What is the Annual Enrollment Period (AEP) for Medicare and why is it important for enrollment brokers?

The Annual Enrollment Period (AEP) for Medicare runs October 15 through December 7 each year — the primary window when Medicare beneficiaries can switch from Original Medicare to Medicare Advantage, switch between Medicare Advantage plans, and change their Part D drug coverage. Plan changes made during AEP take effect January 1. The AEP is critically important for Medicare enrollment brokers because: the vast majority of plan switching happens during AEP (beneficiaries can make mid-year changes only in limited Special Enrollment Period circumstances); insurance carriers and brokers spend the vast majority of their annual marketing budgets in September-December for AEP; enrollment volumes are extremely seasonal — Q4 enrollment volumes are 5-10x the rest of the year combined; and advertising competition is intense — TV, digital, and direct mail spending by Medicare Advantage insurers peaks dramatically in fall. This seasonality creates lumpiness in eHealth and GoHealth's quarterly financials.

What CMS regulations changed the Medicare marketing organization business model?

The Centers for Medicare & Medicaid Services (CMS) administers Medicare and has regulatory authority over Medicare Advantage marketing. CMS significantly tightened marketing rules in 2023 following concerns about aggressive and potentially misleading marketing practices by third-party Medicare enrollment organizations. Key regulatory changes: Third-party marketing organization (TPMO) restrictions — CMS required carriers to take greater responsibility for TPMO marketing materials and restricted carriers from using TPMOs that engaged in certain aggressive practices; Cooling-off period — CMS required a 48-hour waiting period between a beneficiary's first contact with a TPMO and enrollment to reduce high-pressure sales; Outbound calling restrictions — unsolicited outbound telemarketing calls were restricted; Beneficiary consent requirements — consent requirements for contact and marketing were strengthened. These changes significantly impacted the economics of eHealth, GoHealth, SelectQuote, and other third-party enrollment organizations that relied heavily on outbound telemarketing and lead generation to drive enrollment volumes during AEP.

What is the difference between Medicare Advantage, Medicare Supplement, and Medicare Part D?

There are three major private insurance products layered over or replacing traditional Medicare: Medicare Advantage (Part C) — completely replaces Original Medicare with a private insurance plan; the beneficiary receives all Medicare coverage through the private insurer; these plans often have $0 premium but may have provider networks (HMO/PPO) limiting which doctors can be seen; include Part D drug coverage; often include extra benefits (dental, vision, hearing). Medicare Supplement (Medigap) — supplements Original Medicare by paying the deductibles, copays, and coinsurance that Medicare doesn't cover; beneficiary keeps Original Medicare but adds Medigap to reduce out-of-pocket costs; more expensive monthly premium (typically $100-300/month) but broader provider access (any doctor who accepts Medicare); does NOT include drug coverage (must add separate Part D plan). Medicare Part D — standalone prescription drug coverage for beneficiaries who stay in Original Medicare; dozens of competing Part D plans with different formularies and pricing; beneficiaries compare based on their specific drug list. Medicare Advantage enrollment decisions are the most complex — choosing among dozens of competing plans requires comparing premium, cost-sharing, network, and extra benefits.

brimindinvest.com / compare / ehth-vs-gocoLIVE

EHTH

eHealth, Inc. · Healthcare - Insurance Distribution Technology

$1.61

-4.17% this month

VERSUS

⟷

COMPARE

GOCO

GoHealth, Inc. · Healthcare - Insurance Distribution Technology

$0.36

-5.26% this month

Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

EHTH

2

GOCO

0

EHTH LEADS 2/5

Comparison scoreboard

EHTH LEADS 2/5

AI Score

EHTH ✓23.8

GOCO 20.1

1Y Return

EHTH ✓-61.76%

GOCO -94.39%

Fwd P/E

EHTH 1.20

GOCO N/A

Target Up.

EHTH +55.28%

GOCO N/A

Op. Margin

EHTH N/A

GOCO N/A

Metrics last refreshed: 7/9/2026

Quick take

EHTH vs GOCO Stock Comparison: AI Score, Valuation, Performance and Upside

EHTH (eHealth) and GOCO (GoHealth) are both Medicare insurance marketplace companies that have faced severe headwinds from CMS regulatory changes restricting third-party Medicare marketing organization practices, high customer acquisition costs, and profitability challenges. Both companies operate in the structural growth market of Medicare beneficiaries (Baby Boomers aging into Medicare) but have struggled with business model economics under CMS's tightening of aggressive Medicare marketing tactics. eHealth has a longer operating history and multi-carrier marketplace; GoHealth has a more technology-centric matching approach.

EHTH vs GOCO is established multi-carrier Medicare marketplace with 25-year brand history (eHealth's broader plan selection across 180+ carriers and established SEO and brand for Medicare comparison) versus technology-enabled Medicare matching platform facing profitability challenges (GoHealth's Encompass technology platform with carrier partnerships navigating CMS regulatory restrictions on third-party enrollment) — both operating in the structural Medicare growth market but both facing CMS regulatory headwinds that have impaired the third-party Medicare enrollment business model.

Live analysis · updated 7/9/2026

EHTH holds the edge across 2 of 5 key metrics in this comparison. EHTH has delivered stronger 1-year price return (-61.76% vs -94.39% for GOCO).

Normalized 1Y performance

EHTH

GOCO

Recent returns

EHTH

GOCO

Analyst price targets & sentiment

EHTH · 4 analysts

Price target range

analyst low$2.00
analyst high$3.00
analyst mean$2.50
current price$1.61

+55.3% upside to analyst mean

GOCO

Price target data unavailable

N/A

Who should consider this stock?

EHTH may suit investors who:

→Believe the regulatory environment for Medicare marketing organizations will stabilize and that eHealth's established brand, multi-carrier marketplace, and 25-year history position it to recover enrollment volumes as CMS rules are absorbed
→See eHealth's broader insurance marketplace (individual health, small business) as providing revenue diversification beyond Medicare enrollment during Annual Enrollment Period seasonality
→Accept eHealth's challenging profitability history as reflective of regulatory disruption rather than structural business failure, and believe management can reach sustainable economics

GOCO may suit investors who:

→Believe GoHealth's technology-enabled matching platform provides genuine differentiation in guiding seniors to the most appropriate Medicare Advantage plans, reducing mismatches and improving member retention for carrier partners
→Accept GoHealth's post-IPO losses as typical of technology platforms investing ahead of scale and believe a path to profitability exists if CMS regulatory environment stabilizes
→See GoHealth's carrier partnerships as a strategic asset that could make it an acquisition target for a major insurance carrier seeking to internalize Medicare enrollment technology

Performance & AI score

Metric	EHTH	GOCO
AI score	23.8	20.1
AI rank	#3353	#5790
Latest close	$1.61	$0.36
1M return	-4.17%	-5.26%
6M return	-61.76%	-85.31%
1Y return	-61.76%	-94.39%

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	EHTH	GOCO
1Y ago	$3.82K (-61.8%) started 2025-07-08	$560.75 (-94.4%) started 2025-07-08
5Y ago	$281.96 (-97.2%) started 2021-07-08	$23.93 (-99.8%) started 2021-07-08
10Y ago	$1.17K (-88.3%) started 2016-07-08	$12.33 (-99.9%) started 2020-07-15

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	EHTH	GOCO
Market cap	$51.1M	N/A
Trailing P/E	N/A	N/A
Forward P/E	1.20	N/A
Price/Sales	0.10	0.03
EV/Revenue	0.88	N/A
Analyst target	$2.50	N/A
Target upside	+55.28%	N/A

Growth, profitability & risk

Metric	EHTH	GOCO
Revenue growth	-22.20%	N/A
Earnings growth	N/A	N/A
EPS growth	N/A	N/A
FCF margin	+1.05%	N/A
Operating margin	N/A	N/A
Profit margin	6.31%	N/A
ROIC proxy	3.52%	N/A
Return on equity	3.52%	N/A
Dividend yield	0.00%	N/A
Beta	1.48	1.35
Debt/equity	13.74	N/A
Current ratio	7.59	N/A
Quick ratio	7.32	N/A

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

EHTH max drawdown78.05%

GOCO max drawdown95.50%

EHTH max wkly drop29.69%

GOCO max wkly drop61.14%

5Y risk snapshot

EHTH max drawdown97.91%

GOCO max drawdown99.81%

EHTH max wkly drop35.78%

GOCO max wkly drop61.14%

10Y risk snapshot

EHTH max drawdown99.15%

GOCO max drawdown99.91%

EHTH max wkly drop41.63%

GOCO max wkly drop61.14%

Performance metrics by period

Period	Metric	EHTH	GOCO
1Y	Growth	-61.76%	-94.39%
	CAGR	-61.78%	-94.40%
	Sharpe ratio	-0.45	-2.46
	Max drawdown	78.05%	95.50%
	Max daily drop	29.63%	43.62%
	Max wkly drop	29.69%	61.14%
5Y	Growth	-97.18%	-99.76%
	CAGR	-51.02%	-70.10%
	Sharpe ratio	-0.43	-0.78
	Max drawdown	97.91%	99.81%
	Max daily drop	29.63%	43.62%
	Max wkly drop	35.78%	61.14%
10Y	Growth	-88.27%	-99.88%
	CAGR	-19.29%	-67.38%
	Sharpe ratio	0.05	-0.78
	Max drawdown	99.15%	99.91%
	Max daily drop	38.81%	43.62%
	Max wkly drop	41.63%	61.14%

Business comparison

Category	EHTH	GOCO
Company	eHealth, Inc.	GoHealth, Inc.
Sector	Healthcare - Insurance Distribution Technology	Healthcare - Insurance Distribution Technology
Industry	N/A	N/A
Core business	eHealth is an online marketplace for health insurance connecting consumers (individuals, families, Medicare beneficiaries) with insurance carriers. eHealth's primary revenue driver is Medicare — helping seniors compare and enroll in Medicare Advantage, Medicare Part D drug plans, and Medicare Supplement (Medigap) insurance. eHealth earns commission revenue from insurance carriers when customers enroll through its platform. eHealth also serves under-65 individual and small-business health insurance markets through its eHealthInsurance platform.	GoHealth is a technology-enabled Medicare insurance marketplace focused on helping seniors navigate Medicare Advantage plan selection and enrollment. GoHealth partners with insurance carriers (Humana, Centene, Aetna, Molina) and uses proprietary technology (including its Encompass platform) to match consumers with appropriate Medicare Advantage plans. GoHealth went public via IPO in 2020 and has operated as a capital-intensive enrollment business during the challenging CMS regulatory environment for third-party Medicare marketing organizations.
Investor focus	Investors track eHealth's Medicare-related enrollment volumes (particularly Medicare Advantage and Part D enrollments during Annual Enrollment Period), commission revenue per approval (which reflects plan type and carrier commission rates), Customer Acquisition Costs (CAC) versus Lifetime Value (LTV) of enrolled members, and profitability challenges from high marketing costs during enrollment periods.	Investors track GoHealth's submitted policy volumes, net revenue per submission, the ratio of carrier-owned vs. external enrollment channels, and GoHealth's path to sustainable profitability given high marketing and technology costs.

EHTH strengths

→Multi-carrier Medicare marketplace gives consumers unbiased comparison — eHealth offers plans from 180+ insurance carriers across Medicare Advantage, Part D, and Medigap; the breadth of choices enables consumers to compare options across carriers and plans on one platform
→Established brand and significant organic search presence — eHealth has 25+ years of history in online insurance shopping; it generates substantial organic search traffic and brand awareness among Medicare-eligible consumers searching for enrollment guidance
→Technology platform scaling enrolled member management — eHealth's platform handles plan comparisons, enrollment processing, and post-enrollment member service; the technology infrastructure allows scaling enrollment capacity without proportional cost increases

GOCO strengths

→Technology-enabled matching platform for Medicare plan selection — GoHealth's Encompass platform incorporates beneficiary health profile, prescription drug needs, and preferred providers to match seniors with the most appropriate Medicare Advantage plan
→Carrier partnerships providing revenue diversification — GoHealth's relationships with multiple major Medicare Advantage carriers provide enrollment revenue regardless of which carrier the beneficiary ultimately enrolls with
→Technology infrastructure investment creates operating leverage potential — GoHealth's technology platform can process increasing enrollment volumes without proportional cost increases once fixed infrastructure is built

Risks to watch — EHTH

→CMS regulatory changes affecting Medicare marketing practices — CMS has tightened marketing regulations for Medicare enrollment (restricting aggressive outbound telemarketing, requiring cooling-off periods, limiting third-party marketing organizations); these regulations have significantly impacted Medicare enrollment economics for eHealth and the industry
→Customer acquisition costs are extremely high and unpredictable — TV advertising, digital marketing, and telemarketing during the Annual Enrollment Period drive very high CAC; if LTV (commission earned over member tenure) doesn't justify CAC, enrollment activity loses money
→Medicare Advantage plan simplification reducing switching — if beneficiaries are satisfied with their current plans and enrollment complexity is reduced, switching rates decline, reducing eHealth's annual re-enrollment opportunity

Risks to watch — GOCO

→CMS regulatory environment significantly constrained the Medicare marketing organization model — CMS's 2023 marketing rules dramatically restricted how third-party enrollment organizations (like GoHealth) can acquire and contact Medicare leads; these rules impacted GoHealth's core business model
→Profitability challenges persist — GoHealth has faced significant losses since its 2020 IPO; the combination of high customer acquisition costs and CMS marketing restrictions has made sustainable profitability difficult to achieve
→Small scale versus eHealth and established insurance brokerages — GoHealth lacks eHealth's 25-year brand history and struggles to differentiate meaningfully against both eHealth and large insurance broker networks

Frequently asked questions

Medicare Advantage (MA, also called Medicare Part C) is a private insurance alternative to traditional Medicare — beneficiaries choose a Medicare Advantage plan from an approved private insurer (like Humana, Aetna, UnitedHealth) instead of Original Medicare. MA plans bundle Medicare Part A (hospital), Part B (medical), and usually Part D (drugs) coverage plus often extra benefits (vision, dental, hearing, fitness memberships). The federal government pays insurers a capitated rate per enrolled beneficiary; plans compete on premiums (often $0 premium), cost-sharing, and extra benefits. Medicare Advantage enrollment has grown from approximately 5 million in 2004 to over 30 million in 2024, representing approximately 50% of Medicare beneficiaries. This growth drove demand for Medicare enrollment brokers — beneficiaries choosing between dozens of competing MA plans in their area need help comparing options. Third-party enrollment organizations (eHealth, GoHealth, SelectQuote) earn carrier commissions (typically $500-600/enrollment in the first year) by helping beneficiaries navigate plan selection.

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