President Donald Trump’s portfolio managers traded seven health insurers’ stocks as 2027 Medicare Advantage payment policies were being ironed out.
The U.S. Office of Government Ethics released disclosures in May laying out thousands of trades in the first three months of 2026. President Trump’s portfolio traded UnitedHealth Group, Humana, Molina Healthcare, Centene, The Cigna Group, CVS Health and Elevance Health. Other than Cigna, all of these payers offer MA plans.
In late January, CMS proposed almost flat MA payments for 2027. Just weeks later, President Trump’s portfolio sold between $1 million and $5 million in UnitedHealth shares Feb. 10. The president’s portfolio also sold between $100,001 and $250,000 in Humana shares that same day, ahead of some smaller sales throughout the rest of the month.
Following a record-breaking wave of public feedback, CMS finalized a rule in early April that would increase MA payments by 2.48%. From late February through March, the president’s portfolio accumulated more UnitedHealth stock, potentially amounting to hundreds of thousands of dollars. Humana purchases also picked up steam, and one mid-March Molina purchase could have amounted to as much as $250,000.
After CMS threatened Elevance with sanctions over data submission issues, the portfolio sold up to $550,000 in Elevance stock in March.
President Trump’s portfolio also purchased Eli Lilly stock as the administration took steps that would strengthen the drugmaker’s GLP-1 business.
The White House referred Becker’s to the Trump Organization for comment. Becker’s contacted the Trump Organization and the involved insurers and will update this story if more information becomes available.
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