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eHealth runs a private health insurance marketplace where consumers compare plans and apply online or with help from licensed advisors by phone. Consumers use these services for free; insurance carriers pay eHealth for bringing them policyholders. eHealth acts as an intermediary, not the insurer bearing the risk of claims.
Medicare plans account for nearly all its revenue, with Medicare Advantage commissions providing the largest share. It also sells Medicare Supplement and prescription drug coverage, while individual, family and employer insurance form a much smaller business. For Medicare Advantage and Part D plans, carriers generally pay an initial commission after approval and coverage begins, then ongoing commissions while members keep their plans and eHealth remains their designated broker. Member retention matters because leaving a plan or switching to another broker ends the related commissions. Marketing and enrollment costs come upfront, while commission cash arrives over time.
Humana, UnitedHealthcare and Aetna together supply most of eHealth’s revenue. Its carrier agreements are generally non-exclusive and can be ended on short notice. Selling insurance requires state licenses, and Medicare marketing and sales must follow regulatory rules; carriers must approve its websites, sales scripts and much of its marketing before use.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
eHealth depends on Medicare enrollment, retention and carrier commissions, so watch UnitedHealthcare and Aetna—absent from this list—which supplied 23% and 5% of its 2025 revenue, respectively.
SelectQuote's Senior business competes with eHealth to help Medicare beneficiaries enroll in insurers' plans; insurers pay both companies commissions tied to enrollment and policy retention. Watch Senior's enrollment and retention results for a read on the competition eHealth faces for Medicare customers.
eHealth depends heavily on Humana, which pays it to help consumers enroll in Humana health plans and supplied 35% of eHealth's total revenue in 2025. Watch Humana's Medicare membership and its distribution relationship with eHealth: losing members or that relationship could hurt eHealth's revenue.
WTW's Via Benefits marketplace competes with eHealth to help Medicare-eligible consumers compare and enroll in health plans. WTW also earns commissions or fees for arranging insurance and advising clients, so its overall results include extensive businesses outside this overlap with eHealth.
eHealth, Inc. earningsThis company
Most of eHealth’s revenue comes from commissions on Medicare plans, and this report will show whether newly approved members are helping sustain that income.
Read new Medicare approvals alongside commission revenue, and separate that revenue from upward revisions to estimates for earlier enrollments. More new approvals with commission growth that does not mainly depend on those revisions would show fresh business is contributing; fewer approvals with growth driven mostly by revised past estimates would show weaker support from new enrollment.
SelectQuote, Inc. earningsSLQT
SelectQuote’s Senior business shows whether it is enrolling and keeping Medicare customers in the market where it competes with eHealth.
Read SelectQuote’s Senior enrollments together with retention. If both strengthen, the rival is enrolling and keeping more Medicare customers, increasing the competitive pressure on eHealth to win and retain members; if either or both weaken, there is less evidence that SelectQuote is gaining ground, but that does not mean eHealth gained those customers.
Humana Inc. earningsHUM
Humana supplied 35% of eHealth’s revenue in 2025, and its report will show how the carrier’s Medicare business is changing.
Read Humana’s Medicare membership alongside its Medicare business results. Growing membership and solid results would support the health of a carrier that supplied 35% of eHealth’s 2025 revenue, but would not prove eHealth gained members or commissions from Humana; declines would raise concern about eHealth’s reliance on that source. eHealth’s own approval and commission figures show what the channel actually brought in.
