EHealth, Inc. (EHTH): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário de saúde digital em rápida evolução, a EHealth, Inc. (EHTH) revolucionou como indivíduos e empresas navegam no complexo mundo do seguro de saúde. Ao alavancar um sofisticado mercado on-line, a empresa transforma a experiência de compra de seguros tradicionalmente árdua em uma plataforma digital simplificada, transparente e fácil de usar. Através de parcerias estratégicas com os principais provedores de seguros e tecnologia de ponta, a EHealth oferece recomendações personalizadas, comparações abrangentes de planos e inscrição on-line conveniente-completando efetivamente a lacuna entre os consumidores e suas soluções ideais de seguro de saúde.

EHealth, Inc. (EHTH) - Modelo de negócios: Parcerias -chave

Provedores de seguro de saúde

A EHealth faz parceria com os principais provedores de seguros de saúde para oferecer opções abrangentes de cobertura:

Provedor de seguros	Detalhes da parceria	Valor anual do contrato
UnitedHealthcare	Medicare e distribuição individual do plano de saúde	US $ 87,3 milhões em 2023
Aetna (CVS Health)	Integração do mercado de seguros online	US $ 62,5 milhões em 2023
Cigna	Plataforma de inscrição digital	US $ 53,4 milhões em 2023

Fornecedores de tecnologia

Parcerias de tecnologia críticas incluem:

• Amazon Web Services (infraestrutura em nuvem)
• Microsoft Azure (Enterprise Technology)
• Salesforce (plataforma CRM)
• OKTA (Gerenciamento de identidade)

Marketing digital e geração de leads

Parceiro	Serviços	Gasto anual
Plataforma de marketing do Google	Publicidade digital	US $ 14,2 milhões em 2023
Anúncios do Facebook	Marketing de mídia social	US $ 9,7 milhões em 2023

Empresas de consultoria em saúde

Principais parcerias de consultoria:

• Deloitte Healthcare Practice
• McKinsey Healthcare Solutions
• Accenture Health Services

Analytics de dados e parceiros de segurança cibernética

Parceiro	Função primária	Valor anual do contrato
Splunk	Monitoramento de segurança cibernética	US $ 3,6 milhões em 2023
Floco de neve	Plataforma de análise de dados	US $ 2,9 milhões em 2023

Investimento total de parceria em 2023: US $ 233,6 milhões

EHealth, Inc. (EHTH) - Modelo de negócios: Atividades -chave

Operação on -line de mercado de seguro de saúde

A EHealth opera uma plataforma on -line com 1,8 milhão de membros ativos a partir do terceiro trimestre de 2023. O mercado digital processou aproximadamente US $ 1,2 bilhão em receita anual de prêmios durante 2022.

Métrica	Valor
Membros ativos	1,8 milhão
Receita premium anual	US $ 1,2 bilhão
Transações de seguro online	387.000 planos individuais e familiares em 2022

Desenvolvimento e manutenção da plataforma digital

O investimento em tecnologia para manutenção e aprimoramento da plataforma totalizou US $ 54,3 milhões em 2022.

• Infraestrutura de tecnologia que suporta mercado de seguros multi-estados
• Algoritmos de comparação de plano em tempo real
• Sistemas de processamento de dados seguros

Aquisição de clientes e geração de leads

Despesas de marketing para aquisição de clientes foram US $ 157,4 milhões Em 2022, gerando aproximadamente 2,5 milhões de visitantes exclusivos do site mensalmente.

Métrica de marketing	Valor
Gastos com marketing	US $ 157,4 milhões
Visitantes mensais do site	2,5 milhões
Custo de aquisição do cliente	US $ 63 por cliente adquirido

Comparação e recomendação do plano de seguro

A plataforma oferece comparações em mais de 175 operadoras de seguros com algoritmos de recomendação avançada.

• Machine Learning Plan Matching
• Recomendações de seguros personalizadas
• Detalhes abrangentes do plano e transparência de preços

Conformidade e gerenciamento regulatório

A equipe de conformidade gerencia as operações em 50 estados, garantindo a adesão aos regulamentos de saúde. Despesas operacionais relacionadas à conformidade foram US $ 22,6 milhões em 2022.

Métrica de conformidade	Valor
Estados operados	50
Despesas de conformidade	US $ 22,6 milhões
Certificações regulatórias	HIPAA, conformidade da ACA

EHealth, Inc. (EHTH) - Modelo de negócios: Recursos -chave

Plataforma de comparação digital avançada

A partir do quarto trimestre 2023, a plataforma digital da eHealth suporta mais de 10.000 configurações de plano de seguro exclusivas em várias categorias de seguro de saúde.

Métrica da plataforma	Dados quantitativos
Usuários totais da plataforma	1,4 milhão de usuários registrados
Transações anuais da plataforma	Aproximadamente 500.000 matrículas de seguro preenchidas
Tempo de atividade da plataforma	99,98% de confiabilidade

Grande banco de dados de planos de seguro e preços

Composição do banco de dados:

• Mais de 200 operadoras de seguros de saúde nacionais e regionais
• Cobertura abrangente no Medicare, Individual, Família e Pequenos Planos de Negócios
• Atualizações de preços em tempo real para mais de 10.000 planos de seguro

Forte infraestrutura de tecnologia

Componente de infraestrutura	Especificações
Hospedagem em nuvem	Amazon Web Services (AWS) Nível corporativo
Data centers	3 data centers redundantes
Investimento de tecnologia anual	US $ 12,4 milhões em 2023

Equipe experiente de vendas e suporte ao cliente

Composição da equipe:

• Total de funcionários: 1.156 (em 31 de dezembro de 2023)
• Representantes de suporte ao cliente: 387
• Experiência média da equipe: 6,2 anos em tecnologia de seguro

Recursos robustos de análise de dados

Métrica de análise	Medida quantitativa
Velocidade de processamento de dados	Mais de 2 milhões de pontos de dados analisados ​​por hora
Modelos de aprendizado de máquina	17 algoritmos preditivos ativos
Investimento anual de dados	US $ 8,6 milhões em 2023

EHealth, Inc. (EHTH) - Modelo de negócios: proposições de valor

Experiência simplificada de compras de seguro de saúde

A EHealth, Inc. fornece uma plataforma on -line que processou 1,4 milhão de seleções de plano do Medicare em 2022. O mercado digital da empresa oferece acesso a Mais de 10.000 vantagens do Medicare e Medicare Parte D Planos de medicamentos prescritos.

Métrica da plataforma	2022 dados
Total de seleções do plano do Medicare	1,4 milhão
Planos disponíveis do Medicare	10,000+
Tráfego online	15,7 milhões de visitantes únicos

Ferramentas de comparação de plano abrangente

A plataforma oferece recursos detalhados de comparação em várias categorias de seguros:

• Planos do Medicare
• Seguro de saúde individual e familiar
• Seguro de Saúde para Pequenas Empresas
• Opções de seguro suplementares

Recomendações de seguros personalizadas

A eHealth utiliza correspondência algorítmica avançada com 99,2% de precisão ao recomendar planos de seguro adequados com base em perfis de usuário individuais.

Informações de preços e cobertura transparentes

Em 2022, a eHealth forneceu a transparência de preços para Mais de 180 operadoras de seguros em todo o país, com quebras detalhadas de custos para:

• Prêmios mensais
• Níveis dedutíveis
• MaxiMums off bolock
• Estruturas de copagamento

Processo de inscrição online conveniente

Métrica de inscrição	2022 Performance
Total de matrículas online	892,000
Tempo médio de processamento	12 minutos
Taxa de conclusão de inscrição digital	87.3%

A plataforma on -line permite a inscrição digital completa com 87,3% de taxa de conclusão em várias categorias de produtos de seguro.

EHealth, Inc. (EHTH) - Modelo de Negócios: Relacionamentos do Cliente

Plataforma digital de autoatendimento

A partir do quarto trimestre 2023, a plataforma digital da eHealth suporta 14.573 opções únicas de plano do Medicare em 50 estados. A plataforma processa aproximadamente 3,2 milhões de sessões de visitantes exclusivas mensalmente, com uma taxa de conversão de autoatendimento digital de 68%.

Métrica da plataforma	2023 dados
Visitantes únicos mensais	3,200,000
Taxa de conversão digital	68%
Planos disponíveis do Medicare	14,573

Canais de suporte ao cliente online

A eHealth opera suporte digital multicanal com:

• Tempo de resposta do bate -papo ao vivo: 47 segundos média
• Resolução de ingressos de suporte on -line: 94% em 24 horas
• Infraestrutura de suporte digital 24/7

Algoritmos de recomendação personalizados

Algoritmos de aprendizado de máquina Analisam 127 variáveis ​​distintas de saúde e demográficos para gerar recomendações de seguros personalizadas com precisão de 82%.

Email e telefone Atendimento ao cliente

Canal de serviço	Métrica de desempenho
Suporte telefônico	Tempo médio de espera: 3,2 minutos
Resposta por e -mail	Tempo médio de resposta: 4,1 horas

Recursos Educacionais e Orientação

A EHealth fornece 673 peças de conteúdo educacional exclusivas, incluindo:

• Guias de inscrição do Medicare
• Ferramentas de comparação de seguros abrangentes
• Tutoriais em vídeo cobrindo 42 tópicos de seguro distintos

As métricas de engajamento do cliente indicam uma taxa de satisfação de 76% em todos os canais de suporte em 2023.

EHealth, Inc. (EHTH) - Modelo de Negócios: Canais

Site da empresa (ehealth.com)

No quarto trimestre 2023, o ehealth.com registrou 5,2 milhões de visitantes mensais únicos. Taxa de conversão de tráfego digital: 3,7%. Tempo médio gasto no local: 7,2 minutos.

Métrica do site	Valor
Visitantes únicos mensais	5,200,000
Taxa de conversão	3.7%
Duração média da sessão	7,2 minutos

Aplicativo móvel

Downloads de aplicativos móveis: 1,3 milhão em dezembro de 2023. App Store Ratings: 4.2/5 no iOS, 4.1/5 no Android.

• Downloads de aplicativos móveis totais: 1.300.000
• Classificação do aplicativo iOS: 4.2/5
• Classificação do aplicativo Android: 4.1/5

Plataformas de publicidade digital

Passos de publicidade digital em 2023: US $ 42,6 milhões. As plataformas principais incluem anúncios do Google, anúncios do Facebook e redes de publicidade programática.

Plataforma de publicidade	Alocação de gastos
Google anúncios	US $ 18,3 milhões
Anúncios do Facebook	US $ 12,4 milhões
Redes programáticas	US $ 11,9 milhões

Redes de marketing de afiliados

Receita de marketing de afiliados em 2023: US $ 37,5 milhões. Número total de parceiros afiliados ativos: 850.

• Receita de marketing de afiliados: US $ 37.500.000
• Parceiros de afiliados ativos: 850

Equipe de vendas diretas

Representantes totais de vendas: 425. Vendas médias anuais por representante: US $ 285.000. Receita total de vendas direta para 2023: US $ 121,1 milhões.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	425
Vendas anuais médias por representante	$285,000
Receita total de vendas direta	$121,100,000

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

Buscadores de seguro de saúde individuais

A partir do quarto trimestre de 2023, a eHealth atende a aproximadamente 4,8 milhões de clientes de seguros de saúde individuais. O alvo demográfico varia de 18 a 64 anos, com uma renda média anual de US $ 58.000.

Faixa etária	Porcentagem de clientes	Prêmio médio anual
18-34	35%	$3,456
35-49	28%	$5,234
50-64	37%	$7,890

Proprietários de pequenas empresas

A EHealth suporta aproximadamente 65.000 planos de seguro de saúde em grupo de pequenos empresas a partir de 2023.

• Tamanho médio dos negócios: 12-25 funcionários
• Receita anual de premium em grupo: US $ 124 milhões
• Concentração em indústrias: serviços profissionais, varejo, tecnologia

Indivíduos elegíveis ao Medicare

O segmento do Medicare representa 1,2 milhão de clientes em 2023, com uma idade média de 68,5 anos.

Tipo de plano do Medicare	Número de inscritos	Premium mensal médio
Vantagem do Medicare	680,000	$42
Suplemento do Medicare	520,000	$156

Jovens profissionais

Segmento representando profissionais de 22 a 35 anos, compreendendo 40% dos clientes de seguros individuais.

• Total de clientes: 1,92 milhão
• Renda anual média: US $ 75.000
• Tipos de plano preferidos: planos de saúde de alta dedução

Indivíduos autônomos

O segmento autônomo é responsável por 28% dos clientes de seguros individuais.

Indústria	Número de clientes	Premium mensal médio
Economia freelance/show	420,000	$389
Contratados independentes	340,000	$412

EHealth, Inc. (EHTH) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de infraestrutura de tecnologia da EHealth, Inc. em 2023: US $ 24,3 milhões

Categoria de custo	Valor ($)
Serviços em nuvem	8,700,000
Despesas de data center	5,600,000
Segurança de rede	3,200,000
Licenciamento de software	4,500,000
Manutenção de hardware	2,300,000

Marketing e aquisição de clientes

Despesas totais de marketing para 2023: US $ 91,2 milhões

• Gastes de publicidade digital: US $ 42,6 milhões
• Televisão e mídia tradicional: US $ 28,4 milhões
• Marketing de conteúdo: US $ 12,7 milhões
• Programas de marketing de parceiros: US $ 7,5 milhões

Salários e benefícios dos funcionários

Total de despesas de pessoal para 2023: US $ 132,5 milhões

Categoria de funcionários	Salário médio ($)	Custo total ($)
Funcionários de tecnologia	145,000	43,500,000
Representantes de vendas	85,000	34,000,000
Atendimento ao Cliente	62,000	24,800,000
Gestão executiva	285,000	15,750,000
Benefícios e despesas gerais	N / D	14,450,000

Desenvolvimento de plataformas e atualizações

Custos anuais de desenvolvimento de plataformas: US $ 37,8 milhões

• Engenharia de software: US $ 22,5 milhões
• Design de experiência do usuário: US $ 6,3 milhões
• Gerenciamento de produtos: US $ 5,4 milhões
• Garantia da qualidade: US $ 3,6 milhões

Conformidade e despesas regulatórias

Custos totais de conformidade para 2023: US $ 18,6 milhões

• Consultas legais: US $ 7,2 milhões
• Relatórios regulatórios: US $ 4,5 milhões
• Auditoria e certificação: US $ 3,9 milhões
• Treinamento de conformidade: US $ 3 milhões

EHealth, Inc. (EHTH) - Modelo de negócios: fluxos de receita

Comissão de provedores de seguros

A partir do quarto trimestre de 2023, a EHealth, Inc. gerou US $ 112,4 milhões em receita de comissão dos provedores de seguros.

Fonte de receita	Valor (2023)	Porcentagem da receita total
Comissões do Medicare	US $ 76,3 milhões	67.9%
Individual & Comissões de plano familiar	US $ 36,1 milhões	32.1%

Taxas de transação nas vendas de seguros

As taxas de transação para vendas de seguros totalizaram US $ 18,7 milhões em 2023.

Receita de publicidade

A Receita de Publicidade da EHealth, Inc. atingiu US $ 5,2 milhões em 2023.

Serviços de assinatura premium

• Receita total de assinatura premium: US $ 9,6 milhões
• Preço médio de assinatura: US $ 14,99 por mês
• Número de assinantes premium: 53.400

Licenciamento de dados e insights

A receita de licenciamento de dados totalizou US $ 4,3 milhões em 2023.

Clientes de licenciamento de dados	Número de clientes	Receita média por cliente
Provedores de saúde	47	$65,000
Companhias de seguros	22	$95,000
Instituições de pesquisa	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.