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 Q2 ‘25 Results: Side-By-Side

3. Sponsor Snapshot 🚀 - brought to you by Modivcare

4. Compliance Chatter 📢 - Check out the latest regulatory changes.

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

DEEP DIVE 📚

eBroker Q2’ 25 Results: Side-By-Side

This week, we’re digging into Q2 2025 financials for publicly traded Direct-to-Consumer distributors — the “eBrokers.”

The three we’ll compare are:

• GoHealth ($GOCO ( ▲ 2.85% ) )

• eHealth ($EHTH ( ▲ 1.32% ) )

• SelectQuote ($SLQT ( ▼ 0.4% ) )

(Q1 2025 results are here, and a refresher on What are eBrokers? is here.)

—

Industry Shake-Ups to Note

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

• GOCO acquired e-TeleQuote from Primerica in late 2024 — consolidating the space. (More on that combination here.)

• Willis Towers Watson sold Tranzact at year-end.

• Two other big players don’t break out segment financials:

  • HealthMarkets (UnitedHealth Group)

  • Innovative Financial Group (Humana)

Also worth noting: all three of the public eBrokers were recently named in a False Claims Act complaint filed by the U.S. government (link).

—

Side-By-Side Results

To compare and contrast Q2 2025 results we are looking at the Income Statement, a few key Balance Sheet items, LTV metrics, and Sales metrics.

Key Takeaways:

• All three posted operating losses.

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

• EHTH reported the highest Medicare Advantage LTV at $934.

• EHTH also maintained the lowest debt load.

• GOCO led in volume, adding 141,000+ submitted policies.

• All three carried ~$1 billion in Commission Receivables.

—

YoY % Change

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

Revenues

• SLQT led with +12% revenue growth, driven by its healthcare vertical (SelectRx).

• GOCO posted the highest commission revenue growth (+4%) but saw a sharp decline in non-commission revenue.

Expenses

• EHTH cut expenses –11%.

• GOCO and SLQT both saw expenses rise, with SLQT’s increase largely tied to healthcare cost of revenue.

• Marketing and CCE spend declined across the board.

• GOCO took a big hit from intangible asset impairment charges (“Other” expense).

Profitability (Loss)

• SLQT’s operating loss grew the most on a % basis, but it still posts the best overall profit/loss profile.

• EHTH narrowed its loss –18% YoY, showing improvement.

Balance Sheet Changes

• GOCO’s contract asset balance rose +22%.

• SLQT cut long-term debt –44%, a major deleveraging move.

LTV Changes

• Medicare Advantage LTV is down overall, though up +1% at EHTH.

Sales

• Overall sales fell –11% YoY, largely from lower MA volume — likely tied to D-SNP SEP rule changes.

• SLQT’s SelectRx customers grew +31% YoY, but MA sales declined.

Reporting Note: GOCO reports submitted policies; SLQT and EHTH report approved policies.

—

The Big Picture

The eBroker model is still under pressure: scale isn’t yet translating into profitability. But differences are emerging:

• SLQT is leaning into diversification (SelectRx) and deleveraging its balance sheet.

• EHTH is driving efficiency and inching toward a leaner cost base.

• GOCO is the highest volume — but impairments and higher costs weigh on results.

—

What to Watch

As we head into AEP 2026:

• Can SLQT’s healthcare vertical offset ongoing MA headwinds?

• Will EHTH sustain expense discipline while growing enrollment?

• Does GOCO’s scale finally translate into profitability?

We’ll keep watching these three closely as the regulatory and distribution landscape continues to evolve.

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)