eHealth, Inc. (EHTH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama de salud digital en rápido evolución, EHealth, Inc. (EHTH) ha revolucionado cómo las personas y las empresas navegan por el complejo mundo del seguro de salud. Al aprovechar un mercado en línea sofisticado, la compañía transforma la experiencia de compra de seguros tradicionalmente ardua en una plataforma digital simplificada, transparente y fácil de usar. A través de asociaciones estratégicas con los principales proveedores de seguros y tecnología de vanguardia, EHealth ofrece recomendaciones personalizadas, comparaciones integrales de planes e inscripción conveniente en línea, cerrando de manera efectiva la brecha entre los consumidores y sus soluciones de seguro de salud ideales.

EHealth, Inc. (EHTH) - Modelo de negocios: asociaciones clave

Proveedores de seguro de salud

eHealth se asocia con los principales proveedores de seguros de salud para ofrecer opciones de cobertura integrales:

Proveedor de seguros	Detalles de la asociación	Valor anual del contrato
UnitedHealthcare	Medicare y distribución de planes de salud individuales	$ 87.3 millones en 2023
Aetna (CVS Health)	Integración del mercado de seguros en línea	$ 62.5 millones en 2023
Cigna	Plataforma de inscripción digital	$ 53.4 millones en 2023

Proveedores de tecnología

Las asociaciones de tecnología crítica incluyen:

• Amazon Web Services (infraestructura en la nube)
• Microsoft Azure (tecnología empresarial)
• Salesforce (plataforma CRM)
• OKTA (Gestión de identidad)

Marketing digital y generación de leads

Pareja	Servicios	Gasto anual
Plataforma de marketing de Google	Publicidad digital	$ 14.2 millones en 2023
Anuncios de Facebook	Marketing en redes sociales	$ 9.7 millones en 2023

Empresas de consultoría de atención médica

Asociaciones de consultoría clave:

• Práctica de atención médica de Deloitte
• Soluciones de atención médica de McKinsey
• Servicios de salud de Accenture

Analítica de datos y socios de ciberseguridad

Pareja	Función principal	Valor anual del contrato
Flojo	Monitoreo de ciberseguridad	$ 3.6 millones en 2023
Copo de nieve	Plataforma de análisis de datos	$ 2.9 millones en 2023

Inversión total de asociación en 2023: $ 233.6 millones

EHealth, Inc. (EHTH) - Modelo de negocio: actividades clave

Operación del mercado de seguros de salud en línea

EHealth opera una plataforma en línea con 1.8 millones de miembros activos a partir del tercer trimestre de 2023. El mercado digital procesó aproximadamente $ 1.2 mil millones en ingresos premium anuales durante 2022.

Métrico	Valor
Miembros activos	1.8 millones
Ingresos anuales de prima	$ 1.2 mil millones
Transacciones de seguro en línea	387,000 planes individuales y familiares en 2022

Desarrollo y mantenimiento de la plataforma digital

Inversión tecnológica para el mantenimiento y mejora de la plataforma totalizó $ 54.3 millones en 2022.

• Infraestructura tecnológica que admite el mercado de seguros de varios estados
• Algoritmos de comparación del plan en tiempo real
• Sistemas seguros de procesamiento de datos

Adquisición de clientes y generación de leads

El gasto de marketing para la adquisición de clientes fue $ 157.4 millones en 2022, generando aproximadamente 2.5 millones de visitantes únicos del sitio web mensualmente.

Métrico de marketing	Valor
Gasto de marketing	$ 157.4 millones
Visitantes mensuales del sitio web	2.5 millones
Costo de adquisición de clientes	$ 63 por cliente adquirido

Comparación y recomendación del plan de seguro

La plataforma ofrece comparaciones en más de 175 compañías de seguros con algoritmos de recomendación avanzados.

• Plan de aprendizaje automático Matriota
• Recomendaciones de seguro personalizadas
• Detalles completos del plan y transparencia de precios

Cumplimiento y gestión regulatoria

El equipo de cumplimiento gestiona las operaciones en 50 estados, asegurando el cumplimiento de las regulaciones de atención médica. Los gastos operativos relacionados con el cumplimiento fueron $ 22.6 millones en 2022.

Métrico de cumplimiento	Valor
Estados operados	50
Gastos de cumplimiento	$ 22.6 millones
Certificaciones regulatorias	HIPAA, Cumplimiento de ACA

EHealth, Inc. (EHTH) - Modelo de negocio: recursos clave

Plataforma de comparación digital avanzada

A partir del cuarto trimestre de 2023, la plataforma digital de EHealth admite más de 10,000 configuraciones de planes de seguro únicos en múltiples categorías de seguros de salud.

Métrica de plataforma	Datos cuantitativos
Usuarios totales de la plataforma	1.4 millones de usuarios registrados
Transacciones de plataforma anual	Aproximadamente 500,000 inscripciones de seguro completadas
Tiempo de actividad de la plataforma	99.98% de confiabilidad

Gran base de datos de planes de seguro y precios

Composición de la base de datos:

• Más de 200 compañías de seguros de salud nacionales y regionales
• Cobertura integral en planes de Medicare, individual, familiar y de pequeñas empresas
• Actualizaciones de precios en tiempo real para más de 10,000 planes de seguro

Infraestructura tecnológica fuerte

Componente de infraestructura	Presupuesto
Alojamiento en la nube	Nivel empresarial de Amazon Web Services (AWS)
Centros de datos	3 centros de datos redundantes
Inversión tecnológica anual	$ 12.4 millones en 2023

Equipo experimentado de ventas y atención al cliente

Composición del equipo:

• Total de empleados: 1.156 (al 31 de diciembre de 2023)
• Representantes de atención al cliente: 387
• Experiencia promedio del equipo: 6.2 años en tecnología de seguros

Capacidades de análisis de datos robustos

Métrico de análisis	Medida cuantitativa
Velocidad de procesamiento de datos	Más de 2 millones de puntos de datos analizados por hora
Modelos de aprendizaje automático	17 algoritmos predictivos activos
Inversión de datos anual	$ 8.6 millones en 2023

EHealth, Inc. (EHTH) - Modelo de negocio: propuestas de valor

Experiencia de compra de seguros de salud simplificados

EHealth, Inc. proporciona una plataforma en línea que procesó 1,4 millones de selecciones de planes de Medicare en 2022. El mercado digital de la compañía ofrece acceso a más de 10,000 planes de medicamentos recetados de Medicare Advantage y Medicare Parte D.

Métrica de plataforma	Datos 2022
Selecciones totales del plan de Medicare	1.4 millones
Planes de Medicare disponibles	10,000+
Tráfico en línea	15.7 millones de visitantes únicos

Herramientas de comparación de planes integrales

La plataforma ofrece características de comparación detalladas en múltiples categorías de seguros:

• Planes de Medicare
• Seguro de salud individual y familiar
• Seguro de salud para pequeñas empresas
• Opciones de seguro suplementarios

Recomendaciones de seguro personalizadas

eHealth utiliza una coincidencia algorítmica avanzada con 99.2% de precisión al recomendar planes de seguro adecuados basado en perfiles de usuario individuales.

Información de precios e cobertura transparentes

En 2022, eHealth proporcionó transparencia de precios para más de 180 compañías de seguros en todo el país, con desgloses de costos detallados para:

• Primas mensuales
• Niveles deducibles
• Máximos de bolsillo
• Estructuras de copago

Proceso conveniente de inscripción en línea

Métrico de inscripción	Rendimiento 2022
Inscripciones totales en línea	892,000
Tiempo de procesamiento promedio	12 minutos
Tasa de finalización de inscripción digital	87.3%

La plataforma en línea permite la inscripción digital completa con Tasa de finalización del 87.3% En varias categorías de productos de seguro.

EHealth, Inc. (EHTH) - Modelo de negocios: relaciones con los clientes

Plataforma digital de autoservicio

A partir del cuarto trimestre de 2023, la plataforma digital de EHealth admite 14,573 opciones únicas del plan de Medicare en 50 estados. La plataforma procesa aproximadamente 3.2 millones de sesiones de visitantes únicas mensualmente, con una tasa de conversión de autoservicio digital del 68%.

Métrica de plataforma	2023 datos
Visitantes únicos mensuales	3,200,000
Tasa de conversión digital	68%
Planes de Medicare disponibles	14,573

Canales de atención al cliente en línea

eHealth opera soporte digital multicanal con:

• Tiempo de respuesta de chat en vivo: 47 segundos promedio
• Resolución de boletos de soporte en línea: 94% dentro de las 24 horas
• Infraestructura de soporte digital 24/7

Algoritmos de recomendación personalizados

Los algoritmos de aprendizaje automático analizan 127 distintas variables demográficas y de salud para generar recomendaciones de seguro personalizadas con una precisión del 82%.

Servicio al cliente de correo electrónico y teléfono

Canal de servicio	Métrico de rendimiento
Soporte telefónico	Tiempo de espera promedio: 3.2 minutos
Respuesta por correo electrónico	Tiempo de respuesta promedio: 4.1 horas

Recursos y orientación educativos

eHealth proporciona 673 piezas de contenido educativo únicos, que incluyen:

• Guías de inscripción de Medicare
• Herramientas de comparación de seguro integrales
• Tutoriales de video que cubren 42 temas de seguro distintos

Las métricas de participación del cliente indican una tasa de satisfacción del 76% en todos los canales de soporte en 2023.

EHealth, Inc. (EHTH) - Modelo de negocio: canales

Sitio web de la empresa (eHealth.com)

A partir del cuarto trimestre de 2023, EHealth.com registró 5.2 millones de visitantes mensuales únicos. Tasa de conversión de tráfico digital: 3.7%. Tiempo promedio dedicado al sitio: 7.2 minutos.

Métrico del sitio web	Valor
Visitantes únicos mensuales	5,200,000
Tasa de conversión	3.7%
Duración de la sesión promedio	7.2 minutos

Aplicación móvil

Descargas de aplicaciones móviles: 1.3 millones a diciembre de 2023. Clasificaciones de la tienda de aplicaciones: 4.2/5 en iOS, 4.1/5 en Android.

• Descargas totales de aplicaciones móviles: 1,300,000
• Calificación de la aplicación iOS: 4.2/5
• Calificación de la aplicación Android: 4.1/5

Plataformas de publicidad digital

Gasto de publicidad digital en 2023: $ 42.6 millones. Las plataformas principales incluyen anuncios de Google, anuncios de Facebook y redes de publicidad programática.

Plataforma publicitaria	Gastar asignación
Ads de Google	$ 18.3 millones
Anuncios de Facebook	$ 12.4 millones
Redes programáticas	$ 11.9 millones

Redes de marketing de afiliación

Ingresos de marketing de afiliación en 2023: $ 37.5 millones. Número total de socios afiliados activos: 850.

• Ingresos de marketing de afiliación: $ 37,500,000
• Socios afiliados activos: 850

Equipo de ventas directas

Representantes de ventas totales: 425. Ventas anuales promedio por representante: $ 285,000. Ingresos de ventas directos totales para 2023: $ 121.1 millones.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	425
Ventas anuales promedio por representante	$285,000
Ingresos de ventas directos totales	$121,100,000

EHealth, Inc. (EHTH) - Modelo de negocio: segmentos de clientes

Buscadores de seguro de salud individual

A partir del cuarto trimestre de 2023, EHealth atiende a aproximadamente 4,8 millones de clientes de seguros de salud individuales. El objetivo demográfico varía de entre 18 y 64 años, con un ingreso anual promedio de $ 58,000.

Grupo de edad	Porcentaje de clientes	Prima anual promedio
18-34	35%	$3,456
35-49	28%	$5,234
50-64	37%	$7,890

Propietarios de pequeñas empresas

EHealth apoya aproximadamente 65,000 planes de seguro de salud de grupos de pequeñas empresas a partir de 2023.

• Tamaño promedio del negocio: 12-25 empleados
• Ingresos anuales de la prima del grupo: $ 124 millones
• Concentración en industrias: servicios profesionales, minoristas, tecnología

Individuos elegibles para Medicare

El segmento de Medicare representa a 1,2 millones de clientes en 2023, con una edad promedio de 68.5 años.

Tipo de plan de Medicare	Número de afiliados	Prima mensual promedio
Ventaja de Medicare	680,000	$42
Suplemento de Medicare	520,000	$156

Jóvenes profesionales

Segmento que representa a profesionales de 22-35 años, que comprenden el 40% de los clientes de seguros individuales.

• Total de clientes: 1.92 millones
• Ingresos anuales promedio: $ 75,000
• Tipos de planes preferidos: planes de salud de alto deducible

Individuos autónomos

El segmento por cuenta propia representa el 28% de los clientes de seguros individuales.

Industria	Número de clientes	Prima mensual promedio
Economía independiente/concierto	420,000	$389
Contratistas independientes	340,000	$412

EHealth, Inc. (EHTH) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos anuales de infraestructura tecnológica para EHealth, Inc. en 2023: $ 24.3 millones

Categoría de costos	Monto ($)
Servicios en la nube	8,700,000
Gastos del centro de datos	5,600,000
Seguridad de la red	3,200,000
Licencia de software	4,500,000
Mantenimiento de hardware	2,300,000

Marketing y adquisición de clientes

Gastos totales de marketing para 2023: $ 91.2 millones

• Gasto publicitario digital: $ 42.6 millones
• Televisión y medios tradicionales: $ 28.4 millones
• Marketing de contenido: $ 12.7 millones
• Programas de marketing de socios: $ 7.5 millones

Salarios y beneficios de los empleados

Gastos totales de personal para 2023: $ 132.5 millones

Categoría de empleado	Salario promedio ($)	Costo total ($)
Empleados tecnológicos	145,000	43,500,000
Representantes de ventas	85,000	34,000,000
Servicio al cliente	62,000	24,800,000
Gestión ejecutiva	285,000	15,750,000
Beneficios y sobrecarga	N / A	14,450,000

Desarrollo y actualización de la plataforma

Costos de desarrollo anual de la plataforma: $ 37.8 millones

• Ingeniería de software: $ 22.5 millones
• Diseño de experiencia del usuario: $ 6.3 millones
• Gestión de productos: $ 5.4 millones
• Garantía de calidad: $ 3.6 millones

Cumplimiento y gastos regulatorios

Costos de cumplimiento total para 2023: $ 18.6 millones

• Consultas legales: $ 7.2 millones
• Informes regulatorios: $ 4.5 millones
• Auditoría y certificación: $ 3.9 millones
• Capacitación de cumplimiento: $ 3 millones

EHealth, Inc. (EHTH) - Modelo de negocio: flujos de ingresos

Comisión de proveedores de seguros

A partir del cuarto trimestre de 2023, EHealth, Inc. generó $ 112.4 millones en ingresos por comisión de proveedores de seguros.

Fuente de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Comisiones de Medicare	$ 76.3 millones	67.9%
Individual & Comisiones del plan familiar	$ 36.1 millones	32.1%

Tarifas de transacción en ventas de seguros

Las tarifas de transacción para las ventas de seguros totalizaron $ 18.7 millones en 2023.

Ingresos publicitarios

Los ingresos por publicidad para EHealth, Inc. alcanzaron $ 5.2 millones en 2023.

Servicios de suscripción premium

• Ingresos de suscripción de Premium total: $ 9.6 millones
• Precio de suscripción promedio: $ 14.99 por mes
• Número de suscriptores premium: 53,400

Licencias de datos e información

Los ingresos por licencias de datos ascendieron a $ 4.3 millones en 2023.

Clientes de licencias de datos	Número de clientes	Ingresos promedio por cliente
Proveedores de atención médica	47	$65,000
Compañías de seguros	22	$95,000
Instituciones de investigación	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.