Dr. Oz named to lead Medicare as Trump’s pick amid stock ownership concerns

Dr. Mehmet Oz has been chosen by President-elect Donald Trump to lead the Centers for Medicare and Medicaid Services. Oz has reported owning up to $600,000 in stocks from companies that could benefit from private Medicare services, including UnitedHealth Group and CVS Health. Oz previously ran for a Senate seat in Pennsylvania in 2022, where he advocated for expanding Medicare Advantage, a private coverage option. More than 32 million people are currently enrolled in Medicare Advantage plans, which are dominated by a few large firms. As CMS administrator, Oz will focus on reducing waste and fraud in Medicare, which accounts for a significant portion of the federal budget. However, past audits have raised concerns about inflated billing and higher costs associated with Medicare Advantage compared to traditional Medicare.