• Expedia for health insurance.

• Kayak for health insurance.

• LendingTree for health insurance.

• Health Insurance Marketplace Services: Operates an online platform enabling individuals, families, and small businesses to research, compare, and enroll in various health insurance plans.
• Medicare Insurance Plans: Provides access to and enrollment solutions for Medicare Advantage, Medicare Supplement, and Medicare Part D prescription drug plans.
• Individual, Family, and Small Business Health Plans: Offers a selection of health insurance products catering to individuals, families, and small businesses.
• Ancillary Health Products: Facilitates the purchase of supplementary health insurance products.
• eCommerce Technology Licensing: Licenses its health insurance ecommerce technology to carriers for their online distribution.
• Online Sponsorship, Advertising, and Lead Referral Services: Provides services like online sponsorship, advertising, and lead generation to health insurance carriers and partners.

eHealth (EHTH) operates a health insurance marketplace that connects individuals, families, and small businesses with various health insurance plans. From a revenue generation perspective, its major direct customers are health insurance carriers.

eHealth provides several key services to these health insurance carriers:

• Receiving commissions on the sale of health insurance plans facilitated through eHealth's platforms.
• Licensing its health insurance e-commerce technology, which enables carriers to market and distribute health insurance plans online.
• Providing online sponsorship and advertising services to help carriers promote their plans.
• Offering lead referral services to connect carriers with potential customers.

The provided company description refers to these customers generically as "health insurance carriers" and does not specify the names of individual carrier companies. Therefore, specific names and stock symbols of these customer companies cannot be listed.

Derrick Duke, Chief Executive Officer and Director

Derrick Duke was appointed Chief Executive Officer of eHealth in September 2025. He brings over three decades of strategic leadership and financial expertise within the health insurance and managed care sectors. Prior to eHealth, Mr. Duke served as Chief Executive Officer of Magellan Health, a national healthcare management organization and a subsidiary of Centene Corporation. During his tenure at Magellan, he also held dual roles as Chief Financial Officer and Chief Operating Officer. Earlier in his career, he spent nearly 16 years at HealthMarkets, where he held senior leadership positions including Chief Investment Officer, Chief Financial Officer, and Chief Operating Officer. Mr. Duke played a key role in guiding HealthMarkets through its acquisition by UnitedHealth Group.

John Dolan, Senior Vice President, Chief Financial Officer

John Dolan was appointed Chief Financial Officer of eHealth in August 2024, bringing 34 years of experience in finance and accounting. He joined eHealth in May 2022 and served as the company's Chief Accounting Officer, playing a pivotal role in strengthening financial operations and reporting processes. Before eHealth, Mr. Dolan spent five years as Deputy Controller at BNY Mellon, overseeing global accounting policies and financial reporting. Prior to that, he spent 13 years at American Express in various roles, including Vice President, Americas Controller, and Vice President of Global Accounting Policies. His career also includes roles as Controller at GE Capital, Director of Corporate Reporting at Merrill Lynch, and Senior Manager at PricewaterhouseCoopers. Mr. Dolan is a certified public accountant (inactive).

Michelle Barbeau, Senior Vice President, Chief Revenue Officer

Michelle Barbeau has served as eHealth's Chief Revenue Officer since January 2024. She previously held the position of eHealth's Chief Marketing Officer from September 2022 to January 2024. Before joining eHealth, Ms. Barbeau led the marketing and communications strategy at AbleTo, a provider of virtual mental health services.

Gavin Galimi, Senior Vice President, General Counsel & Corporate Secretary

Gavin Galimi has served as eHealth's Senior Vice President, General Counsel and Corporate Secretary since June 2022. He brings extensive experience in the health insurance sector, including 15 years at UnitedHealth Group, where he most recently served as General Counsel for UnitedHealthcare Specialty Benefits. In 2017, Mr. Galimi co-founded Stratagem Investments, a private equity firm.

Ketan Babaria, Senior Vice President, Chief Digital & AI Officer

Ketan Babaria serves as eHealth's Senior Vice President, Chief Digital & AI Officer. In this role, he leads the company's product, design, engineering, IT, security, program management, and AI teams, focusing on enhancing the consumer experience and driving digital transformation at scale.

The key risks to eHealth's business (symbol: EHTH) are:

1. Regulatory Changes and Headwinds: eHealth operates in a highly regulated environment, with regulatory changes from the Centers for Medicare & Medicaid Services (CMS) being a significant factor impacting its business. These changes, such as new rules limiting dual-eligible beneficiaries from switching plans outside of main enrollment periods, have directly affected the number of approved Medicare Advantage (MA) members and contributed to revenue declines. Given that the Medicare segment historically accounts for approximately 90% of the company's total revenue, any adverse regulatory shifts pose a substantial risk.
2. Intense Competition and Customer Acquisition Costs: The online health insurance marketplace in which eHealth operates is intensely competitive. The company faces competition from other specialized online brokers, traditional insurance agencies adopting digital tools, and even insurance carriers expanding their direct sales channels. This crowded landscape creates significant pressure on customer acquisition costs and overall profitability. While management has reduced marketing spend to control costs, this strategy also carries the risk of lower brand visibility and slower customer acquisition, especially during critical periods like the Annual Enrollment Period (AEP).
3. Dependence on Medicare Segment and Lifetime Value (LTV) Revenue Recognition: eHealth's business is heavily concentrated in its Medicare segment, which is its primary revenue driver. The company's revenue model relies significantly on commissions from Medicare-related plans, with revenue recognition tied to the estimated "Present Value of Future Commissions" or the anticipated lifetime value (LTV) of a policyholder. A core risk arises when customer churn is higher than projected, necessitating downward revisions of LTV estimates, which can lead to substantial revenue write-downs and financial losses. This model exposes the company to inaccuracies in forecasting customer retention and future commission amounts.

eHealth (EHTH) operates in the health insurance marketplace in the United States, primarily focusing on Medicare-related products, as well as individual, family, and small business health insurance solutions. The addressable markets for its main products and services in the U.S. are substantial:

• Medicare Advantage: The U.S. Medicare Advantage market size was estimated at approximately $445.97 billion in 2025 and is projected to grow to about $1.06 trillion by 2034. In 2025, enrollment reached 34.1 million beneficiaries, representing 54% of all Medicare-eligible individuals in the U.S. By 2026, enrollment increased to 35.4 million beneficiaries, or 51% of the 69 million Medicare-eligible individuals. The Centers for Medicare & Medicaid Services (CMS) projects Medicare Advantage penetration to reach 60% by 2030, with an addressable market of 80 million members.
• Medicare Supplement (Medigap): The U.S. Medicare Supplement health insurance market was valued at $30.55 billion in 2025 and is estimated to reach approximately $50.33 billion by 2035. Another estimate placed the market size at $26.97 billion in 2022, growing to $27.90 billion in 2023, and projected to reach $39.26 billion by 2030. As of 2024, over 14 million Americans were enrolled in Medigap plans.
• Medicare Part D Prescription Drug Plans: In 2025, 54.8 million Medicare beneficiaries in the U.S. were enrolled in Medicare Part D plans. Spending on Part D benefits, net of premiums, is estimated to be $140 billion in 2026. Medicare Advantage Prescription Drug plans (MA-PDs) are the primary source of Part D drug coverage, with nearly 32 million enrollees in 2025, compared to 23 million enrollees in stand-alone Prescription Drug Plans (PDPs).
• Individual and Family Health Insurance: The U.S. individual health insurance market was valued at $1.60 trillion in 2022 and reached an estimated $1.6848 trillion in 2023. This market is projected to grow to $2.54 trillion by 2030. Approximately 18.2 million people were enrolled in the individual market in 2023.
• Small Business Health Insurance: The U.S. small business health insurance market was valued at $1.4643 billion in 2025 and is projected to grow at a compound annual growth rate (CAGR) of 5-7%. In 2022, more than 11 million people were enrolled in small-employer group health insurance plans. Individual Coverage Health Reimbursement Arrangement (ICHRA) enrollment among small businesses increased by 52% in 2025.

Here are 3-5 expected drivers of future revenue growth for eHealth (EHTH) over the next 2-3 years:

1. Growth in Medicare Advantage Enrollments and Market Share Expansion: eHealth has demonstrated consistent growth in Medicare Advantage approved members and overall Medicare enrollment. The company's leadership has highlighted gaining market share in the Medicare Advantage sector, a trend anticipated to continue as the Medicare-eligible population expands.
2. Enhanced Omnichannel Platform and Improved Conversion Rates: The company's investment in its omnichannel platform, which integrates online and telephonic engagement, is expected to drive future revenue growth through improved conversion rates. eHealth's "carrier-agnostic choice platform" is positioned as a valuable resource for beneficiaries navigating dynamic Medicare plan offerings.
3. Operational Efficiency and Business Transformation Initiatives: eHealth's ongoing business transformation program, including efforts to reduce fixed costs, optimize marketing spend, and leverage technology like AI for screening, is aimed at enhancing profitability and operational efficiency. These initiatives are expected to contribute to more sustainable revenue growth by improving unit economics.
4. Focus on Higher-Quality Customers and Member Retention: A strategic shift towards a "lifetime-advisory model" and a focus on acquiring and retaining higher-quality Medicare Advantage enrollments are key drivers. Improved member retention and a favorable mix of carriers are specifically noted as factors increasing Medicare Advantage Lifetime Value (LTV), which directly impacts long-term revenue.
5. Expansion of Ancillary Health Insurance Products: While Medicare remains a primary focus, eHealth is also pursuing diversification through adjacent product offerings. The significant growth in sales of ancillary products, such as hospital indemnity plans, indicates a promising avenue for additional revenue streams.

Share Repurchases

• eHealth has not engaged in significant company-wide share repurchase programs over the last three to five years.
• The company did repurchase shares to cover employee tax withholding obligations, amounting to approximately $5.9 million for the nine months ended September 30, 2021, and $2.9 million for the three months ended September 30, 2022.

Share Issuance

• In April 2021, eHealth issued and sold 2.25 million shares of Series A convertible preferred stock to an investment vehicle of H.I.G. Capital in a private placement, generating net proceeds of $214.0 million.
• The company realized net proceeds from the exercise of common stock options and employee stock purchases, totaling approximately $3.1 million for the nine months ended September 30, 2021, and $1.1 million for the nine months ended September 30, 2022.
• The number of common shares outstanding increased from 27.56 million in 2022 to 28.63 million in 2023, partly due to the issuance of shares, including Restricted Stock Units (RSUs) to directors in June 2025 as part of compensation.

Inbound Investments

• In April 2021, eHealth received a substantial inbound investment through the issuance and sale of 2.25 million shares of Series A convertible preferred stock to an investment vehicle of H.I.G. Capital, which resulted in net proceeds of $214.0 million.
• In early 2026, eHealth secured a new $125 million asset-based revolving credit facility with Manulife | Comvest Credit Partners, replacing an existing term loan.

Capital Expenditures

• Capitalized internal-use software and website development costs were approximately $7.3 million for the nine months ended September 30, 2021, and $12.5 million for the nine months ended September 30, 2022.
• Purchases of property and equipment and other assets amounted to approximately $2.7 million for the nine months ended September 30, 2021, and $0.2 million for the nine months ended September 30, 2022.
• A new growth strategy, announced in February 2026, outlines future investments in enhanced technology, integrated data, advisor enablement tools, and a comprehensive service ecosystem, leveraging AI and advanced analytics. The new $125 million credit facility also allocates capital for AI-driven capabilities and diversification.