Mark Cuban says your 401(k) makes you ‘part of the cost of health care problem’ — should you dump funds tied to Big Insurance? Own what you stand for

Cuban said those 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.”

Cuban added that 61% of Americans own stocks directly or indirectly, matching Gallup’s 2023 reporting. The organization’s latest available survey found that 62% of Americans owned stocks in 2025, including shares held through funds and retirement accounts.

One popular fund that includes insurance is Vanguard’s Total Stock Market Index Fund, which comes as a mutual fund (VTSAX) or ETF (VTI). Its March 2026 filing showed positions in UnitedHealth Group, CVS Health, Cigna, Elevance Health, Humana and Centene.

It held nearly $2 trillion in investments overall.

Cuban says insurers profit by keeping patients waiting

The average annual premium for employer-sponsored family health coverage reached $26,993 in 2025, according to KFF. Workers contributed an annual average of $6,850 from their paychecks.

Cuban argues that insurers contribute to those costs through their claims and payment practices.

“They underpay, late pay, delay, deny,” he wrote to an X user, 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. 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 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 health care costs. In particular, UnitedHealth Group says it negotiated nearly $300 billion in discounts for customers in 2025, arguing in a press release 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. That’s about twice the “comparable country” average, which is $7,860. It’s also over $5,000 more than the next highest country, Switzerland.

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.

Moby provides research and recommendations from former hedge fund analysts in language that ordinary investors can understand. Its reports can help you investigate individual companies and compare ready-made model portfolios before deciding where your money belongs.

Its team spends hundreds of hours reviewing financial news and market data, then delivers it straight to you. That can save you from opening dozens of fund documents while trying to understand which holdings suit your goals and values.

Across almost 400 stock picks over four years, Moby says its recommendations beat the S&P 500 by about 12% on average. Moby also offers a 30-day money-back guarantee.

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Add an asset outside public markets

Before you remove a broad index fund, keep in mind that you’re giving up exposure to hundreds or thousands of companies, along with insurers you want to avoid. That could leave your portfolio concentrated in fewer stocks or sectors, making its performance more dependent on a smaller group of investments.

Adding assets that move differently from stocks can help spread that risk as you adjust your holdings.

Precious metals are one great option. Gold, for example, acts as a hedge that isn’t always correlated to the broader market. Its price movements are independent of profit cycles or claims practices.

Adding it gradually can reduce the portion of your retirement savings invested in publicly traded companies, while preserving the broader holdings you already own.

How to invest in gold for retirement

Holding physical gold in a retirement account may sound complicated. But Goldco can help you open a gold IRA or roll over eligible retirement savings.

With a minimum purchase of $10,000, Goldco offers free shipping and access to a library of retirement resources. Plus, they’ll match up to 10% of qualified purchases in free silver.

If you’re wondering how much could sensibly fit into your plan, download Goldco’s free gold and silver guide to review your options before committing.

Pursue income through real estate-backed credit

Real estate-backed credit offers another way to move some money beyond public stocks while continuing to pursue income.

The Arrived Real Estate Income Fund invests in a professionally selected portfolio of short-term loans secured by residential real estate across the country. You gain exposure to property-backed income that has historically paid an 8.4% annualized dividend yield, with distributions estimated monthly.

You can start with $100 and there’s no requirement to qualify as an accredited investor. Arrived also provides opportunities for liquidity across its investments, though access to your money may be limited.