On this page of StockholderLetter.com we present the latest annual shareholder letter from eHealth, Inc. — ticker symbol EHTH. Reading current and past EHTH letters to shareholders can bring important insights into the investment thesis.

$Dear Fellow Stockholders, $V UH HFW RQ WKH MRXUQH\ RI H+HDOWK RYHU WKH SDVW \HDU DP OOHG ZLWK LPPHQVH SULGH LQ ZKDW our organization has accomplished and excitement about the path ahead. In an industry marked by continuous change and growing complexity, eHealth has not only adapted but WKULYHG 7KH KHDOWKFDUH ODQGVFDSH FRQWLQXHV WR HYROYH UDSLGO\ ZLWK consumerV IDFLQJ LQFUHDVLQJO\ FRPSOH[ FKRLFHV WKDW KDYH SURIRXQG LPSOLFDWLRQV IRU WKHLU KHDOWK DQG QDQFLDO ZHOOEHLQJ The 0HGLFDUH $GYDQWDJH ( MA ) market in particular saw unprecedented disruption in 2024, as carriers experienced higher medical cost trends and regulatory pressures. This resulted in VLJQL FDQW EHQH W DQG SUHPLXP FKDQJHV DV ZHOO DV SODQ FDQFHOODWLRQV DQG PDUNHW H[LWV $OO RI these IDFWRUV impacted 0HGLFDUH EHQH FLDULHV during WKH IRXUWK TXDUWHU annual enrollment period ( AEP ). :KLOH WKHVH FKDQJHV FUHDWHG FKDOOHQJHV IRU PDQ\ WKH\ DOVR KLJKOLJKWHG WKH GLVWLQFW YDOXH RI eHealth's carrier-DJQRVWLF FKRLFH SODWIRUP )RU EHQH FLDULHV ZH R HU a broad VHOHFWLRQ RI SODQV UHODWLYH WR RXU SHHUV ZKLOH UHPDLQLQJ WUXO\ FDUULHU DJQRVWLF :H EHOLHYH ZH DUH GL HUHQWLDWHG LQ RXU GHOLYHU\ RI H[FHSWLRQDO FXVWRPHU H[SHULHQFH H+HDOWK V H[SHUW WHDPV RI OLFHQVHG EHQH W DGYLVRUV DQG ULFK VXLWH RI RPQLFKDQQHO HQUROOPHQW WRROV including our XQLTXH HQG-to-end online enrollment engine SURYLGH RXU FXVWRPHUV JXLGDQFH WKrough a FRPSOH[ DQG KLJK VWDNHV SODQ VHOHFWLRQ SURFHVV LQ D SUHVVXUH IUHH HQYLURQPHQW 2XU WUDQVIRUPDWLRQDO MRXUQH\ RYHU WKH SDVW WKUHH \HDUV KDV UHVKDSHG H+HDOWK LQWR D PRUH H FLHQW FRQVXPHU-FHQWULF RUJDQL]DWLRQ :H KDYH UHEXLOW RXU RSHUDWLRQDO IRXQGDWLRQ HQKDQFHG RXU WHFKQRORJ\ LQIUDVWUXFWXUH DQG VWUHQJWKHQHG RXU PDUNHWLQJ FDSDELOLWLHs, DFKLHYLQJ PDUNHWLQJ H[FHOOHQFH DQG VWURQJ VDOHV SHUIRUPDQFH $GGLWLRQDOO\ ZH KDYH FXOWLYDWHG GHHSHU FDUULHU UHODWLRQVKLSV DGYDQFHG RXU GLYHUVL FDWLRQ IRFXV DQG PDGH LPSRUWDQW RSHUDWLQJ PRGHO FKDQJHV 7KHVH LQYHVWPHQWV KDYH FUHDWHG D VFDODEOH SODWIRUm that DOORZV XV WR FDSLWDOL]H RQ LQFUHDVHG FRQVXPHU GHPDQG ZKLOH PDLQWDLQLQJ GLVFLSOLQHG QDQFLDO management. Our strategic direction and priorities, coupled with continued momentum in RXU QDQFLDO SHUIRUPDQFH WHFKQRORJLFDO LQQRYDWLRQ DQG PDQDJHPHQW JRYHUQDQFH LPSURYHPHQWV KDYH GULYHQ FRPSDQ\ UHFRJQLWLRQ DQG FRUSRUDWH UHSXWDWLRQ DGYDQFHPHQW 7KLV \HDU KDV EHHQ D WHVWDPHQW WR WKH SRZHU RI WHDPZRUN IRFXV DQG H[HFXWLRQ VKRZFDVLQJ RXU VHFWRU OHDGHUVKLS ZLWK UHJXODWRU\ DQG JRYHUQPHQW UHODWLRQV DQG WKH FRQWLQXHG HYROXWLRQ RI RXU RUJDQL]DWLRQDO FXOWXUH eHealth, Inc. Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN www.ehealth.com$
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$Key Achievements Driving Our Success 6HYHUDO NH\ RSHUDWLRQDO DFKLHYHPHQWV GURYH RXU RXWSHUIRUPDQFH LQ Brand Recognition and Direct Marketing Excellence: Our marketing organization VXFFHVVIXOO\ GURYH OHDGV within our direct channels through GLVWLQFWLYH brand building, UH QHG DXGLHQFH WDUJHWLQJ DQG FRPSHOOLQJ PHVVDJLQJ 7RWDO DLGHG EUDQG DZDUHQHVV increased materially year-RYHU-year, and our branded direct marketing channels GURYH VLJQL FDQW JURZWK LQ IRXUWK TXDUWHU HQUROOPHQWV FRPSDUHG WR WKH SUHYLRXV \HDU Superior Telesales Performance: 2XU WHOHVDOHV RUJDQL]DWLRQ DFKLHYHG VXEVWDQWLDO FRQYHUVLRQ UDWH JDLQV ZLWKLQ RXU MA Agency DQG $PSOLI\ enrollment models. This VXFFHVV ZDV GULYHQ E\ RXU ODUJHU QXPEHU RI WHQXUHG EHQH W DGYLVRUV compared with the prior year DQG RXU DELOLW\ WR QDUURZ WKH SHUIRUPDQFH JDS EHWZHHQ QHZ DQG VHDVRQHG DGYLVRUV Digital Innovation: :H LQYHVWHG LQ VWUHDPOLQLQJ DQG SHUVRQDOL]LQJ WKH FRQVXPHU H[SHULHQFH RQ RXU SODWIRUP FUHDWLQJ D PRUH VHDPOHVV RZ IURP RQOLQH DGV LQWR tailored landing pages. :H EHOLHYH WKDW WKHVH LPSURYHPHQWV GURYH PRUH YLVLWRUV WR RXU RQOLQH SODWIRUP DQG KHOSHG FRQYHUW them at a higher rate, resulting in a sizable increase in online unassisted applications. In 2024, wH DOVR LQWURGXFHG /LYH$GYLVHTM, our oneZD\ YLGHR FKDW FDSDELOLW\ ZKLFK DGGV D SHUVRQDOL]HG WRXFK WR WKH HQUROOPHQW SURFHVV DQG KHOSV EXLOG WUXVW EHWZHHQ RXU DGYLVRUV DQG EHQH FLDULHV + 75867 &HUWL FDWLRQ: In 2024 eHealth DFKLHYHG +HDOWK QIRUPDWLRQ 7UXVW $OOLDQFH (+ 75867) L FHUWL FDWLRQ GHPRQVWUDWLQJ RXU FRPPLWPHQW WR UREXVW LQIRUPDWLRQ VHFXULW\ GDWD SURWHFWLRQ DQG UHJXODWRU\ FRPSOLDQFH 7R UHFHUWLI\ DQQXDOO\ ZH DUH DFFRXQWDEOH IRU PDLQWDLQLQJ WKH KLJKHVW VWDQGDUGV RI VHFXULW\ DQG FRPSOLDQFH strengthening our reputation as a trusted EUDQG IRU FXVWRPHUs. Trustpilot Rating: H+HDOWK PDLQWDLQV D RXW RI UDWLQJ RQ 7UXVWSLORW EDVHG RQ IHHGEDFN IURP PRUH WKDQ FXVWRPHU UHYLHZV UH HFWLQJ VWURQJ FXVWRPHU VDWLVIDFWLRQ DQG WUXVW 7KH FRPSDQ\ LV DOVR DFFUHGLWHG E\ WKH %HWWHU %XVLQHVV %XUHDX %%% ZLWK DQ $ UDWLQJ UHLQIRUFLQJ RXU FRPPLWPHQW WR VHUYLFH H[FHOOHQFH Member Retention: :H VXFFHVVIXOO\ HQJDJHG RXU H[LVWLQJ PHPEHUV WKURXJK SURDFWLYH RXWUHDFK SDUWLFXODUO\ IRFXVLQJ RQ WKRVH LPSDFWHG E\ SODQ FDQFHOODWLRQV DQG FDUULHU market exits. Our proprietary online tools, such as MatchMonitorTM, enabled members WR EHWWHU XQGHUVWDQG FKDQJHV WR WKHLU FRYHUDJH DQG DVVHVV WKHLU RSWLRQV Great Place to Work: &HUWL HG E\ *UHDW 3ODFH WR :RUNp LQ EDVHG RQ HPSOR\HH IHHGEDFN KLJKOLJKWV PHDQLQJIXO SURJUHVV WRZDUGV FUHDWLQJ DQ HQYLURQPHQW ZKHUH HPSOR\HHV DUH HPSRZHUHG DQG HQJDJHG OHDGLQJ WR H[FHSWLRQDO FXVWRPHU VHUYLFH DQG stronger business outcomes. We are committed to building on this momentum, UHFRJQL]LQJ WKDW D JUHDW HPSOR\HH H[SHULHQFH GULYHV VXVWDLQDEOH JURZWK DQG ORQJ-term VKDUHKROGHU YDOXH eHealth, Inc. Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN www.ehealth.com 3$
$Looking Ahead: Our 2025 Strategic Priorities $V ZH PRYH IRUZDUG ZH UHPDLQ IRFXVHG RQ EXLOGLQJ D VXVWDLQDEO\ SUR WDEOH FDVK- RZ JHQHUDWLYH EXVLQHVV WKURXJK VFDOHG GL HUHQWLDWLRQ LQ MA AJHQF\ VHUYLFHV DQG WDUJHWHG GLYHUVL FDWLRQ 2XU VWUDWHJLF SULRULWLHV IRU LQFOXGH WKH IROORZLQJ: 1. Expanding Brand Recognition: We aim to extend our brand reach across all direct marketing channels and beyond our core MA products. 2. Enhancing Customer Loyalty: We plan to strengthen our retention strategies, UHFRJQL]LQJ WKDW ODVWLQJ UHODWLRQVKLSV WUDQVFHQG LQGLYLGXDO LQWHUDFWLRQV DQG VSHFL F products. 3. Optimizing Our Telesales Organization: We plan to FRQWLQXH SURYLGLQJ RXU DGYLVRUV with strong SURIHVVLRQDO VXSSRUW WUDLQLQJ SURJUDPV FDUHHU GHYHORSPHQW opportunities, and technological tools. 4. Advancing AI and Digital Technology: We plan to IXUWKHU GHYHORS RXU key technologyHQDEOHG FXVWRPHU DQG DGYLVRU IDFLQJ WRROV including LQQRYDWLRQs in AI, aimed DW GULYLQJ H FLHQFLHV DQG HQKDQFH VHUYLFH GHOLYHU\ DFURVV RXU RUJDQL]DWLRQ 5. Strengthening Carrier Relationships: We plan to IRFXV RQ GHHSHQLQJ RXU partnerships with carriers, expanding our collaboration and integration within both our MA Agency choice model DQG RXU $PSOLI\ FDUULHU-dedicated model. 6. Diversifying Our Revenue Base: We plan to PDNH WDUJHWHG LQYHVWPHQWV LQ 0HGLFDUH Supplement, Under- QGLYLGXDO )DPLO\ (PSOR\HU DQFLOODU\ SURGXFWV DQG FDUULHUGHGLFDWHG VHUYLFHV :KLOH ZH H[SHFW WKH 0HGLFDUH PDUNHW WR UHPDLQ XLG LQ ZH EHOLHYH ZH are wellSRVLWLRQHG WR QDYLJDWH WKLV HQYLURQPHQW and DFKLHYH RXU QDQFLDO JRDOV IRU WKH \HDU. 4 eHealth, Inc. Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN www.ehealth.com$
$Our Commitment to our Stakeholders $W H+HDOWK RXU PLVVLRQ H[WHQGV EH\RQG QDQFLDO SHUIRUPDQFH :H DUH GHGLFDWHG WR LPSURYLQJ WKH KHDOWKFDUH MRXUQH\ IRU PLOOLRQV RI $PHULFDQV E\ SURYLGLQJ WUDQVSDUHQW SHUVRQDOL]HG guidance through the complex health insurance landscape. Our Medicare Matchmaker brand identity H[HPSOL HV WKLV FRPPLWPHQW KHOSLQJ EHQH FLDULHV QG WKH FRYHUDJH WKDW EHVW VXLWV WKHLU XQLTXH QHHGV I would like to express my sincere gratitude to our exceptional employees and management WHDP ZKRVH GHGLFDWLRQ DQG H[SHUWLVH KDYH EHHQ LQVWUXPHQWDO WR RXU VXFFHVV 2XU FRPSDQ\ FXOWXUH FRQWLQXHV WR EH D VRXUFH RI VWUHQJWK DQG SULGH IRVWHULQJ LQQRYDWLRQ DQd customercentricity across the organization. $V ZH ORRN WR WKH IXWXUH DP FRQ GHQW LQ RXU DELOLW\ WR FRQWLQXH GHOLYHULQJ YDOXH WR RXU stockholders while working closely with our carrier partners to make D PHDQLQJIXO GL HUHQFH LQ WKH OLYHV RI WKH FXVWRPHUV ZH VHUYH Sincerely, Fran Soistman &KLHI ([HFXWLYH 2 FHU, eHealth, Inc. eHealth, Inc. Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN www.ehealth.com$

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4/28/2025 Letter Continued (Full PDF)
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5/1/2023 EHTH Stockholder Letter
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4/26/2024 EHTH Stockholder Letter
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More "Insurance Brokers" Category Stockholder Letters
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EHTH Benford's Law Stock Score = 96

EHTH Shareholder/Stockholder Letter Transcript:

Dear Fellow Stockholders,
$V    UH  HFW RQ WKH MRXUQH\ RI H+HDOWK RYHU WKH SDVW \HDU     DP   OOHG ZLWK LPPHQVH SULGH LQ ZKDW 
our organization has accomplished and excitement about the path ahead. In an industry
marked by continuous change and growing complexity, eHealth has not only adapted but
WKULYHG 
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FRPSOH[ FKRLFHV WKDW KDYH SURIRXQG LPSOLFDWLRQV IRU WKHLU KHDOWK DQG   QDQFLDO ZHOOEHLQJ  The
0HGLFDUH  $GYDQWDJH  (   MA   ) market in particular saw unprecedented disruption in 2024, as
carriers experienced higher medical cost trends and regulatory pressures. This resulted in
VLJQL  FDQW EHQH  W DQG SUHPLXP FKDQJHV  DV ZHOO DV SODQ FDQFHOODWLRQV DQG PDUNHW H[LWV  $OO RI 
these IDFWRUV impacted 0HGLFDUH EHQH  FLDULHV during WKH IRXUWK TXDUWHU annual enrollment
period (   AEP   ).
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eHealth's carrier-DJQRVWLF  FKRLFH  SODWIRUP   )RU  EHQH  FLDULHV   ZH  R  HU  a broad VHOHFWLRQ  RI 
SODQV  UHODWLYH  WR  RXU  SHHUV  ZKLOH  UHPDLQLQJ  WUXO\  FDUULHU  DJQRVWLF   :H  EHOLHYH  ZH  DUH 
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OLFHQVHG  EHQH  W  DGYLVRUV  DQG  ULFK  VXLWH  RI  RPQLFKDQQHO  HQUROOPHQW  WRROV   including our
XQLTXH  HQG-to-end online enrollment engine   SURYLGH  RXU  FXVWRPHUV  JXLGDQFH  WKrough a
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management. Our strategic direction and priorities, coupled with continued momentum in
RXU    QDQFLDO  SHUIRUPDQFH   WHFKQRORJLFDO  LQQRYDWLRQ   DQG  PDQDJHPHQW  JRYHUQDQFH 
LPSURYHPHQWV   KDYH  GULYHQ  FRPSDQ\  UHFRJQLWLRQ  DQG  FRUSRUDWH  UHSXWDWLRQ  DGYDQFHPHQW  
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RI RXU RUJDQL]DWLRQDO FXOWXUH 
eHealth, Inc.     Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN     www.ehealth.com

I am pleased to report that 2024 was a \HDU RI VWURQJ H[HFXWLRQ DV ZH VLJQL  FDQWO\ H[FHHGHG 
RXU  H[SHFWDWLRQV  IRU  UHYHQXH   HQUROOPHQW  YROXPH  DQG  SUR  WDELOLW\  2XU  SHUIRUPDQFH  
HVSHFLDOO\  GXULQJ  WKH  FULWLFDO  IRXUWK  TXDUWHU  was truly D  WHVWDPHQW  WR  WKH  VXFFHVV  RI  WKH 
WUDQVIRUPHG H+HDOWK and has positioned us well IRU VXVWDLQed SUR  WDEOH growth in the years
ahead.
2024: A Year of Remarkable Achievement
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strategy and execution:
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JURZWK RI     \HDU-RYHU-year
   Total Medicare submissions across our core MA Agency and carrier-GHGLFDWHG $PSOLI\ 
SODWIRUPV JUHZ     \HDU-RYHU-year in 2024 and     LQ WKH IRXUWK TXDUWHU year-RYHUyear
   We substantially LPSURYHG our enrollment margins year-RYHU-year, with our Medicare
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Medicare market dynamics. 'XULQJ $(3  Whe disruption in MA SODQ R  HULQJV PDGH RXU VHUYLFHV
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limited carrier relationships.
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February 26, 202  IRU PDQDJHPHQW  V GH  QLWLRQ RI DGMXVWHG (%  7'$  D QRQ-*$$3   QDQFLDO PHDVXUH  DQG D UHFRQFLOLDWLRQ 
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eHealth, Inc.     Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN     www.ehealth.com

Key Achievements Driving Our Success
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   Brand Recognition and Direct Marketing Excellence: Our marketing organization
VXFFHVVIXOO\ GURYH OHDGV within our direct channels through GLVWLQFWLYH brand building,
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increased materially year-RYHU-year, and our branded direct marketing channels GURYH
VLJQL  FDQW JURZWK LQ IRXUWK TXDUWHU HQUROOPHQWV FRPSDUHG WR WKH SUHYLRXV \HDU 
   Superior Telesales Performance: 2XU  WHOHVDOHV  RUJDQL]DWLRQ  DFKLHYHG  VXEVWDQWLDO 
FRQYHUVLRQ  UDWH  JDLQV  ZLWKLQ  RXU  MA Agency DQG  $PSOLI\  enrollment models. This
VXFFHVV ZDV GULYHQ E\ RXU ODUJHU QXPEHU RI WHQXUHG EHQH  W DGYLVRUV compared with
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VHDVRQHG DGYLVRUV 
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tailored landing pages. :H EHOLHYH WKDW WKHVH LPSURYHPHQWV GURYH PRUH YLVLWRUV WR RXU 
RQOLQH SODWIRUP DQG KHOSHG FRQYHUW them at a higher rate, resulting in a sizable increase
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DQG KHOSV EXLOG WUXVW EHWZHHQ RXU DGYLVRUV DQG EHQH  FLDULHV 
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market exits. Our proprietary online tools, such as MatchMonitorTM, enabled members
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stronger business outcomes. We are committed to building on this momentum,
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eHealth, Inc.     Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN     www.ehealth.com
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Looking Ahead: Our 2025 Strategic Priorities
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GLYHUVL  FDWLRQ  2XU VWUDWHJLF SULRULWLHV IRU      LQFOXGH WKH IROORZLQJ:
1. Expanding Brand Recognition: We aim to extend our brand reach across all direct
marketing channels and beyond our core MA products.
2. Enhancing Customer Loyalty: We plan to strengthen our retention strategies,
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products.
3. Optimizing Our Telesales Organization: We plan to FRQWLQXH SURYLGLQJ RXU DGYLVRUV 
with strong SURIHVVLRQDO VXSSRUW   WUDLQLQJ  SURJUDPV   FDUHHU  GHYHORSPHQW 
opportunities, and technological tools.
4. Advancing AI and Digital Technology: We plan to IXUWKHU GHYHORS RXU key technologyHQDEOHG FXVWRPHU DQG DGYLVRU IDFLQJ WRROV  including LQQRYDWLRQs in AI, aimed DW GULYLQJ
H  FLHQFLHV DQG HQKDQFH VHUYLFH GHOLYHU\ DFURVV RXU RUJDQL]DWLRQ 
5. Strengthening Carrier Relationships: We plan to IRFXV  RQ  GHHSHQLQJ  RXU 
partnerships with carriers, expanding our collaboration and integration within both our
MA Agency choice model DQG RXU $PSOLI\ FDUULHU-dedicated model.
6. Diversifying Our Revenue Base: We plan to PDNH WDUJHWHG LQYHVWPHQWV LQ 0HGLFDUH 
Supplement, Under-      QGLYLGXDO   )DPLO\   (PSOR\HU   DQFLOODU\  SURGXFWV   DQG  FDUULHUGHGLFDWHG VHUYLFHV 
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eHealth, Inc.     Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN     www.ehealth.com

Our Commitment to our Stakeholders
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guidance through the complex health insurance landscape. Our Medicare Matchmaker brand
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I would like to express my sincere gratitude to our exceptional employees and management
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FXOWXUH FRQWLQXHV WR EH D VRXUFH RI VWUHQJWK DQG SULGH  IRVWHULQJ LQQRYDWLRQ DQd customercentricity across the organization.
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stockholders while working closely with our carrier partners to make D PHDQLQJIXO GL  HUHQFH 
LQ WKH OLYHV RI WKH FXVWRPHUV ZH VHUYH  
Sincerely,
Fran Soistman
&KLHI ([HFXWLYH 2  FHU, eHealth, Inc.
eHealth, Inc.     Fremont, CA; Salt Lake City, UT; Austin, TX; Indianapolis, IN     www.ehealth.com




 4/28/2025 Letter Continued (Full PDF)

EHTH Shareholder/Stockholder Letter Transcript:

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EHTH Stockholder/Shareholder Letter (eHealth, Inc.) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved