EHEALTH, Inc. (EHTH): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage de santé numérique en évolution rapide, EHEALTH, Inc. (EHTH) a révolutionné la façon dont les particuliers et les entreprises naviguent dans le monde complexe de l'assurance maladie. En tirant parti d'un marché en ligne sophistiqué, l'entreprise transforme l'expérience d'achat d'assurance traditionnellement ardue en une plate-forme numérique rationalisée, transparente et conviviale. Grâce à des partenariats stratégiques avec les principaux fournisseurs d'assurance et les technologies de pointe, la santé propose des recommandations personnalisées, des comparaisons de plan complets et des inscriptions en ligne pratiques - combler efficacement l'écart entre les consommateurs et leurs solutions d'assurance maladie idéales.

EHEALTH, Inc. (EHTH) - Modèle commercial: partenariats clés

Fournisseurs d'assurance maladie

EHEALTH s'associe aux principaux fournisseurs d'assurance maladie pour offrir des options de couverture complètes:

Assureur	Détails du partenariat	Valeur du contrat annuel
UnitedHealthcare	Medicare et distribution de plan de santé individuelle	87,3 millions de dollars en 2023
Aetna (CVS Health)	Intégration du marché de l'assurance en ligne	62,5 millions de dollars en 2023
Cigna	Plate-forme d'inscription numérique	53,4 millions de dollars en 2023

Vendeurs technologiques

Les partenariats technologiques critiques comprennent:

• Amazon Web Services (Cloud Infrastructure)
• Microsoft Azure (technologie d'entreprise)
• Salesforce (plateforme CRM)
• Okta (gestion de l'identité)

Marketing numérique et génération de leads

Partenaire	Services	Dépenses annuelles
Google Marketing Plateforme	Publicité numérique	14,2 millions de dollars en 2023
Publicités Facebook	Marketing des médias sociaux	9,7 millions de dollars en 2023

Sociétés de conseil en santé

Partenariats de consultation clés:

• Deloitte Healthcare Practice
• Solutions de soins de santé McKinsey
• Accenture Health Services

Partners d'analyse des données et de cybersécurité

Partenaire	Fonction primaire	Valeur du contrat annuel
Sabot	Surveillance de la cybersécurité	3,6 millions de dollars en 2023
Flocon de neige	Plateforme d'analyse de données	2,9 millions de dollars en 2023

Investissement total de partenariat en 2023: 233,6 millions de dollars

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: Activités clés

Fonctionnement du marché de l'assurance maladie en ligne

EHEALTH exploite une plate-forme en ligne avec 1,8 million de membres actifs au troisième trimestre 2023. Le marché numérique a traité environ 1,2 milliard de dollars de revenus annuels de prime au cours de 2022.

Métrique	Valeur
Membres actifs	1,8 million
Revenus de primes annuelles	1,2 milliard de dollars
Transactions d'assurance en ligne	387 000 plans individuels et familiaux en 2022

Développement et maintenance de plate-forme numérique

L'investissement technologique pour la maintenance et l'amélioration de la plate-forme totalisent 54,3 millions de dollars en 2022.

• Infrastructure technologique soutenant le marché de l'assurance multi-États
• Algorithmes de comparaison du plan en temps réel
• Systèmes de traitement des données sécurisées

Acquisition et génération de leads

Les dépenses de marketing pour l'acquisition des clients étaient 157,4 millions de dollars En 2022, générant environ 2,5 millions de visiteurs de sites Web uniques mensuellement.

Métrique marketing	Valeur
Dépenses marketing	157,4 millions de dollars
Visiteurs mensuels du site Web	2,5 millions
Coût d'acquisition des clients	63 $ par client acquis

Comparaison et recommandation du régime d'assurance

La plate-forme propose des comparaisons entre plus de 175 compagnies d'assurance avec des algorithmes de recommandation avancés.

• Plan à apprentissage automatique correspondant
• Recommandations d'assurance personnalisées
• Détails du plan complet et transparence des prix

Compliance et gestion réglementaire

L'équipe de conformité gère les opérations dans 50 États, garantissant l'adhésion aux réglementations des soins de santé. Les dépenses opérationnelles liées à la conformité étaient 22,6 millions de dollars en 2022.

Métrique de conformité	Valeur
Les États opéraient	50
Frais de conformité	22,6 millions de dollars
Certifications réglementaires	Hipaa, conformité ACA

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: Ressources clés

Plate-forme de comparaison numérique avancée

Depuis le quatrième trimestre 2023, la plate-forme numérique d'EHEALTH prend en charge plus de 10 000 configurations de régimes d'assurance uniques dans plusieurs catégories d'assurance maladie.

Métrique de la plate-forme	Données quantitatives
Total des utilisateurs de la plate-forme	1,4 million d'utilisateurs enregistrés
Transactions de plate-forme annuelles	Environ 500 000 inscriptions d'assurance complétées
Time de disponibilité de la plate-forme	Fiabilité de 99,98%

Grande base de données des régimes d'assurance et des prix

Composition de la base de données:

• Plus de 200 compagnies d'assurance maladie nationales et régionales
• Couverture complète sur les plans de Medicare, individuels, familiaux et petites
• Mises à jour des prix en temps réel pour plus de 10 000 régimes d'assurance

Infrastructure technologique forte

Composant d'infrastructure	Caractéristiques
Hébergement cloud	Amazon Web Services (AWS) Niveau d'entreprise
Centres de données	3 centres de données redondants
Investissement technologique annuel	12,4 millions de dollars en 2023

Équipe expérimentée des ventes et du client

Composition de l'équipe:

• Total des employés: 1 156 (au 31 décembre 2023)
• Représentants du support client: 387
• Expérience moyenne de l'équipe: 6,2 ans en technologie d'assurance

Capacités d'analyse de données robustes

Métrique analytique	Mesure quantitative
Vitesse de traitement des données	Plus de 2 millions de points de données analysés par heure
Modèles d'apprentissage automatique	17 algorithmes prédictifs actifs
Investissement annuel des données	8,6 millions de dollars en 2023

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: propositions de valeur

Expérience d'achat d'assurance maladie simplifiée

EHEALTH, Inc. fournit une plate-forme en ligne traitée 1,4 million de sélections de plan Medicare en 2022. Le marché numérique de l'entreprise offre un accès à Plus de 10 000 plans de médicaments sur ordonnance Medicare Advantage et Medicare Part D.

Métrique de la plate-forme	2022 données
Sélections totales du plan Medicare	1,4 million
Plans Medicare disponibles	10,000+
Trafic en ligne	15,7 millions de visiteurs uniques

Outils de comparaison du plan complet

La plate-forme propose des fonctionnalités de comparaison détaillées entre plusieurs catégories d'assurance:

• Plans d'assurance-maladie
• Assurance maladie individuelle et familiale
• Assurance maladie des petites entreprises
• Options d'assurance complémentaire

Recommandations d'assurance personnalisées

eHealth utilise une correspondance algorithmique avancée avec Précision de 99,2% pour recommander des régimes d'assurance appropriés basé sur des profils utilisateur individuels.

Informations de prix et de couverture transparentes

En 2022, la sailtre a fourni la transparence des prix pour Plus de 180 compagnies d'assurance à l'échelle nationale, avec des pannes de coûts détaillées pour:

• Primes mensuelles
• Niveaux de franchise
• Maximums
• Structures de copaiement

Processus d'inscription en ligne pratique

Métrique d'inscription	2022 Performance
Inscriptions totales en ligne	892,000
Temps de traitement moyen	12 minutes
Taux d'achèvement des inscriptions numériques	87.3%

La plateforme en ligne permet l'inscription numérique complète avec Taux d'achèvement de 87,3% dans diverses catégories de produits d'assurance.

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: relations avec les clients

Plate-forme numérique en libre-service

Depuis le quatrième trimestre 2023, la plate-forme numérique d'EHEALTH prend en charge 14 573 options de plan Medicare uniques dans 50 États. La plate-forme traite environ 3,2 millions de séances de visiteurs uniques mensuellement, avec un taux de conversion en libre-service numérique de 68%.

Métrique de la plate-forme	2023 données
Visiteurs uniques mensuels	3,200,000
Taux de conversion numérique	68%
Plans Medicare disponibles	14,573

Canaux de support client en ligne

eHealth exploite un support numérique multicanal avec:

• Temps de réponse du chat en direct: 47 secondes moyennes
• Résolution des billets d'assistance en ligne: 94% dans les 24 heures
• Infrastructure de support numérique 24/7

Algorithmes de recommandation personnalisés

Les algorithmes d'apprentissage automatique analysent 127 variables de santé et démographiques distinctes pour générer des recommandations d'assurance personnalisées avec une précision de 82%.

Service client par e-mail et par téléphone

Canal de service	Métrique de performance
Support téléphonique	Temps d'attente moyen: 3,2 minutes
Réponse par e-mail	Temps de réponse moyen: 4,1 heures

Ressources et conseils éducatifs

eHealth fournit 673 pièces de contenu éducatif uniques, notamment:

• Guides d'inscription Medicare
• Outils de comparaison d'assurance complets
• Tutoriels vidéo couvrant 42 sujets d'assurance distinctes

Les mesures d'engagement client indiquent un taux de satisfaction de 76% sur tous les canaux de support en 2023.

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: canaux

Site Web de l'entreprise (ehealth.com)

Au quatrième trimestre 2023, eHealth.com a enregistré 5,2 millions de visiteurs mensuels uniques. Taux de conversion du trafic numérique: 3,7%. Temps moyen passé sur le site: 7,2 minutes.

Métrique du site Web	Valeur
Visiteurs uniques mensuels	5,200,000
Taux de conversion	3.7%
Durée moyenne de la session	7,2 minutes

Application mobile

Téléchargements d'applications mobiles: 1,3 million en décembre 2023. Ratings de l'App Store: 4.2 / 5 sur iOS, 4.1 / 5 sur Android.

• Téléchargements totaux d'applications mobiles: 1 300 000
• Évaluation de l'application iOS: 4.2 / 5
• Évaluation de l'application Android: 4.1 / 5

Plateformes de publicité numérique

Digital Advertising dépense en 2023: 42,6 millions de dollars. Les plates-formes principales incluent les publicités Google, les publicités Facebook et les réseaux publicitaires programmatiques.

Plateforme de publicité	Attribution de dépenses
Publicités Google	18,3 millions de dollars
Publicités Facebook	12,4 millions de dollars
Réseaux programmatiques	11,9 millions de dollars

Réseaux de marketing d'affiliation

Revenus de marketing d'affiliation en 2023: 37,5 millions de dollars. Nombre total de partenaires affiliés actifs: 850.

• Revenus de marketing d'affiliation: 37 500 000 $
• Partners affiliés actifs: 850

Équipe de vente directe

Représentants des ventes totales: 425. Ventes annuelles moyennes par représentant: 285 000 $. Revenu total des ventes directes pour 2023: 121,1 millions de dollars.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	425
Ventes annuelles moyennes par représentant	$285,000
Revenus de ventes directes totaux	$121,100,000

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: segments de clientèle

Demandeurs d'assurance maladie individuels

Au quatrième trimestre 2023, EHEALTH dessert environ 4,8 millions de clients individuels d'assurance maladie. La démographie cible varie de 18 à 64 ans, avec un revenu annuel moyen de 58 000 $.

Groupe d'âge	Pourcentage de clients	Prime annuelle moyenne
18-34	35%	$3,456
35-49	28%	$5,234
50-64	37%	$7,890

Propriétaires de petites entreprises

EHEALTH soutient environ 65 000 régimes d'assurance maladie en groupe de petites entreprises en 2023.

• Taille moyenne de l'entreprise: 12-25 employés
• Revenu annuel de primes de groupe: 124 millions de dollars
• Concentration dans les industries: services professionnels, vente au détail, technologie

Individus éligibles à l'assurance-maladie

Le segment Medicare représente 1,2 million de clients en 2023, avec un âge moyen de 68,5 ans.

Type de plan Medicare	Nombre d'inscrits	Prime mensuelle moyenne
Avantage Medicare	680,000	$42
Supplément Medicare	520,000	$156

Jeunes professionnels

Segment représentant des professionnels de 22 à 35 ans, comprenant 40% des clients d'assurance individuels.

• Clients totaux: 1,92 million
• Revenu annuel moyen: 75 000 $
• Types de plans préférés: plans de santé élevés

Travailleurs indépendants

Le segment indépendant représente 28% des clients d'assurance individuels.

Industrie	Nombre de clients	Prime mensuelle moyenne
Économie indépendante / concert	420,000	$389
Entrepreneurs indépendants	340,000	$412

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coût des infrastructures technologiques annuelles pour EHealth, Inc. en 2023: 24,3 millions de dollars

Catégorie de coûts	Montant ($)
Services cloud	8,700,000
Dépenses du centre de données	5,600,000
Sécurité du réseau	3,200,000
Licence de logiciel	4,500,000
Maintenance matérielle	2,300,000

Marketing et acquisition de clients

Total des dépenses de marketing pour 2023: 91,2 millions de dollars

• Dépenses publicitaires numériques: 42,6 millions de dollars
• Télévision et médias traditionnels: 28,4 millions de dollars
• Marketing de contenu: 12,7 millions de dollars
• Programmes de marketing partenaire: 7,5 millions de dollars

Salaires et avantages sociaux des employés

Total des dépenses du personnel pour 2023: 132,5 millions de dollars

Catégorie des employés	Salaire moyen ($)	Coût total ($)
Employés de la technologie	145,000	43,500,000
Représentants des ventes	85,000	34,000,000
Service client	62,000	24,800,000
Direction	285,000	15,750,000
Avantages et frais généraux	N / A	14,450,000

Développement et mises à niveau de la plate-forme

Coûts de développement de la plate-forme annuels: 37,8 millions de dollars

• Génie logiciel: 22,5 millions de dollars
• Conception de l'expérience utilisateur: 6,3 millions de dollars
• Gestion des produits: 5,4 millions de dollars
• Assurance qualité: 3,6 millions de dollars

Compliance et dépenses réglementaires

Coût total de conformité pour 2023: 18,6 millions de dollars

• Consultations juridiques: 7,2 millions de dollars
• Représentation réglementaire: 4,5 millions de dollars
• Audit et certification: 3,9 millions de dollars
• Formation en conformité: 3 millions de dollars

EHEALTH, Inc. (EHTH) - Modèle d'entreprise: Strots de revenus

Commission des assureurs

Au quatrième trimestre 2023, EHEALTH, Inc. a généré 112,4 millions de dollars de revenus de commission des assureurs.

Source de revenus	Montant (2023)	Pourcentage du total des revenus
Commissions de l'assurance-maladie	76,3 millions de dollars	67.9%
Individuel & Commissions du plan familial	36,1 millions de dollars	32.1%

Frais de transaction sur les ventes d'assurance

Les frais de transaction pour les ventes d'assurance ont totalisé 18,7 millions de dollars en 2023.

Revenus publicitaires

Les revenus publicitaires pour EHEALTH, Inc. ont atteint 5,2 millions de dollars en 2023.

Services d'abonnement premium

• Revenu total de l'abonnement à la prime: 9,6 millions de dollars
• Prix ​​moyen de l'abonnement: 14,99 $ par mois
• Nombre d'abonnés premium: 53 400

Licence et idées de données

Les revenus des licences de données s'élevaient à 4,3 millions de dollars en 2023.

Clients de licence de données	Nombre de clients	Revenu moyen par client
Fournisseurs de soins de santé	47	$65,000
Compagnies d'assurance	22	$95,000
Institutions de recherche	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.