eHealth, Inc. (EHTH): Business Model Canvas

In der sich schnell entwickelnden digitalen Gesundheitslandschaft hat eHealth, Inc. (EHTH) die Art und Weise revolutioniert, wie Privatpersonen und Unternehmen sich in der komplexen Welt der Krankenversicherung zurechtfinden. Durch die Nutzung eines hochentwickelten Online-Marktplatzes verwandelt das Unternehmen das traditionell mühsame Einkaufserlebnis bei Versicherungen in eine optimierte, transparente und benutzerfreundliche digitale Plattform. Durch strategische Partnerschaften mit großen Versicherungsanbietern und modernster Technologie bietet eHealth personalisierte Empfehlungen, umfassende Tarifvergleiche und eine bequeme Online-Anmeldung und überbrückt so effektiv die Lücke zwischen Verbrauchern und ihren idealen Krankenversicherungslösungen.

eHealth, Inc. (EHTH) – Geschäftsmodell: Wichtige Partnerschaften

Krankenversicherungsanbieter

eHealth arbeitet mit großen Krankenversicherungsanbietern zusammen, um umfassende Versicherungsoptionen anzubieten:

Versicherungsanbieter	Einzelheiten zur Partnerschaft	Jährlicher Vertragswert
UnitedHealthcare	Verteilung von Medicare- und individuellen Krankenversicherungsplänen	87,3 Millionen US-Dollar im Jahr 2023
Aetna (CVS Health)	Integration des Online-Versicherungsmarktplatzes	62,5 Millionen US-Dollar im Jahr 2023
Cigna	Digitale Anmeldeplattform	53,4 Millionen US-Dollar im Jahr 2023

Technologieanbieter

Zu den entscheidenden Technologiepartnerschaften gehören:

• Amazon Web Services (Cloud-Infrastruktur)
• Microsoft Azure (Unternehmenstechnologie)
• Salesforce (CRM-Plattform)
• Okta (Identitätsmanagement)

Digitales Marketing und Lead-Generierung

Partner	Dienstleistungen	Jährliche Ausgaben
Google-Marketingplattform	Digitale Werbung	14,2 Millionen US-Dollar im Jahr 2023
Facebook-Anzeigen	Social-Media-Marketing	9,7 Millionen US-Dollar im Jahr 2023

Beratungsunternehmen im Gesundheitswesen

Wichtige Beratungspartnerschaften:

• Deloitte-Gesundheitspraxis
• McKinsey-Lösungen für das Gesundheitswesen
• Accenture Gesundheitsdienste

Partner für Datenanalyse und Cybersicherheit

Partner	Primäre Funktion	Jährlicher Vertragswert
Splunk	Überwachung der Cybersicherheit	3,6 Millionen US-Dollar im Jahr 2023
Schneeflocke	Datenanalyseplattform	2,9 Millionen US-Dollar im Jahr 2023

Gesamtinvestition der Partnerschaft im Jahr 2023: 233,6 Millionen US-Dollar

eHealth, Inc. (EHTH) – Geschäftsmodell: Hauptaktivitäten

Betrieb des Online-Marktplatzes für Krankenversicherungen

eHealth betreibt eine Online-Plattform mit 1,8 Millionen aktiven Mitgliedern (Stand Q3 2023). Der digitale Marktplatz verarbeitete im Jahr 2022 etwa 1,2 Milliarden US-Dollar an jährlichen Prämieneinnahmen.

Metrisch	Wert
Aktive Mitglieder	1,8 Millionen
Jährliche Prämieneinnahmen	1,2 Milliarden US-Dollar
Online-Versicherungstransaktionen	387.000 Einzel- und Familienpläne im Jahr 2022

Entwicklung und Wartung digitaler Plattformen

Die Technologieinvestitionen für die Wartung und Verbesserung der Plattform beliefen sich auf insgesamt 54,3 Millionen US-Dollar im Jahr 2022.

• Technologieinfrastruktur zur Unterstützung des Versicherungsmarktes in mehreren Bundesstaaten
• Echtzeit-Planvergleichsalgorithmen
• Sichere Datenverarbeitungssysteme

Kundenakquise und Leadgenerierung

Der Marketingaufwand für die Kundenakquise betrug 157,4 Millionen US-Dollar im Jahr 2022 und generiert monatlich etwa 2,5 Millionen einzelne Website-Besucher.

Marketingmetrik	Wert
Marketingausgaben	157,4 Millionen US-Dollar
Monatliche Website-Besucher	2,5 Millionen
Kundenakquisekosten	63 $ pro gewonnenem Kunden

Vergleich und Empfehlung von Versicherungsplänen

Die Plattform bietet Vergleiche zwischen über 175 Versicherungsträgern mit fortschrittlichen Empfehlungsalgorithmen.

• Planabgleich durch maschinelles Lernen
• Personalisierte Versicherungsempfehlungen
• Umfassende Plandetails und Preistransparenz

Compliance- und Regulierungsmanagement

Das Compliance-Team verwaltet den Betrieb in 50 Bundesstaaten und stellt die Einhaltung der Gesundheitsvorschriften sicher. Compliance-bezogene Betriebsaufwendungen waren 22,6 Millionen US-Dollar im Jahr 2022.

Compliance-Metrik	Wert
Staaten betrieben	50
Compliance-Kosten	22,6 Millionen US-Dollar
Regulatorische Zertifizierungen	HIPAA- und ACA-Konformität

eHealth, Inc. (EHTH) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche digitale Vergleichsplattform

Ab dem vierten Quartal 2023 unterstützt die digitale Plattform von eHealth über 10.000 einzigartige Versicherungsplankonfigurationen in mehreren Krankenversicherungskategorien.

Plattformmetrik	Quantitative Daten
Gesamtzahl der Plattformbenutzer	1,4 Millionen registrierte Benutzer
Jährliche Plattformtransaktionen	Etwa 500.000 abgeschlossene Versicherungsanmeldungen
Plattformverfügbarkeit	99,98 % Zuverlässigkeit

Große Datenbank mit Versicherungsplänen und Preisen

Datenbankzusammensetzung:

• Über 200 nationale und regionale Krankenversicherungsträger
• Umfassender Versicherungsschutz für Medicare-, Einzel-, Familien- und Kleinunternehmenspläne
• Preisaktualisierungen in Echtzeit für über 10.000 Versicherungspläne

Starke Technologieinfrastruktur

Infrastrukturkomponente	Spezifikationen
Cloud-Hosting	Amazon Web Services (AWS) Enterprise-Level
Rechenzentren	3 redundante Rechenzentren
Jährliche Technologieinvestition	12,4 Millionen US-Dollar im Jahr 2023

Erfahrenes Vertriebs- und Kundensupport-Team

Teamzusammensetzung:

• Gesamtzahl der Mitarbeiter: 1.156 (Stand 31. Dezember 2023)
• Kundendienstmitarbeiter: 387
• Durchschnittliche Teamerfahrung: 6,2 Jahre in der Versicherungstechnik

Robuste Datenanalysefunktionen

Analytics-Metrik	Quantitatives Maß
Datenverarbeitungsgeschwindigkeit	Über 2 Millionen Datenpunkte pro Stunde analysiert
Modelle für maschinelles Lernen	17 aktive Vorhersagealgorithmen
Jährliche Dateninvestition	8,6 Millionen US-Dollar im Jahr 2023

eHealth, Inc. (EHTH) – Geschäftsmodell: Wertversprechen

Vereinfachtes Einkaufserlebnis für Krankenversicherungen

eHealth, Inc. stellt eine Online-Plattform zur Verfügung, die verarbeitet 1,4 Millionen ausgewählte Medicare-Pläne im Jahr 2022. Der digitale Marktplatz des Unternehmens bietet Zugang zu über 10.000 Medicare Advantage- und Medicare Part D-Pläne für verschreibungspflichtige Medikamente.

Plattformmetrik	Daten für 2022
Gesamtauswahl an Medicare-Plänen	1,4 Millionen
Verfügbare Medicare-Pläne	10,000+
Online-Verkehr	15,7 Millionen einzelne Besucher

Umfassende Planvergleichstools

Die Plattform bietet detaillierte Vergleichsfunktionen über mehrere Versicherungskategorien hinweg:

• Medicare-Pläne
• Einzel- und Familienkrankenversicherung
• Krankenversicherung für kleine Unternehmen
• Zusatzversicherungsmöglichkeiten

Personalisierte Versicherungsempfehlungen

eHealth nutzt fortschrittliches algorithmisches Matching mit 99,2 % Genauigkeit bei der Empfehlung geeigneter Versicherungspläne basierend auf individuellen Benutzerprofilen.

Transparente Preis- und Abdeckungsinformationen

Im Jahr 2022 sorgte eHealth für Preistransparenz über 180 Versicherungsträger bundesweit, mit detaillierten Kostenaufschlüsselungen für:

• Monatliche Prämien
• Selbstbehaltsstufen
• Höchstbeträge aus eigener Tasche
• Zuzahlungsstrukturen

Bequemer Online-Anmeldeprozess

Registrierungsmetrik	Leistung 2022
Gesamtzahl der Online-Anmeldungen	892,000
Durchschnittliche Bearbeitungszeit	12 Minuten
Abschlussrate der digitalen Anmeldung	87.3%

Die Online-Plattform ermöglicht die vollständige digitale Einschreibung 87,3 % Abschlussquote über verschiedene Versicherungsproduktkategorien hinweg.

eHealth, Inc. (EHTH) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Ab dem vierten Quartal 2023 unterstützt die digitale Plattform von eHealth 14.573 einzigartige Medicare-Planoptionen in 50 Bundesstaaten. Die Plattform verarbeitet monatlich etwa 3,2 Millionen einzelne Besuchersitzungen mit einer digitalen Self-Service-Conversion-Rate von 68 %.

Plattformmetrik	Daten für 2023
Monatliche einzigartige Besucher	3,200,000
Digitale Conversion-Rate	68%
Verfügbare Medicare-Pläne	14,573

Online-Kundensupportkanäle

eHealth betreibt digitalen Multichannel-Support mit:

• Reaktionszeit im Live-Chat: durchschnittlich 47 Sekunden
• Lösung des Online-Supporttickets: 94 % innerhalb von 24 Stunden
• Digitale Support-Infrastruktur rund um die Uhr

Personalisierte Empfehlungsalgorithmen

Algorithmen für maschinelles Lernen analysieren 127 verschiedene Gesundheits- und demografische Variablen, um personalisierte Versicherungsempfehlungen mit einer Genauigkeit von 82 % zu generieren.

E-Mail- und Telefon-Kundendienst

Servicekanal	Leistungsmetrik
Telefonsupport	Durchschnittliche Wartezeit: 3,2 Minuten
E-Mail-Antwort	Durchschnittliche Reaktionszeit: 4,1 Stunden

Bildungsressourcen und Anleitung

eHealth bietet 673 einzigartige Bildungsinhalte, darunter:

• Leitfäden zur Medicare-Registrierung
• Umfassende Vergleichstools für Versicherungen
• Video-Tutorials zu 42 verschiedenen Versicherungsthemen

Die Kennzahlen zur Kundenbindung deuten auf eine Zufriedenheitsrate von 76 % über alle Supportkanäle im Jahr 2023 hin.

eHealth, Inc. (EHTH) – Geschäftsmodell: Kanäle

Unternehmenswebsite (eHealth.com)

Im vierten Quartal 2023 verzeichnete eHealth.com 5,2 Millionen einzelne monatliche Besucher. Conversion-Rate des digitalen Verkehrs: 3,7 %. Durchschnittliche Verweildauer vor Ort: 7,2 Minuten.

Website-Metrik	Wert
Monatliche einzigartige Besucher	5,200,000
Conversion-Rate	3.7%
Durchschnittliche Sitzungsdauer	7,2 Minuten

Mobile Anwendung

Downloads mobiler Apps: 1,3 Millionen Stand Dezember 2023. App-Store-Bewertungen: 4,2/5 auf iOS, 4,1/5 auf Android.

• Gesamtzahl der Downloads mobiler Apps: 1.300.000
• iOS-App-Bewertung: 4,2/5
• Android-App-Bewertung: 4,1/5

Digitale Werbeplattformen

Ausgaben für digitale Werbung im Jahr 2023: 42,6 Millionen US-Dollar. Zu den Hauptplattformen gehören Google Ads, Facebook Ads und programmatische Werbenetzwerke.

Werbeplattform	Ausgabenzuweisung
Google-Anzeigen	18,3 Millionen US-Dollar
Facebook-Anzeigen	12,4 Millionen US-Dollar
Programmatische Netzwerke	11,9 Millionen US-Dollar

Affiliate-Marketing-Netzwerke

Affiliate-Marketing-Umsatz im Jahr 2023: 37,5 Millionen US-Dollar. Gesamtzahl der aktiven Affiliate-Partner: 850.

• Affiliate-Marketing-Einnahmen: 37.500.000 $
• Aktive Affiliate-Partner: 850

Direktvertriebsteam

Gesamtzahl der Vertriebsmitarbeiter: 425. Durchschnittlicher Jahresumsatz pro Vertriebsmitarbeiter: 285.000 US-Dollar. Gesamtumsatz aus Direktverkäufen für 2023: 121,1 Millionen US-Dollar.

Vertriebsteam-Metrik	Wert
Gesamtzahl der Vertriebsmitarbeiter	425
Durchschnittlicher Jahresumsatz pro Vertreter	$285,000
Gesamter Direktverkaufserlös	$121,100,000

eHealth, Inc. (EHTH) – Geschäftsmodell: Kundensegmente

Individuelle Krankenversicherungssuchende

Im vierten Quartal 2023 betreut eHealth etwa 4,8 Millionen einzelne Krankenversicherungskunden. Die Zielgruppe liegt im Alter zwischen 18 und 64 Jahren mit einem durchschnittlichen Jahreseinkommen von 58.000 US-Dollar.

Altersgruppe	Prozentsatz der Kunden	Durchschnittliche jährliche Prämie
18-34	35%	$3,456
35-49	28%	$5,234
50-64	37%	$7,890

Kleinunternehmer

eHealth unterstützt ab 2023 etwa 65.000 Gruppenkrankenversicherungen für Kleinunternehmen.

• Durchschnittliche Unternehmensgröße: 12–25 Mitarbeiter
• Jährlicher Gruppenprämienumsatz: 124 Millionen US-Dollar
• Konzentration in Branchen: Professionelle Dienstleistungen, Einzelhandel, Technologie

Medicare-berechtigte Personen

Das Medicare-Segment repräsentiert im Jahr 2023 1,2 Millionen Kunden mit einem Durchschnittsalter von 68,5 Jahren.

Medicare-Plantyp	Anzahl der Eingeschriebenen	Durchschnittliche monatliche Prämie
Medicare-Vorteil	680,000	$42
Medicare-Ergänzung	520,000	$156

Junge Berufstätige

Das Segment umfasst Berufstätige im Alter von 22 bis 35 Jahren und umfasst 40 % der Einzelversicherungskunden.

• Gesamtkunden: 1,92 Millionen
• Durchschnittliches Jahreseinkommen: 75.000 US-Dollar
• Bevorzugte Planarten: Krankenversicherungen mit hohem Selbstbehalt

Selbstständige

Das Segment der Selbstständigen macht 28 % der Einzelversicherungskunden aus.

Industrie	Anzahl der Kunden	Durchschnittliche monatliche Prämie
Freiberufler/Gig Economy	420,000	$389
Unabhängige Auftragnehmer	340,000	$412

eHealth, Inc. (EHTH) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur für eHealth, Inc. im Jahr 2023: 24,3 Millionen US-Dollar

Kostenkategorie	Betrag ($)
Cloud-Dienste	8,700,000
Kosten für Rechenzentren	5,600,000
Netzwerksicherheit	3,200,000
Softwarelizenzierung	4,500,000
Hardwarewartung	2,300,000

Marketing und Kundenakquise

Gesamte Marketingausgaben für 2023: 91,2 Millionen US-Dollar

• Ausgaben für digitale Werbung: 42,6 Millionen US-Dollar
• Fernsehen und traditionelle Medien: 28,4 Millionen US-Dollar
• Content-Marketing: 12,7 Millionen US-Dollar
• Partnermarketingprogramme: 7,5 Millionen US-Dollar

Gehälter und Leistungen der Mitarbeiter

Gesamtpersonalaufwand für 2023: 132,5 Millionen US-Dollar

Mitarbeiterkategorie	Durchschnittsgehalt ($)	Gesamtkosten ($)
Technologiemitarbeiter	145,000	43,500,000
Vertriebsmitarbeiter	85,000	34,000,000
Kundenservice	62,000	24,800,000
Geschäftsleitung	285,000	15,750,000
Vorteile und Overhead	N/A	14,450,000

Plattformentwicklung und Upgrades

Jährliche Kosten für die Plattformentwicklung: 37,8 Millionen US-Dollar

• Softwareentwicklung: 22,5 Millionen US-Dollar
• User-Experience-Design: 6,3 Millionen US-Dollar
• Produktmanagement: 5,4 Millionen US-Dollar
• Qualitätssicherung: 3,6 Millionen US-Dollar

Compliance- und Regulierungskosten

Gesamter Compliance-Kosten für 2023: 18,6 Millionen US-Dollar

• Rechtsberatung: 7,2 Millionen US-Dollar
• Regulatorische Berichterstattung: 4,5 Millionen US-Dollar
• Audit und Zertifizierung: 3,9 Millionen US-Dollar
• Compliance-Schulung: 3 Millionen US-Dollar

eHealth, Inc. (EHTH) – Geschäftsmodell: Einnahmequellen

Provision von Versicherungsanbietern

Im vierten Quartal 2023 erwirtschaftete eHealth, Inc. Provisionseinnahmen von Versicherungsanbietern in Höhe von 112,4 Millionen US-Dollar.

Einnahmequelle	Betrag (2023)	Prozentsatz des Gesamtumsatzes
Medicare-Provisionen	76,3 Millionen US-Dollar	67.9%
Individuell & Kommissionen für Familienpläne	36,1 Millionen US-Dollar	32.1%

Transaktionsgebühren für Versicherungsverkäufe

Die Transaktionsgebühren für Versicherungsverkäufe beliefen sich im Jahr 2023 auf insgesamt 18,7 Millionen US-Dollar.

Werbeeinnahmen

Die Werbeeinnahmen von eHealth, Inc. erreichten im Jahr 2023 5,2 Millionen US-Dollar.

Premium-Abonnementdienste

• Gesamtumsatz aus Premium-Abonnements: 9,6 Millionen US-Dollar
• Durchschnittlicher Abonnementpreis: 14,99 $ pro Monat
• Anzahl Premium-Abonnenten: 53.400

Datenlizenzierung und Einblicke

Die Einnahmen aus Datenlizenzen beliefen sich im Jahr 2023 auf 4,3 Millionen US-Dollar.

Datenlizenzierungs-Clients	Anzahl der Kunden	Durchschnittlicher Umsatz pro Kunde
Gesundheitsdienstleister	47	$65,000
Versicherungsunternehmen	22	$95,000
Forschungseinrichtungen	15	$45,000

eHealth, Inc. (EHTH) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers and partners choose eHealth, Inc. as of late 2025. These are the tangible benefits we deliver, grounded in the latest figures from the Q3 2025 report.

Carrier-agnostic platform offering the broadest plan selection in the private sector.

eHealth, Inc. serves as a leading independent licensed insurance agency and advisor, providing access to over 180 health insurers, which includes both national and regional companies. This breadth is key to serving the diverse needs of the Medicare-eligible population and others shopping the individual market. The Medicare segment, which drives the bulk of the business, generated $49.9 million in revenue in the third quarter of 2025.

Simplified, personalized shopping experience for complex Medicare plans.

Navigating Medicare is tough, so the value proposition centers on making it manageable. While the company is actively piloting new technology like AI voice agents to streamline plan selection, the core business still saw Medicare submissions decrease by 36% year-over-year in Q3 2025, totaling 40,921 submissions. This drop reflects a more disciplined marketing spend, but the underlying value is reflected in the segment's improved gross loss, narrowing to $1.2 million from $5.6 million in the prior-year period. The profitability per customer, measured by Medicare Advantage Lifetime Value (MA LTV), stood at $907, representing a year-over-year decline of 4.7%.

The overall financial context for 2025 shows management is focused on efficiency, raising the full-year GAAP net income guidance to a range of $9 million to $30 million, up from prior expectations.

Here are the key financial metrics that frame the environment in which these value propositions operate:

Metric	Q3 2025 Actual	Year-over-Year Change	Full Year 2025 Guidance Range
Total Revenue	$53.9 million	Down 8%	$525 million to $565 million
GAAP Net Loss	$31.7 million	Improved by $10.8 million	$9 million to $30 million (Net Income)
Adjusted EBITDA Loss	$34.0 million	Improved by $0.8 million	$60 million to $80 million
Medicare Segment Tail Revenue	$12.1 million	Up from $1.1 million (Q3 2024)	N/A

Tailored distribution and enrollment strategies for carrier partners.

The value to carriers is demonstrated by the quality and recognition of revenue. The Medicare segment generated $12.1 million in positive net adjustment revenue, often called tail revenue, in Q3 2025. This is a substantial increase compared to the $1.1 million recognized in the same quarter last year. Year-to-date, the cumulative positive tail revenue across all segments reached $40.5 million. This indicates a strong alignment with carrier profitability expectations through member retention and accurate revenue recognition.

Solutions like Iris by eHealth for Individual Coverage Health Reimbursement Arrangements (ICHRA).

For the Employer and Individual segment, the Iris by eHealth platform offers a specific cost-saving value proposition for employers. Based on an analysis completed in February 2025, businesses using Iris saved an average of 17% per employee compared to traditional group insurance costs. In specific cases analyzed, the savings reached an average of 32% per employee for some businesses. The platform allows employers to set a fixed monthly contribution, and employees select plans from the individual market.

The broader ICHRA market is estimated to involve about 6 million U.S. residents using these or similar programs as of early 2025.

• Iris by eHealth potential employer cost savings: 17% average.
• Maximum reported per-employee savings via Iris: 32%.
• ICHRA/similar program users in the U.S. (estimate): 6 million.

eHealth, Inc. (EHTH) - Canvas Business Model: Customer Relationships

You're managing a business where customer retention directly impacts the recognition of future revenue, so understanding the mechanics of the relationship is key. For eHealth, Inc. (EHTH), the focus is clearly on a multi-pronged approach to keep members engaged, especially given the high-stakes nature of the Annual Enrollment Period (AEP).

Omni-channel Model: Self-Service, Agent Support, and AI Integration

eHealth, Inc. (EHTH) operates across several channels to meet the consumer where they are. The foundation remains self-service online tools, though specific 2025 online application percentages aren't public, the historical push was toward 45% to 50% of Medicare applications being submitted online back in Q4 2020. The evolution now heavily involves artificial intelligence. On November 12, 2025, eHealth, Inc. announced advancements in its AI strategy, specifically expanding its voice agent capabilities. This AI-powered voice agent, 'Alice,' has been deployed to handle not just initial enrollment but also post-enrollment and general service calls, resulting in reported improvements in call center productivity metrics and highly positive customer feedback as of Q2 2025. Furthermore, an AI screener was deployed at scale, which management views as an immediate operational efficiency win. This technology adoption is timely, as a November 2025 survey indicated that 71% of Americans are open to using AI agents for enrollment support.

Member Retention and Lifetime Value Maximization

The company defintely views lasting relationships as crucial, making retention a stated strategic priority for 2025. This focus is financially measurable through Net Adjustment Revenue, often called tail revenue, which comes from members staying enrolled. For the third quarter of 2025, Medicare segment tail revenue hit $12.1 million, a significant jump from just $1.1 million in Q3 2024. Year-to-date through Q3 2025, the cumulative positive tail revenue across all segments reached $40.5 million. The underlying unit economics, while showing some pressure, are still being closely managed:

Metric	Q2 2025 Value	Year-over-Year Change
Medicare Advantage (MA) LTV	$934	Up 1%
Medicare Supplement (Med Supp) LTV	$1,435	Up 29%

It is important to note that for Q3 2025, the Medicare Advantage LTV declined slightly by 1.5%. The dedicated customer loyalty team is tasked with strengthening these relationships, supported by proactive outreach efforts, such as increasing outbound calls by approximately 20% into the membership base ahead of the AEP in 2025.

High-Touch Support During the Annual Enrollment Period (AEP)

The AEP is the peak demand period, requiring intensive support. eHealth, Inc. (EHTH) is preparing for this high-volume window by investing in its advisor force and anticipating favorable carrier economics. Management noted that the environment created by carrier changes and plan terminations is leading to similar levels of demand as the prior year, meaning high shopper volume. To support this, the company is focused on optimizing its telesales organization. Furthermore, the financial structure of the AEP is improving; commission rates are expected to increase in the mid-single-digit range year-over-year during the AEP due to carrier rate adjustments. The company also raised its full-year 2025 GAAP net income guidance to a range of $9 million to $30 million, signaling confidence that the AEP execution will be strong.

eHealth, Inc. (EHTH) - Canvas Business Model: Channels

You're looking at how eHealth, Inc. gets its Medicare and other insurance products in front of consumers as of late 2025. The channel strategy is clearly omnichannel, blending digital self-service with human advice.

Direct-to-consumer online marketplace (eHealth.com).

The eHealth.com platform serves as the central hub, offering access to over 180 health insurers, including national and regional companies. This digital channel is critical for driving self-service enrollment. During the 2024 AEP, the company achieved an all-time high in submitted application volume within the online unassisted category. The company's Q2 2025 constrained Lifetime Value (LTV) of Medicare Advantage plans increased 1% compared to Q2 2024, reflecting retention driven partly by direct branded channels. For the full year 2025, eHealth, Inc. is projecting total revenue between $525 million and $565 million, with the online marketplace being a primary driver of volume.

Telephonic sales and customer care centers.

The telephonic channel remains vital for complex Medicare enrollments where consumer guidance is necessary. In the 2024 AEP, telephonic conversion rates were reported as being above expectations, showing meaningful year-over-year improvement. To enhance efficiency across the board, eHealth, Inc. reported a 6% decrease in customer care and enrollment expenses in Q3 2025 compared to Q3 2024. The company's strategy involves ensuring these centers convert high-quality leads efficiently, which is reflected in the LTV-to-CAC ratio metric.

Direct marketing channels (digital, TV, mail).

Direct marketing is a significant lever for driving traffic to both the online marketplace and the telephonic centers. In Q1 2025, there was strong year-over-year growth in submitted Medicare applications, with significant outperformance noted within direct marketing channels. This channel's spend is actively managed; for instance, in Q3 2025, the company implemented a 25% reduction in variable marketing spend compared to the prior year period. Based on 2023 figures, annual marketing spend was $42.6 million, which the company is clearly optimizing in 2025.

The following table summarizes some key operational metrics that reflect the performance across these customer acquisition channels through the first three quarters of 2025, where available:

Metric	Period Ending Q1 2025	Period Ending Q3 2025	Context/Comparison
Total Revenue	$113.1 million	$53.9 million	Full Year 2025 Guidance: $525M - $565M
Total Medicare Approved Members	Up 16% YoY	Data Not Explicitly Stated for Q3	Q3 2025 Medicare Submissions: 40,921
Total Acquisition Cost per MA-Equivalent Approved Member	Down 10% YoY	Data Not Explicitly Stated for Q3	2023 CAC was $352 per customer
Variable Marketing Spend Change	Data Not Explicitly Stated	Down 25% YoY	Customer Care/Enrollment Expenses Down 6% YoY in Q3 2025

Marketing partner channels for customer acquisition.

The use of marketing partners is integrated into the overall customer acquisition strategy, though specific financial breakdowns for this segment aren't detailed separately in the latest reports. The company focuses on the overall LTV-to-CAC ratio in the Medicare business, which suggests that all acquisition sources, including partners, are being measured against the value they bring. The overall goal is to drive enrollment growth at enhanced margins, a goal supported by the Q1 2025 Medicare unit margin expansion year-over-year.

Finance: draft 13-week cash view by Friday.

eHealth, Inc. (EHTH) - Canvas Business Model: Customer Segments

You're looking at the core groups eHealth, Inc. (EHTH) serves as of late 2025, based on their latest market focus and reported data. The business model clearly prioritizes the senior market, but the growth in the small business/ICHRA space is a key trend we're tracking.

Medicare-eligible consumers (primary focus: MA, Medicare Supplement, Part D)

This is the bedrock of eHealth, Inc. (EHTH)'s operations, serving the massive population eligible for federal health programs. The total pool of Medicare-eligible individuals is over 70 million people. Within that group, nearly 36 million are enrolled in Medicare Advantage (MA) plans.

Data from the Fall 2025 Annual Enrollment Period (AEP) for 2026 coverage, based on eHealth, Inc. (EHTH) customer selections, shows specific cost trends for this segment:

Metric	2026 Plan Data (from AEP 2025 shopping)	Year-over-Year Change
Average MA Monthly Premium	$5	Unchanged
Percentage of Selected MA Plans with $0 Monthly Premium	86%	Up from 85% last year
Average MA Out-of-Pocket Maximum	$6,240	8% increase (from $5,760 for 2025 plans)
Average MA Deductible	$4,105	2.8% decrease (from $4,225 for 2025 plans)
Average Part D Monthly Premium	$36	24% increase (from $29 for 2024 coverage)

eHealth, Inc. (EHTH)'s own enrollment activity reflects market dynamics; for instance, Q3 2025 saw 40,921 Medicare submissions, which was a 36% year-over-year decrease. Still, the MA program itself maintains a high satisfaction rating of 92% among enrollees.

Small-to-mid-sized businesses seeking Individual Coverage Health Reimbursement Arrangements (ICHRA)

This segment represents a structural shift in how smaller employers approach benefits. Research from eHealth, Inc. (EHTH) in August 2025 indicated that 89% of small to mid-sized businesses worry they won't afford traditional group health plans within three years. Furthermore, 93% believe the current model isn't working anymore. This pain point fuels the adoption of defined contribution models.

The interest is translating into action:

• ICHRA enrollment has increased by 52% this year (2025).
• 75% of surveyed business owners favor a defined contribution approach like ICHRA.
• However, 54% remain unfamiliar with ICHRA despite the interest.

Even among those with traditional employer-based coverage, 68% like the concept of employers offering stipends for them to shop for plans on their own, mirroring the ICHRA approach in the ACA market. That's a big signal for future growth in this area.

Individual and family plan shoppers (secondary focus)

While Medicare is the primary driver, the broader individual and family market remains relevant, often overlapping with the ICHRA-seeking employees who shop the ACA marketplace. Nationally, 88% of Americans report being satisfied with their current health insurance, but affordability is a major issue, with 73% saying they have delayed or skipped medical care due to out-of-pocket costs. This segment is highly sensitive to cost, which is why the ICHRA model-allowing employees to use employer funds for individual plans-is gaining traction.

Here are some general consumer statistics relevant to this market:

• 71% of Americans would be interested in working with an AI agent for more efficient shopping.
• Nearly half (49%) rate the overall U.S. health insurance system a 'C' or lower.

Finance: draft 13-week cash view by Friday.

eHealth, Inc. (EHTH) - Canvas Business Model: Cost Structure

You're looking at the cost side of eHealth, Inc.'s operations as of late 2025, and the story is clearly one of aggressive cost discipline following a challenging period. The primary lever pulled to improve the bottom line was dialing back on customer acquisition spending.

High variable marketing and advertising spend for customer acquisition saw a significant pullback. Honestly, this is where you see the immediate impact of management's focus on efficiency. For the third quarter of 2025, eHealth, Inc. reported a 25% reduction in consolidated and Medicare segment variable marketing spend when compared to the third quarter of 2024. This move was proactive, adjusting to market conditions, and it directly contributed to the narrowing of the adjusted EBITDA loss to $(34.0) million in Q3 2025 from $(34.8) million in the prior year period.

Customer care and enrollment expenses (CC&E) also came under review. This line item, which covers your licensed agents and support staff, saw a reduction of $2.5 million, which translates to a 6% decrease year-over-year in Q3 2025. The savings here came from executing a flexible staffing strategy within the telesales organization, though this was partially offset by costs related to a more tenured benefit advisor group and an increased number of retention advisors year-over-year. Overall, total operating costs and expenses for eHealth, Inc. decreased 6% year-over-year in Q3 2025.

To map out the structure for the second quarter of 2025, which gives us concrete dollar figures for the platform and overhead, here's how the major GAAP expense categories stacked up (amounts in thousands):

Cost Category	Q2 2025 GAAP Amount (in thousands)	Q2 2024 GAAP Amount (in thousands)	Year-over-Year Change
Marketing and Advertising Expense	$21,425	$26,783	Decreased by $5,358
Customer Care and Enrollment Expense	$27,910	$28,551	Decreased by $641
Technology and Content Expense	$11,354	$13,044	Decreased by $1,690
General and Administrative Expense	$21,582	$22,402	Decreased by $820

Technology and content development costs, which support the platform and any AI initiatives, showed efficiency gains in Q2 2025. The GAAP expense was $11,354 thousand, down $1,690 thousand, or 7%, compared to the second quarter of 2024. This reflects a concerted effort to manage the spend required to maintain and enhance the digital infrastructure that powers both e-commerce consumers and benefit advisors.

General and administrative (G&A) expenses also reflected cost control, coming in at $21,582 thousand in Q2 2025 on a GAAP basis. This was a 7% decline, or $2,279 thousand reduction when accounting for stock-based compensation, compared to the prior year's Q2. It's important to note that beginning in Q1 2024, eHealth, Inc. modified its methodology, reclassifying some facilities-related expenses from marketing and advertising into G&A, so direct period-over-period comparisons require looking at the recast prior periods. Any leadership transition costs, if material, would likely be absorbed within this G&A bucket, though specific dollar amounts for those costs aren't broken out in the standard reporting lines you see here.

Finance: draft 13-week cash view by Friday.

eHealth, Inc. (EHTH) - Canvas Business Model: Revenue Streams

You're looking at how eHealth, Inc. (EHTH) brings in the money, which is pretty concentrated in insurance placements. The biggest piece of the pie is definitely commission revenue from health insurance carriers for new enrollments you help facilitate. This is the core transaction: a consumer signs up for a Medicare Advantage or Medicare Supplement plan through the eHealth, Inc. (EHTH) platform, and the carrier pays a commission for that new member acquisition.

Still, another critical, though less consistent, stream is what they call positive net adjustment revenue, often referred to as tail revenue. This comes from member retention and other adjustments to commissions recognized in prior periods. For the third quarter of 2025, this tail revenue was a notable $12.1 million. To give you a sense of scale, the total revenue for that same third quarter was $53.9 million, so that tail revenue was a significant portion of the total for that period.

When you map out the full-year expectations, you see where management is placing its bets for 2025. The company has raised its outlook, which is a good sign of confidence, even with the market shifts we've seen. Here's the quick math on the updated full-year guidance as of late 2025:

Metric	Full-Year 2025 Guidance Range
Total Revenue	$525 million to $565 million
GAAP Net Income	$9 million to $30 million

The revenue stream is heavily weighted toward Medicare products, which makes sense given the annual enrollment period (AEP) cycle. The fact that they are maintaining the total revenue guidance of $525 million to $565 million while raising the GAAP net income guidance to $9 million to $30 million suggests they are getting more profit out of each dollar of revenue, likely due to those cost management efforts you've probably read about.

It's important to remember that the revenue recognition is tied to enrollment periods and member retention, not just the initial sign-up. This means the business model relies on both successful acquisition during peak times and effective retention efforts throughout the year to realize the full value of those commissions. The tail revenue component, like the $12.1 million in Q3 2025, is a direct reflection of that retention success.

The key revenue drivers, therefore, look like this:

• - Commission revenue from health insurance carriers for new enrollments.
• - Positive net adjustment revenue (tail revenue) from member retention, which hit $12.1 million in Q3 2025.
• - Full-year 2025 total revenue guidance is set between $525 million and $565 million.
• - Full-year 2025 GAAP net income guidance is projected from $9 million to $30 million.

Finance: draft Q4 2025 cash flow forecast by end of week.