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eHealth, Inc.
Company typePublic company
Nasdaq: EHTH
S&P 600 component
IndustryInsurance
Founded1997; 27 years ago (1997)
HeadquartersSanta Clara, California
Key people
Scott Flanders, CEO
Derek N. Yung, CFO
ProductsHealth Insurance
RevenueIncrease $251 million (2018)
Decrease $1 million (2018)
Total assetsIncrease $439 million (2018)
Total equityIncrease $303 million (2018)
Number of employees
1,079 (2018)
Websitewww.ehealthinsurance.com
www.medicare.com
www.gomedigap.com
www.planprescriber.com
www.ehealthmedicare.com
Footnotes / references
[1]

eHealth, Inc. dba eHealthInsurance is a private online marketplace for health insurance, organized in Delaware and based in Santa Clara, California. The company primarily provides plans related to Medicare such as prescription drug plans, Medigap, and Medicare Advantage plans. The company also sells individual plans, competing with health insurance marketplaces.[1][2] The company sells plans in all 50 U.S. states and the District of Columbia from 170 health insurance carriers. Its large staff of licensed agents assist consumers with little or no computer experience with their online enrollments.

In 2018, revenues from Humana represented 22% of total revenues, revenues from UnitedHealth Group represented 19% of total revenues, and revenues from Aetna represented 14% of total revenues.[1] In 2018, 84% of the company's revenue was related to the sale of Medicare plans.

The company has corporate offices in Mountain View, California and Santa Clara, California, and satellite offices in Gold River, California, Salt Lake City, Utah, Austin, Texas and Indianapolis, Indiana.

History

eHealth, Inc. was founded in 1997.[1]

In 2006, the company became a public company via an initial public offering.[3]

In 2010, eHealth acquired PlanPrescriber, Inc. for $28.7 million in cash. PlanPrescriber provides tools to help people choose the right Medicare plan.[4][5]

In 2013, eHealth, along with other "web brokers", signed deals with Healthcare.gov to enroll subsidy-eligible consumers in the newly approved health plans offered through the Patient Protection and Affordable Care Act.[6]

In 2014, eHealth acquired the Medicare.com domain name for $4.8 million.[7]

In March 2015, the company announced 72 layoffs, with plans to lay off 160 people.[8]

In May 2016, the company appointed Scott Flanders, a director of the company since 2008, as CEO. Former CEO Gary Lauer continued in an advisory role through the end of 2016.[9]

In August 2016, eHealth announced that it had insured 5 million people.[10]

In 2017, the company said it rejected takeover offers.[11]

In 2018, eHealth acquired GoMedigap, a consumer acquisition and engagement electronic platform tailored to Medigap insurance.[12]

In 2019 eHealth announced the development of an Eastern Headquarters in Indianapolis, Indiana.[13]

In March 2020, eHealth announced its follow-on public offering of 1,800,000 shares, priced at $115/share, of its common stock, designed to raise an additional $207M. Three days later they announced the closing of the offering, with the 275,000 share option also having been exercised, raising a net proceeds of approximately $227.5 million after deducting underwriting discounts and commissions and the estimated expenses of the offering.[14][15]

Political involvement

In 2013, eHealth's former CEO, Gary Lauer encouraged governors that are planning to create their own online healthcare marketplaces to adopt a cost-free enrollment strategy.[16]

In 2015, eHealth's former CEO, Gary Lauer advocated reforms to help the middle-class afford health insurance.[17]

In 2017, eHealth CEO Scott Flanders argued publicly for changes to the Affordable Care Act in order to lower costs for self-employed, middle-class workers who cannot afford health insurance.[18]

References

  1. ^ a b c d "eHealth, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ Applyby, Julie (September 4, 2009). "Health Care: Lowering costs for old could raise them for young". USA Today.
  3. ^ MANTELL, RUTH (October 12, 2006). "Ehealth 5-mln-share IPO prices at $14 each". Marketwatch.
  4. ^ "eHealth, Inc. Announces Acquisition of PlanPrescriber, Inc" (Press release). eHealth. May 3, 2010.
  5. ^ CONN, JOSEPH (May 5, 2010). "eHealth acquires PlanPrescriber for $28.7 million". Modern Healthcare.
  6. ^ Mangin, Dan (July 31, 2013). "Insurance exchange deal signed with Web insurer sites". CNBC.
  7. ^ BERKENS, MICHAEL (May 2, 2014). "Publicly Held eHealth Purchases Medicare.com For $4.8 Million". The Domains.
  8. ^ Robertson, Kathy (March 19, 2015). "Online insurance company eHealth lays off 72 in Gold River". American City Business Journals.
  9. ^ "eHealth Appoints Scott Flanders as Chief Executive Officer" (Press release). eHealth. May 31, 2016.
  10. ^ "eHealth Milestone: Over 5 Million Americans have been insured through the nation's first & largest private online health insurance exchange" (Press release). eHealth. August 8, 2016.
  11. ^ Bell, Allison (March 27, 2017). "Web-based health broker to stay independent, for now". ThinkProgress.
  12. ^ "eHealth, Inc. Announces Acquisition of GoMedigap to Further Accelerate Expansion of Medicare Supplement Strategy" (Press release). Business Wire. January 16, 2018.
  13. ^ https://news.ehealthinsurance.com/news/ehealth-announces-the-opening-of-new-eastern-headquarters-in-indianapolis-indiana
  14. ^ https://ir.ehealthinsurance.com/news-releases/news-release-details/ehealth-inc-prices-follow-offering-common-stock-0
  15. ^ https://ir.ehealthinsurance.com/news-releases/news-release-details/ehealth-inc-announces-closing-public-offering-common-stock-and-0
  16. ^ "eHealth CEO Gary Lauer Challenges Governors: If Uncle Sam Offers Cost-Free Enrollment Using Private Online Health Care Marketplaces, Then Why Not the States?" (Press release). eHealth. May 14, 2013.
  17. ^ Lauer, Gary (November 18, 2015). "Presidential candidates should pledge to make Obamacare affordable for the middle-class". The Hill.
  18. ^ "EHealth CEO: Obamacare didn't start with the consumer in mind". Fox Business. February 17, 2017.


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