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Here is what you’ll find in this week’s newsletter!
Important links 🔗 - the best articles we found this week about the Medicare Market along with links to Jared’s recent LinkedIn posts.
Deep Dive 📚 - eBroker CY 2025 Results: Side-By-Side
Sponsor Snapshot 🚀 - brought to you by Milliman Irix Enroll
It’s only a 5 minute read, but it will make you 10x smarter.
Here are IMPORTANT LINKS 🔗 for the week:
CMS Ups Pay for Medicare Advantage Plans by 2.48% in 2027 - (link)
Chris Klomp: 2027 MA final rate notice, accountable relationships, and opportunity for startups - (link)
Important Update: Medicare Advantage and PDP Offerings - (link)
Hospice where staggering 97% of terminal patients survive is accused of defrauding Medicare for $7.45 million- (link)
Gyde Acquires Medicare Agency Avid Health To Expand Across Medicare Markets - (link)
Medicare Beneficiaries to See Simpler and More Flexible Plan Choices, Better Drug Coverage, Higher Quality and Lower Costs in 2027 - (link)
Red ink at Minnesota Blue Cross spells more Medicare Advantage troubles ahead - (link)
Medicare Supplement Broker Incentives - 2026 Q2 Update - (link)
Jared’s recent LinkedIn posts:
DEEP DIVE 📚
eBroker CY 2025 Results: Side-By-Side
This week, we’re digging into Calendar Year (“CY”) 2025 financials for publicly traded Direct-to-Consumer distributors → the “eBrokers.”
The three we’ll compare are:
GoHealth $GOCO ( ▼ 7.11% )
SelectQuote $SLQT ( ▲ 4.26% )
eHealth $EHTH ( ▼ 4.71% )
(CY 2024 is here)
Company Commentary
Before comparing these 3 companies, it’s worth mentioning some notable commentary to help provide context for CY 2025 results.
GOCO strategically pulled back.
GoHealth intentionally reduced Medicare Advantage volume in 2025 due to pressures in the MA space (link)
GOCO also reported $260 million in impairment charges related to indefinite-lived assets.
For comparability, this impairment is excluded from the operating expense figures below.
EHTH and SLQT did not strategically pull back
It’s also worth noting that there are Two other big players who don’t break out segment financials:
HealthMarkets (UnitedHealth Group)
Innovative Financial Group (Humana)
Side-By-Side Results
To compare and contrast CY 2025 results we are looking at the Income Statement, a few key Balance Sheet items, LTV metrics, and Sales metrics.
Notes:
GOCO Income Statement excludes $260 million “Indefinite and long-lived asset impairment charges”
Key Takeaways:
SLQT led in total revenue, and overhead efficiency.
EHTH reported the highest Medicare Advantage LTV at $1,154.
EHTH also maintained the lowest debt load.
SLQT led in sales volume, adding 644,000+ approved policies.
All three carried between a $925 million and $1.25 billion in Commission Receivables.
—
YoY % Change
Let’s observe and discuss the year-over-year (“YoY”) % changes.
Revenues
EHTH increased Commission Revenue 8%
SLQT Commission Revenue decreased, but Other Revenue increased significantly, resulting in the largest overall Revenue increase of 11%
GOCO strategically decreased sales resulting in a large drop in Revenue.
Expenses
EHTH expenses decreased slightly
GOCO expenses decreased significantly due to strategically pulling back on new sales
Note: this ignores the $260 million Indefinite and long-lived asset impairment charges expense
SLQT expenses increased, driven by an increase in Cost of Goods Sold for the Healthcare segment which was due to significant volume growth.
Profitability (Loss)
EHTH improved profitability the most among the 3.
SLQT decrease in profitability was largely driven by a lower margin on the Healthcare business.
GOCO profitability suffered, due to strategic pullback.
Balance Sheet Changes
Commission Recievable balances rose a combined 2%.
SLQT cut long-term debt –43%, a major deleveraging move.
GOCO increased long-term debt 31%.
EHTH increased long-term debt 65%, but continues to hold the lowest Debt load.
LTV Changes
Medicare Advantage LTV is down overall.
EHTH MA LTV increased, while GOCO and SLQT saw a lower MA LTV.
Sales
Overall sales fell –25% YoY, driven by GOCO’s strategic pull-back.
SLQT’s SelectRx customers grew +17% YoY
Reporting Note: GOCO reports submitted policies; SLQT and EHTH report approved policies.
—
Bottom Line
The three public eBrokers each had a unique story in CY 2025.
GOCO made a deliberate choice to pull back on MA volume, which drove the revenue decline but also meaningfully reduced expenses.
EHTH grew commission revenue and improved profitability year-over-year, while keeping its debt load the lowest of the three. MA LTV was the standout metric. Highest among the group at $1,154.
SLQT led on total revenue, sales volume, and overhead efficiency, and made a significant balance sheet move by cutting long-term debt 43%. The Healthcare segment was both the growth driver and the margin headwind. SelectRx volume growth came with higher costs that weighed on overall profitability.
Across all three, MA LTV declined or held flat, a trend worth watching as the industry heads into SEP periods and on into AEP 2027.
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What MMI + Subscribers read this week…
Insurance Regulatory Insights April 2026 - 🎂Birthday Rules coming to NM and WV. (link)
March ‘26 MA/MAPD and PDP enrollment data - February enrollment data has been loaded. Here are a few observations. (link)
Broker/Agent MA Commissions Increasing in 2027 - A look at historical MA/MAPD agent comp., and what to expect in 2027. (link)
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