he’s calling on regular Americans whose 401(k)s help fund the biggest insurance companies to join him in his efforts.
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“If you own shares in a fund that owns any of the biggest insurance carriers, you are part of the cost of healthcare problem in this country,” the billionaire entrepreneur wrote on X (1).
Cuban added that publicly traded insurance companies “put the share price over the health of you, your family, co-workers and friends.”
“Tell the funds you own that you will sell if they don’t divest their interests in the biggest insurance companies,” he continued. “You can make a difference.”
As of 2025, Gallup found (2) that 62% of Americans owned stocks, including shares held through funds and retirement accounts. Cuban says that means either directly or indirectly, you could be contributing to the growing unaffordability crisis.
One popular fund that includes insurance is Vanguard Morningstar Total Stock Market Index Fund, which comes as a mutual fund (VTSAX) or ETF (VTI). Its June 2026 filing (3) showed positions in UnitedHealth Group, CVS Health, Cigna, Elevance Health, Humana and Centene.
It held nearly $2.3 trillion in investments overall.
Cuban says insurers profit by keeping patients waiting
The average annual premium for employer-sponsored family health coverage including the employer’s share reached $28,303 in 2026 (4), according to KFF. This is up 5% from the previous year. Workers contributed an annual average of $7,471 from their paychecks.
Cuban argues that insurers contribute to those costs through their claims and payment practices.
“They underpay, late pay, delay, deny,” he replied to an X user (5), accusing insurers of taking back payments from doctors, misrepresenting contracts and preventing employers from properly reviewing claims.
“They hold on to your premiums as long as possible to earn interest,” Cuban added, alleging that patients can be left waiting for cancer care.
In 2022, the Department of Health and Human Services Office of the Inspector General reviewed denials from 15 of the largest Medicare Advantage insurers and found that 13% of denials of prior authorization requests met Medicare’s coverage rules (6). The agency said those services likely would have been approved under original Medicare.
The Federal Trade Commission (FTC) also examined CVS Health’s Caremark, Cigna’s Express Scripts and UnitedHealth Group’s OptumRx. All three manage prescription drug benefits for insurers and employers.
The FTC found (7) that they generated more than $7.3 billion in revenue above estimated drug acquisition costs between 2017 and 2022; some medications were marked up by hundreds or thousands of percent.
Insurers dispute the idea that their size and ownership structures are responsible for America’s high healthcare costs. In particular, UnitedHealth Group says it negotiated nearly $300 billion in discounts for customers in 2025, arguing in a press release (8) that premium increases would otherwise have been at least twice as large.
Meanwhile, the average American spent around $14,775 on health care in 2024 (9). That’s about twice the “comparable country” average, which is $7,860. It’s also almost $5,000 more than the next highest country, Switzerland.
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Do you own such companies?
If you’re unsure what the index fund you invest in holds, you can find your fund’s complete holdings on its provider’s website. Plenty of companies even offer prepackaged environmental, social and governance (ESG) portfolios that may help you avoid certain industries altogether. Check their holdings carefully, however, because each fund applies unique standards.
If your fund holds an insurer you’d rather avoid, Moby can help you research companies and ETFs that better reflect your priorities.
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Take a closer look at your health insurance costs
Cuban’s criticism of the insurance industry isn’t just about where Americans invest their money. It’s also about how much they’re paying for coverage.
While changing your investments won’t necessarily lower your medical bills, comparing your insurance options could help you find coverage that better fits your needs and budget.
For Americans approaching retirement or already enrolled in Medicare, reviewing available plans is one way to take a closer look at those costs.
HealthCare.com makes it easier to shop for coverage by connecting you with Medicare plan options available in your area. More than 5 million customers have used HealthCare.com to help find health insurance coverage.
Simply enter your ZIP code to explore available options. If you need help comparing coverage and prices, you can speak with a licensed insurance agent who can answer your questions and help you find a plan that fits your needs and budget.
Once you’ve chosen your coverage, HealthCare.com lets you enroll the way you want — online or over the phone, so you can complete the process however you prefer.
Do you really know what’s inside your 401(k)?
You might know how much money is in your 401(k), but could you name the companies you’re actually invested in?
That’s the question at the heart of Cuban’s argument. Even if you’ve never purchased a single share of UnitedHealth Group or Cigna, you could own both through a mutual fund or ETF in your retirement account. And while some funds advertise themselves as socially responsible investments, that doesn’t necessarily mean they exclude health insurance companies.
A financial advisor can help you look beneath the surface of your retirement portfolio and understand exactly where your money is going.
With Advisor.com, you can connect with a financial professional who can help you evaluate your holdings and determine whether they align with your financial goals and personal values.
The platform uses AI-powered technology to match you with qualified advisors based on your financial situation and needs. Its network includes fiduciary advisors, who are legally obligated to act in their clients’ best interests.
Rather than simply telling you to sell your investments, an advisor can help you identify which companies you own indirectly, explore alternative funds and weigh the potential consequences of making changes.
That’s particularly important when retirement savings are involved. Selling investments could trigger taxes, while switching to more narrowly focused funds could mean higher fees or less diversification.
You can get started with a free initial consultation through Advisor.com, with no obligation to hire the advisor you’re matched with.
Cuban wants Americans to think more carefully about the companies they’re supporting. Understanding what’s actually inside your retirement portfolio is one place to start.
What To Read Next Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
X (1), (5); Gallup (2); U.S. Securities and Exchange Commission (3); Kaiser Family Foundation (4); Office of Inspector General (6); Federal Trade Commission (7); UnitedHealth Group (8); Health System Tracker (9)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.