EHealth : 2024 RBC Capital Markets Global Healthcare Conference

Your Medicare MatchmakerTM

Investor presentation

May 2024

©2024 eHealthInsurance Services, Inc.

Safe Harbor Statement

Forward-Looking Statements

This presentation includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this presentation include, but are not limited to, the following:

• our expectations regarding our business, including our market opportunity, competitive advantage, strategy, investments and long-term vision;
• market trends and our expectations and predictions for our industry;
• our relationships with carriers;
• our marketing strategy in 2024 and beyond, including our marketing spend and the impact of our marketing strategy on our profitability;
• the impact of our branding efforts on operating performance and marketing efficiency;
• the success and financial impact of our fulfillment models;
• our digital strategy and diversification strategy;
• our financial targets, including those for enrollment margin, revenue, adjusted EBITDA, and free cash flow;
• our guidance for total revenue, adjusted EBITDA, operating cash flow and net income (loss);
• our evaluation of our balance sheet; and
• our expectations regarding churn.

Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in our filings with the Securities and Exchange Commission, including our latest Form 10-Q and 10-K. The forward-looking statements in this presentation are based on information available to us as of today, and we disclaim any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Information

This presentation includes both GAAP and non-GAAP financial measures. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures included in this presentation to the most directly comparable GAAP financial measures is available in the Appendix to this presentation. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

©2024 eHealthInsurance Services, Inc.

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eHealth IS A LEADING OMNICHANNEL HEALTH INSURANCE MARKETPLACE

INVESTMENT THESIS

Deliver sustainable EBITDA and cash flow production via:

• Scaled differentiation in Medicare Advantage
• Focused Diversification

Significant value proposition to both carriers and beneficiaries

Differentiated model expected to drive share growth and sector leadership

Completedbusiness transformation & returned to profitable growth in Q4 '23. Reached positive OCF for TTM ended 3/31/24

3-year target of 8-10%revenue CAGR with margin expansion; Expect to get to positive FCF for TTM ending 3/31/25

On path to unlock value of

$845 million commissions receivable balance

Poised to become a leader

in a growing industry with decreasing competitive capacity

©2024 eHealthInsurance Services, Inc.

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AS MEDICARE GROWS WITH OUR AGING POPULATION,

CONSUMERS ARE DESPERATE FOR REAL HELP.

Consumers feel industry advertising is not helpful

Every year new regulations and plans restart the cycle of consumer confusion and anxiety

High stakes decision with significant consequence

• Every year I look at all the garbage that comes in the mail and

stuff on TV with old

football players and
stuff like that.	"

- Medicare Supplement Participant

• I feel like you must have a master's degree to get the right thing. "
  - Age-In participant

©2024 eHealthInsurance Services, Inc.

A TRANSFORMED eHealth OFFERS A SOLUTION

Mission: expertly guide consumers through their health insurance and

related options, when, where and how they prefer.

The eHealth difference

Brand		Choice
Rebrand launched in 2023 to		Wide selection of 180+
build a distinctive and trusted		carriers, including strong
identity for our company &		local market inventory &
services we offer.		presence.

Omnichannel

Wide range of customer

experience options including

licensed advisors, online marketplace, video chat & more.

Technology

Advanced technology

platform with deep carrier integrations and industry- leading agent and direct-to- consumer tools.

©2024 eHealthInsurance Services, Inc.

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eHealth IS POSITIONED TO LEAD INDUSTRY GROWTH IN

MARKETS WITH SIGNIFICANT SHARE OPPORTUNITY

Positioned to lead over-65 growth

(Total policies, millions of lives)

(1)	15.4M (1)
	14.3M
	MS
	MA	36.8M(2)
	32.2M(2)

20232026

(Projected)

• ~10K eligible age-ins per day, with significant demand for digital solutions (45% preference age 56-64 vs. 25% age 75+)
• Carriers rely on broker volume to achieve goals
• eHealth market share is ~4% in MA and <1% in MS

Significant under-65 growth

opportunity

• From 2023 to 2024, Marketplace signups grew by 30% or 5 million lives(3)
• ICHRA (Individual Coverage Health Reimbursement Arrangement) opportunity estimated to help 11M individuals by 2025(4)
• Low seasonality and different regulatory dynamics
• eHealth market share is <1% in under 65

1. Source: 2023 Telos The Future of Medicare Supplement
2. Source: 2023 Medicare Trustee Report (provided by Congressional Budget Office)
3. Source: Kaiser Family Foundation "Another Year of Record ACA Marketplace Signups, Driven in Part by Medicaid Unwinding and Enhanced Subsidies"
4. Source: McKinsey Analysis

©2024 eHealthInsurance Services, Inc.

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eHealth differentiation

©2024 eHealthInsurance Services, Inc.

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eHealth rebrand is improving

marketing efficiency

"Matchmaker" campaign was integrated across channels and drove unprecedented performance

during the 2024 AEP

Total AEP "Medicare"

online searches grew 8%

YoY, while "eHealth

Medicare" search grew

158% YoY(1)

	+158%
+8%
Category	eHealth

eHealth.com visits 5X	Three months after launch,
higher during AEP than	aided brand awareness
prior year	through the AEP grew 2x
	year-over-year, while
	competitors grew ~10%(2)

5X	↑	2X↑
	aided brand
more visits to	awareness doubled
eHealth.com
in 10 weeks

• I called because your commercial is better than anyone else. "
  - Real eHealth AEP Caller

"	I saw your commercial and	"	I'm calling for my	"
	thought you could help. "		Medicare match.
	- Real eHealth AEP Caller		- Real eHealth AEP Caller

1)	Source: Google.com search volume data	©2024 eHealthInsurance Services, Inc. • Confidential and Proprietary	8
2)	Source: YouGov survey data

Leading technology brings transparency and efficiency to a complex, high-stakes process.

eHealth tech capabilities

• Online enrollment at scale
• Proprietary recommendation tool
• Agent-poweredchat
• Live Advise with video
• Dynamic script for agents

VS.

Competition

• Limited functionality & scale
• Basic plan quoting features
• Bot-drivenchat

eHealth

OMNI-CHANNEL MARKETPLACE

Technology empowers

all stakeholders

180+ INSURANCE CARRIERS

seamless carrier integrations support enrollments & member engagement

CUSTOMERS

large and growing suite of omni-channel

shopping & enrollment features

UNBIASED ADVISORS

tech tools augment efficiency and

improve the advisor selling experience

©2024 eHealthInsurance Services, Inc.

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Broad selection combined with a carrier agnostic model

180+ Carriers

Large National		Local Carriers		Emerging Brands
Carriers

Medicare Advantage, MS, IFP, Employer, ICHRA, HIP

Local market presence

Advisors & plan recommendation tools are blind to carrier

compensation

Designed to provide best-in-class consumer experience

©2024 eHealthInsurance Services, Inc.

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