eBroker Financials Side-By-Side - Q1 2025

GoHealth, eHealth, SelectQuote Q1 2025 side-by-side results.

This week’s newsletter is Sponsored By: Medicare Market Insights +

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Here is what you’ll find in this week’s newsletter!

  1. Important links 🔗 - the best articles we found this week about the Medicare Market along with links to Jared’s recent LinkedIn posts.

  2. Deep Dive 📚 - eBroker Financials Side-By-Side - Q1 2025

  3. Sponsor Snapshot 🚀 - brought to you by MMI+

  4. Compliance Chatter 📢 - Several new regulations to review!

It’s only a 5 minute read, but it will make you 10x smarter.

Here are IMPORTANT LINKS 🔗 for the week:

  1. Health Provisions in the 2025 Federal Budget Reconciliation Bill - (link)

  2. Revealed: UnitedHealth secretly paid nursing homes to reduce hospital transfers - (link)

  3. Statement Regarding May 21 Article in The Guardian - (link)

  4. Is the Medicare Supplement market experiencing its LTC moment or will the current turmoil subside? - Sam Melamed - (link)

  5. CMS deploying more coders, 'advanced systems' to audit all Medicare Advantage contracts - (link)

  6. The Birthday Rule: Is It in Your State and What It Means for Agents and Med Supp Clients - (link)

  7. AmeriLife Marketing Group and Senior Health Insurance Direct Partner to Serve the Next Generation of Licensed Medicare Agents - (link)

  8. Medicare Supplement Rate Filings – June 2025 - (link)

Jared’s recent LinkedIn posts:

  1. Each state has it's own unique Medicare Supplement market. - (link)

  2. MA Enrollment Insights web app has May data. - (link)

DEEP DIVE 📚

eBroker Financials Side-By-Side - Q1 2025

This week, we will explore Q1 2025 financials for publicly traded Direct-to-Consumer distributors, also known as eBrokers.

The following companies’ Q1 2025 financial results will be compared below, side-by-side. (note: CY 2024 results can be found here, a section on “What are eBrokers?” can be found here.)

Before comparing these 3 companies, it’s worth mentioning some notable changes in the eBroker industry recently.

First, you’ll notice that e-Telequote is no longer included in this analysis.

That’s because GOCO acquired e-TeleQuote from Primerica as of 9/30/2024. For an analysis of what the combination looks like go here.

Second, Willis Towers Watson recently sold Tranzact. The transaction closed at year-end (link).

There are two other large eBrokers worth mentioning. Both are part of major publicly traded carriers but do not break out segment financials:

  •  HealthMarkets - part of UnitedHealth Group

  • Innovative Financial Group - part of Humana

Okay, now back to eHealth, GoHealth and SelectQuote. These publicly traded eBrokers do have some unique characteristics worth noting.

SLQT has a healthcare vertical where they can generate additional revenue per customer by cross selling Rx benefits. They now generate a significant amount of revenue from this vertical.

It’s also worth noting that all 3 eBrokers were named in a recent False Claims Complaint filed by the United States (link).

Let’s dive into the most recent financial results…

Side-By-Side Results

To compare and contrast Q1 2025 results we are looking at the Income Statement, a few key Balance Sheet items, LTV metrics, and Sales metrics.

Some key observations:

  • All three reported positive operating income for the quarter.

  • SLQT led in total revenue, overhead efficiency, and profit margin.

  • SLQT also reported the highest Medicare Advantage LTV at $915.

  • EHTH maintained the lowest debt load.

  • GOCO led in volume, adding over 303,000 policies.

  • All three reported Commission Receivables near $1 billion.

YoY % Change

Let’s observe and discuss the year-over-year (“YoY”) % changes.

Revenues

  • eHealth led with 22% revenue growth.

  • GOCO shifted revenue classification from "Other" to "Commission Revenue".

  • SLQT growth was driven by its healthcare segment (e.g., SelectRx).

Expenses

  • EHTH slightly reduced expenses.

  • GOCO and SLQT saw expense increases.

Profitability (Loss)

  • Both GOCO and EHTH moved from operating losses to operating profits.

  • SLQT remained the most profitable but saw a 33% YoY profit decline.

Balance Sheet Changes

  • SLQT reduced long-term debt by 43%.

LTV Changes

  • MA LTV declined for all three.

Sales

  • Overall sales grew 13%, led by MA growth for GOCO and EHTH.

  • SLQT grew SelectRx customers by 41% YoY, but MA sales declined.

Note: GOCO reports submitted policies, while SLQT and EHTH report approved policies.

That’s all for today. I hope this information is helpful!

What MMI+ Subscribers read this week…

  • May '25 MA/MAPD and PDP enrollment data- May '25 enrollment data has been loaded. Here are a few observations. (link)

  • Broker/Agent MA Commissions Expected to Go Up in 2026 - A look at historical MA/MAPD agent comp., and what to expect in 2026. (link)

Sponsor Snapshot 🚀: Medicare Market Insights +

Introducing “Trends”!

We’re excited to let you know the “Trends” section of the Medicare Market Enrollment web app is now available!

Now you can see how MA & PDP enrollment has changed over time.

By State, Parent Org, Plan Type and more…

See “Trends” in action → (Video)

COMPLIANCE CHATTER 📢

Check out this month’s Insurance Regulatory Insights newsletter.

If you’re ready, here are some ways we can help you:

  • Newsletter Sponsorship opportunities: Promote your product or services to leaders in the Medicare space. Let’s discuss. (link)

  • Market Research: Reports that help you wrap your arms around the Senior focused insurance markets. (link)

  • Consulting: We can help you develop new insurance products for the Medicare market, appraise your books of business, and keep you compliant. Let’s discuss. (link)

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