eHealth, Inc.

Previous wording

We are a leading private health insurance marketplace with a technology and service platform that provides consumer engagement, education and health insurance enrollment solutions. Our mission is to expertly guide consumers, or beneficiaries, through their health insurance enrollment and related options, when, where, and how they prefer. Our platform leverages technology to solve a critical problem in a large and growing market by aiding consumers in what has traditionally been a complex, confusing and opaque health insurance purchasing process. Our omnichannel consumer engagement platform differentiates our offering from competitors and enables consumers to use our services through our self-service online platform, by telephone with a licensed and trained insurance agent, or benefit advisor, or through a hybrid online assisted interaction that includes live agent chat and co-browsing capabilities. We have created a consumer-centric marketplace that offers consumers a broad choice of insurance products that includes thousands of Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual, family, small business and other ancillary health insurance products from over 180 health insurance carriers nationwide, including approximately 50 Medicare health insurance carriers. Our plan recommendation tool curates this broad plan selection by analyzing consumer health-related information against plan data for insurance coverage fit. This tool is supported by a unified data platform and is available to our ecommerce consumers and our benefit advisors. We strive to be the most trusted, unbiased, transparent partner to consumers in their journeys through the health insurance market.

Current wording

We are a leading private health insurance marketplace with a technology and service platform that provides consumer engagement, education and health insurance enrollment solutions. Our mission is to expertly guide consumers, or beneficiaries, through their health insurance enrollment and related options, when, where, and how they prefer. Our platform leverages technology to solve a critical problem in a large and growing market by aiding consumers in what has traditionally been a complex, confusing and opaque health insurance purchasing process. Our omnichannel consumer engagement platform differentiates our offering from competitors and enables consumers to use our services through our self-service online platform, by telephone with a licensed and trained insurance agent, or benefit advisor, or through a hybrid online assisted interaction that includes live agent chat and co-browsing capabilities. We have created a consumer-centric marketplace that offers consumers a broad choice of insurance products that includes thousands of Medicare Advantage, Medicare Supplement, Medicare Part D prescription drug, individual, family, small business and other ancillary health insurance products from over 180 health insurance carriers nationwide, including approximately 50 Medicare health insurance carriers. Our plan recommendation tool curates this broad plan selection by analyzing consumer health-related information against plan data for insurance coverage fit. This tool is supported by a unified data platform and is available to our ecommerce consumers and our benefit advisors. We strive to be the most trusted, unbiased and transparent partner to consumers in their journeys through the health insurance market.

Previous wording

Entering fiscal 2026, we aligned the organization around a clear strategic framework designed to leverage our core strengths to build a strong foundation for future growth, adapt to a structurally evolving Medicare market and prioritize sustainable operating cash flow generation. In the first quarter of 2026, we initiated the build of our lifetime advisory operating model, which was formally launched in the second quarter of 2026. We released new advisor-facing technology tools that are expected to enhance the beneficiary experience and ultimately, our lifetime advisory operating model is expected to drive increased member lifetime value, improved retention and build on consumer brand recognition and member loyalty for our Medicare segment. As part of this initiative, we are also broadening our ancillary product selection to offer more comprehensive coverage options to consumers. During April of 2026, we expanded our product portfolio with the introduction of final expense insurance, which covers end-of-life insurance and supports our strategic initiative to expand our product and service offerings. In the under 65 market, we are pursuing measured investment in the Individual Coverage Health Reimbursement Arrangement (“ICHRA”) capabilities that we believe will allow us to better serve the employer market and extend our platform to brokers with strong employer relationships.

Current wording

We believe our lifetime advisory model could over time drive improved member retention and increased member lifetime value, as well as build on consumer brand recognition and member loyalty for our Medicare segment. As part of this initiative, we are also focusing on broadening our ancillary product and service selection to offer more comprehensive coverage options to consumers. During the second quarter of 2026, we expanded our product portfolio with the introduction of our final expense insurance offering, which covers end-of-life insurance. We also observed encouraging early engagement trends related to ancillary product cross-sell activities through our lifetime advisory model. While still early, we believe this model could create opportunities to enhance cross-selling of ancillary products. Cross-sell rates represent advisor-assisted ancillary product applications submitted for consumers age 65 and older in relation to the number of advisor-assisted applications for major medical Medicare products, including Medicare Advantage and Medicare Supplement plans. Additionally, in the under 65 market, we continue to pursue measured investment in ICHRA capabilities that we believe will allow us to better serve the employer market and extend our platform to brokers with strong employer relationships.

Previous wording

our workforce and targeted reductions in vendor spend. While we recognized some cost savings from this initiative during the first quarter of 2026, we expect to deliver greater savings throughout the rest of the fiscal year.

Current wording

During the first quarter of 2026, we implemented a company-wide fixed cost expense reduction initiative in which we eliminated approximately 14% of our workforce and targeted reductions in vendor spend. We have recognized cost savings from this initiative during the first six months of 2026, and we expect to continue to recognize savings throughout the rest of the fiscal year.

Previous wording

Approved members represent the number of individuals on submitted applications, or submissions, which were approved by the relevant insurance carrier for the identified product during the current period for which we are the broker of record. The applications may be submitted in either the current period or prior periods. Not all approved members ultimately become paying members.

Current wording

Approved members represent the number of individuals on submitted applications, or submissions, for which we are the broker of record, that were approved by the applicable insurance carrier for the identified product during the current period. The applications may be submitted in either the current period or prior periods. Approved members may not ultimately become paying members.

Previous wording

Three Months Ended March 31, 2026 and 2025 – Total approved members declined 21% during the three months ended March 31, 2026 compared to the same period in 2025, driven by:

Current wording

Three Months Ended June 30, 2026 and 2025 – Total approved members declined 36% during the three months ended June 30, 2026 compared to the same period in 2025, driven by:

Previous wording

availability, resulting in beneficiaries shifting away from standalone Medicare Part D plans towards Medicare Advantage plans that include prescription drug coverage.

Current wording

◦an 80% decline in Medicare Part D approved members due to the continuous impact of regulatory changes that adversely impacted standalone Medicare Part D plan economics and availability, resulting in beneficiaries shifting away from standalone Medicare Part D plans towards Medicare Advantage plans that include prescription drug coverage.

Previous wording

•a 38% decline in individual and family plan approved members primarily driven by lower qualified health plan approved members following the removal of government subsidies, which both reduced overall demand and drove a partial shift towards non-qualified health plans, along with an overall decline in variable marketing spend;

Current wording

•a 28% decline in individual and family plan approved members primarily driven by lower qualified health plan approved members following the removal of government subsidies, which both reduced overall demand and drove a partial shift towards non-qualified health plans, along with an overall decline in variable marketing spend;

Previous wording

•a 24% decline in Medicare approved members, primarily as a result of:

Current wording

•a 30% decline in Medicare approved members, primarily as a result of:

Previous wording

◦a 23% decline in Medicare Advantage approved members due to a 25% decrease in Medicare Advantage broker of record submissions resulting from an intentional decrease in variable marketing spend;

Current wording

◦a 29% decline in Medicare Advantage approved members primarily due to an intentional decrease in variable marketing spend which resulted in a 31% decline in Medicare Advantage broker of record submissions;

Previous wording

◦a 2% decline in Medicare Supplement approved members, primarily due to an intentional decrease in variable marketing spend, partially offset by the approval timing of certain applications that were submitted in the fourth quarter of 2025; and

Current wording

◦a 19% decline in Medicare Supplement approved members, primarily due to an intentional decrease in variable marketing spend, partially offset by the approval timing of certain applications that were submitted in the fourth quarter of 2025; and

Previous wording

◦a 69% decline in Medicare Part D approved members due to the continuous impact of regulatory changes that adversely impacted standalone Medicare Part D plan economics and

Current wording

◦a 73% decline in Medicare Part D approved members due to the continuous impact of regulatory changes that adversely impacted standalone Medicare Part D plan economics and availability, resulting in beneficiaries shifting away from standalone Medicare Part D plans towards Medicare Advantage plans that include prescription drug coverage.

Previous wording

•relatively flat ancillary approved members year-over-year primarily due to continued targeted increases in hospital indemnity plan members, which were offset by decreases in short-term, dental and vision plan approved members; and

Current wording

•a 6% decline in ancillary approved members year-over-year primarily due to decreases in short-term, dental and vision plan approved members, partially offset by targeted increases in hospital indemnity plan members; and

Previous wording

•an 8% increase in small business health plan approved members primarily driven by an intentional increase in variable marketing spend toward employer plans.

Current wording

•a 12% increase in small business health plan approved members primarily driven by an intentional increase in variable marketing spend toward employer plans as well as an increase in average group size for existing plans.

Previous wording

(2)The constraints applied to the total estimated lifetime value of commissions we expect to receive for selling the plan after the carrier approves an application in order to derive the constrained LTV of commissions for approved members recognized for Medicare Advantage, Medicare Supplement and Medicare Part D were 5.5%, 4% and 7%, respectively, for the three months ended March 31, 2026 and 5.5%, 9% and 7%, respectively, for the three months ended March 31, 2025.

Current wording

(2)The constraints applied to the total estimated lifetime value of commissions we expect to receive for selling the plan after the carrier approves an application in order to derive the constrained LTV of commissions for approved members recognized for Medicare Advantage, Medicare Supplement and Medicare Part D were 5.5%, 4% and 7%, respectively, for the three months ended June 30, 2026 and 2025.

Previous wording

•a 19% increase in Medicare Supplement plans, primarily due to favorable carrier and contract mix, a decrease in the constraint from 9% to 4% due to observed LTV trends, favorable retention assumptions for the first quarter 2026 cohorts compared to the first quarter 2025 cohorts and an increase in the ratio of approved members who became paying members, partly offset by an unfavorable cohort mix;

Current wording

•a 16% increase in Medicare Supplement plans, primarily due to favorable carrier and contract mix and favorable retention assumptions for the second quarter 2026 cohorts compared to the second quarter 2025 cohorts and an increase in the ratio of approved members who became paying members, partly offset by an unfavorable cohort mix;

Previous wording

•a 3% increase in vision plans due to favorable carrier and contract mix, partially offset by unfavorable retention trends for the first quarter 2026 cohorts compared to the first quarter 2025 cohorts; and

Current wording

•a 52% increase in Medicare Part D plans, primarily driven by favorable carrier and contract mix, partially offset by unfavorable retention assumptions for the second quarter 2026 cohorts compared to the second quarter 2025 cohorts;

Previous wording

•a 5% decrease in non-qualified health plans, primarily due to unfavorable carrier and contract mix, unfavorable retention trends for the first quarter 2026 cohorts compared to the first quarter 2025 cohorts and a decline in the ratio of approved members who became paying members;

Current wording

•a 13% decrease in qualified health plans, primarily due to a decrease in the ratio of approved members who became paying members and unfavorable retention assumptions for the second quarter 2026 cohorts compared to the second quarter 2025 cohorts;

Previous wording

•a 14% increase in short-term plans, primarily driven by favorable carrier and contract mix, partly offset by unfavorable cohort mix;

Current wording

•a 14% increase in short-term plans, primarily driven by favorable cohort mix;

Previous wording

After we have estimated membership as of a specified date, we may receive information from health insurance carriers that would have impacted the estimate if we had received the information prior to the date of estimation. We may receive commission payments or other information that indicates that a member who was not included in our estimates for a prior period was in fact an active member at that time, or that a member who was included in our estimates was in fact not an active member of ours. For instance, we reconcile information carriers provide to us and may determine that we were not historically paid commissions owed to us, which would cause us to have underestimated membership. Conversely, carriers may require us to return commission payments paid in a prior period due to policy cancellations for members we previously estimated as being active. We do not update our estimated membership numbers reported in previous periods. Instead, we reflect updated information regarding our historical membership in the membership estimate for the current period. If we experience a significant variance in historical membership as compared to our initial estimates, while we keep the prior period data consistent with previously reported amounts, we may provide the updated information in other communications or disclosures. As a

Current wording

After we have estimated membership as of a specified date, we may receive information from health insurance carriers that would have impacted the estimate if we had received the information prior to the date of estimation. We may receive commission payments or other information that indicates that a member who was not included in our estimates for a prior period was in fact an active member at that time, or that a member who was included in our estimates was in fact not an active member of ours. For instance, we reconcile information carriers provide to us and may determine that we were not historically paid commissions owed to us, which would cause us to have underestimated membership. Conversely, carriers may require us to return commission payments paid in a prior period due to policy cancellations for members we previously estimated as being active. We do not update our estimated membership numbers reported in previous periods. Instead, we reflect updated information regarding our historical membership in the membership estimate for the current period. If we experience a significant variance in historical membership as compared to our initial estimates, while we keep the prior period data consistent with previously reported amounts, we may provide the updated information in other communications or disclosures. As a result of the delay in our receipt of information from insurance carriers, actual trends in our membership are most discernible over periods longer than from one quarter to the next, making it difficult for us to determine with any certainty the impact of current conditions on our membership retention. Various circumstances could cause the assumptions and estimates that we make in connection with estimating our membership to be inaccurate, which would cause our membership estimates to be inaccurate.

Previous wording

March 31, 2026 compared to March 31, 2025 – Total estimated membership declined 8% as of March 31, 2026 compared to March 31, 2025 primarily due to:

Current wording

June 30, 2026 compared to June 30, 2025 – Total estimated membership declined 9% as of June 30, 2026 compared to June 30, 2025 primarily due to:

Previous wording

•a 10%, 19% and 16% decline year-over-year in Medicare plan, individual and family plan and small business plan estimated membership, respectively, primarily as a result of fewer approved applications and heightened market volatility;

Current wording

•a 10%, 25% and 17% decline year-over-year in Medicare plan, individual and family plan and small business plan estimated membership, respectively, primarily as a result of fewer approved applications and heightened market volatility;

Previous wording

•partially offset by a 4% increase year-over-year in an ancillary plan estimated membership primarily driven by an increase in hospital indemnity plan estimated membership.

Current wording

•partially offset by a 2% increase year-over-year in ancillary plan estimated membership primarily driven by an increase in hospital indemnity plan estimated membership.

Previous wording

The numerator used to calculate each member acquisition metric discussed above is the portion of the respective operating expenses for CC&E and marketing and advertising that is directly related to member acquisition for our sale of Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans (collectively, “Medicare Plans”) and for all individual and family major medical plans and short-term health insurance plans (collectively, “IFP Plans”), respectively, for which we are the broker of record. The denominator used to calculate each metric is based on a derived metric that represents the relative value of the new members acquired. For Medicare Plans, we call this derived metric Medicare Advantage (“MA”)-equivalent approved members, and for IFP Plans, we call this derived metric IFP-equivalent approved members. The calculations for MA-equivalent approved members and for IFP-equivalent approved members are based on the weighted number of approved members for Medicare Plans and IFP Plans during the period, with the number of approved members adjusted based on the relative LTV of the product they are purchasing. Since the LTV for any product fluctuates from period to period, the weight given to each product was determined based on their relative LTVs at the time of our adoption of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

Current wording

acquisition for our sale of Medicare Advantage, Medicare Supplement and Medicare Part D prescription drug plans (collectively, “Medicare Plans”) and for all individual and family major medical plans and short-term health insurance plans (collectively, “IFP Plans”), respectively, for which we are the broker of record. The denominator used to calculate each metric is based on a derived metric that represents the relative value of the new members acquired. For Medicare Plans, we call this derived metric Medicare Advantage (“MA”)-equivalent approved members, and for IFP Plans, we call this derived metric IFP-equivalent approved members. The calculations for MA-equivalent approved members and for IFP-equivalent approved members are based on the weighted number of approved members for Medicare Plans and IFP Plans during the period, with the number of approved members adjusted based on the relative LTV of the product they are purchasing. Since the LTV for any product fluctuates from period to period, the weight given to each product was determined based on their relative LTVs at the time of our adoption of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers.

Previous wording

•partially offset by a $32, or 9%, increase in CC&E cost per MA-equivalent approved member primarily due to:

Current wording

•a $277, or 42%, increase in CC&E cost per MA-equivalent approved member primarily due to:

Previous wording

◦a decline in the number of Medicare Advantage approved members driven by our intentional decrease in variable marketing spend;

Current wording

◦a decline in the number of approved members across all Medicare products, driven by our intentional decrease in variable marketing spend as we focused on existing member engagement outside of the key enrollment periods;

Previous wording

◦partially offset by lower overall personnel and compensation costs, primarily driven by fewer benefit advisors and screeners year-over-year, despite retaining benefit advisors to support the launch of our lifetime advisory model in the second quarter of 2026.

Current wording

◦partially offset by lower overall personnel and compensation costs, primarily driven by fewer benefit advisors and screeners year-over-year as well as our flexible telesales organization structure;

Previous wording

•a $110, or 28%, decrease in variable marketing cost per MA-equivalent approved member primarily due to more disciplined marketing spend, improved marketing channel mix and continued marketing efficiencies from our branding initiatives that enhance lead quality and conversion rates in both our telesales and online unassisted channels;

Current wording

•partially offset by a $98, or 23%, decrease in variable marketing cost per MA-equivalent approved member primarily due to more disciplined marketing spend, improved marketing channel mix and continued marketing efficiencies from our branding initiatives that enhanced lead quality and conversion rates in our online unassisted channels.

Previous wording

Three Months Ended March 31, 2026 and 2025 – Total acquisition cost per IFP-equivalent approved member increased $67, or 22%, during the three months ended March 31, 2026 compared to the same period in 2025, driven by:

Current wording

Three Months Ended June 30, 2026 and 2025 – Total acquisition cost per IFP-equivalent approved member increased $53, or 10%, during the three months ended June 30, 2026 compared to the same period in 2025, driven by:

Previous wording

•a $94, or 50%, increase in CC&E cost per IFP-equivalent approved member due to the overall decline in individual and family plan and short-term plan approved members; and

Current wording

•a $68, or 16%, increase in CC&E cost per IFP-equivalent approved member due to the overall decline in individual and family plan and short-term plan approved members;

Previous wording

•a $27, or 23%, decrease in variable marketing cost per IFP-equivalent approved member, primarily driven by our intentional decrease in variable marketing spend year-over-year.

Current wording

•partially offset by a $15, or 15%, decrease in variable marketing cost per IFP-equivalent approved member, primarily driven by our intentional decrease in variable marketing spend year-over-year.

Previous wording

Three Months Ended March 31, 2026 and 2025 – Commission revenue decreased $19.1 million, or 19%, during the three months ended March 31, 2026 compared to the same period in 2025 due to:

Current wording

Three Months Ended June 30, 2026 and 2025 – Commission revenue decreased $24.9 million, or 46%, during the three months ended June 30, 2026 compared to the same period in 2025 due to:

Previous wording

◦partially offset by higher constrained LTV of commissions per approved member across all Medicare plans.

Current wording

◦lower constrained LTV of commissions per approved member for qualified health plans, non-qualified health plans and vision plans, slightly offset by higher constrained LTV of commissions per approved member for short-term, dental and small business plans; and

Previous wording

•a $16.5 million, or 18%, decline in commission revenue from the Medicare segment driven by:

Current wording

•a $40.5 million, or 29%, decline in commission revenue from the Medicare segment driven by:

Previous wording

•a $2.6 million, or 29% decrease in commission revenue from the E&I segment primarily driven by:

Current wording

•a $3.6 million, or 30% decrease in commission revenue from the E&I segment primarily driven by:

Previous wording

Other revenue decreased $6.0 million, or 42%, due to a $6.5 million decline in sponsorship and advertising revenue, partially offset by a $0.5 million increase in fee-based and other revenue.

Current wording

Other revenue decreased $8.3 million, or 41%, due to an $8.9 million decline in sponsorship and advertising revenue, partially offset by a $0.7 million increase in fee-based and other revenue.

Previous wording

Three Months Ended March 31, 2026 and 2025 – Marketing and advertising expenses decreased $15.8 million, or 38%, during the three months ended March 31, 2026 compared to the same period in 2025, driven by a $15.4 million decrease in variable advertising costs as we strategically reduced our overall marketing budget and focused on our higher margin marketing channels.

Current wording

Six Months Ended June 30, 2026 and 2025 – Marketing and advertising expenses decreased $25.4 million, or 41%, during the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by a $23.5 million decrease in variable advertising costs, a $1.1 million decrease in fixed marketing costs, a $0.6 million decrease in personnel and compensation costs and a $0.4 million decrease in stock-based compensation expense. The decrease in variable advertising costs was primarily a result of our intentionally reduced overall marketing budget and our focus on our higher margin marketing channels.

Previous wording

Three Months Ended March 31, 2026 and 2025 – Customer care and enrollment expenses decreased $4.9 million, or 13%, during the three months ended March 31, 2026 compared to the same period in 2025, primarily due to a $5.5 million decrease in personnel and compensation costs due to lower headcount, reflecting our strategic decision to reduce benefit advisor spend as we planned for lower investment in member acquisition activities, partly offset by a $0.6 million increase in other operating expenses due to higher consulting and software costs.

Current wording

Six Months Ended June 30, 2026 and 2025 – Customer care and enrollment expenses decreased $10.5 million, or 16%, during the six months ended June 30, 2026 compared to the same period in 2025, primarily due to a $10.6 million decrease in personnel and compensation costs due to lower headcount, reflecting our strategic decision to reduce benefit advisor spend as we planned for lower investment in member acquisition activities and continued to use a more flexible structure in our telesales organization to adjust to anticipated enrollment volumes.

Previous wording

Three Months Ended March 31, 2026 and 2025 – Technology and content expenses decreased $1.3 million, or 10%, during the three months ended March 31, 2026 compared to the same period in 2025, primarily driven by a $0.7 million decrease in amortization of internally developed software, a $0.4 million decrease in stock-based compensation expense and $0.3 million decrease in other operating costs, particularly consulting expenses.

Current wording

Six Months Ended June 30, 2026 and 2025 – Technology and content expenses decreased $1.3 million, or 6%, during the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by a $0.9 million decrease in amortization of internally developed software, a $0.7 million decrease in stock-based compensation expense and a $0.6 million decrease in other operating costs, particularly consulting expenses, partly offset by a $0.8 million increase in personnel and compensation costs.

Previous wording

These decreases reflect the initial impact from our company-wide fixed cost expense reduction initiative implemented in January of 2026.

Current wording

Three Months Ended June 30, 2026 and 2025 – General and administrative expenses decreased $6.0 million, or 28%, during the three months ended June 30, 2026 compared to the same period in 2025, primarily driven by a $3.7 million decrease in personnel and compensation costs, a $0.9 million decrease in stock-based compensation expense, a $0.6 million decrease in facilities and other operating expenses, a $0.4 million decrease in professional fees and a $0.3 million decrease other operating costs. These decreases were all reflective of the initial impact from our company-wide fixed cost expense reduction initiative implemented in January of 2026.

Previous wording

Three Months Ended March 31, 2026 and 2025 – General and administrative expenses decreased $1.8 million, or 10%, during the three months ended March 31, 2026 compared to the same period in 2025, primarily driven by a $1.3 million, $0.9 million and $0.3 million decrease in personnel and compensation costs, stock-based compensation expense and facilities and other operating expenses, respectively, all reflective of the initial impact from our company-wide fixed cost expense reduction initiative implemented in January of 2026, partly offset by an increase of $0.9 million in professional fees.

Current wording

Six Months Ended June 30, 2026 and 2025 – General and administrative expenses decreased $7.8 million, or 20%, during the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by a $4.9 million decrease in personnel and compensation costs, a $1.8 million decrease in stock-based compensation expense and a $0.9 million decrease in facilities and other operating expenses. These decreases were all reflective of the initial impact from our company-wide fixed cost expense reduction initiative implemented in January of 2026.