이헬스(EHTH) 2026 회계연도 3분기 실적 발표 콘퍼런스콜: 메디케어 물량 감소 속 현금흐름 개선

핵심 요약

• eHealth는 2026 회계연도 3분기 매출 2,130만 달러, GAAP 기준 순손실 3,590만 달러, 조정 EBITDA 손실 3,990만 달러를 기록했다고 발표했다.
• 첫 9개월간 영업현금흐름은 1,060만 달러에서 1,960만 달러로 85% 개선됐다. 경영진은 2026년 연간 영업현금흐름 손익분기점(BEP) 달성 또는 그 이상을 목표로 유지하고 있다.
• 제출된 신청 건수가 55% 감소하고 테일 매출(tail revenue)이 1,210만 달러에서 150만 달러로 급감하면서 메디케어 부문 매출은 1,810만 달러로 64% 감소했다.
• 비용 절감은 전략의 핵심으로 유지됐다. 총영업비용은 29% 감소했으며, 기술·콘텐츠 비용과 일반관리비 합산액은 17% 줄었다.
• 평생 자문 모델(Lifetime Advisory Model)은 전년 동기 대비 약 두 배에 달하는 40% 이상의 부가 상품 교차판매율을 기록했으며, 90일 보험 유지율 개선의 초기 조짐도 나타났다.
• eHealth는 2026 회계연도 가이던스 범위를 재확인했으며, 조정 EBITDA 마진 확대 및 플러스(+) 영업현금흐름과 함께 2027년 한 자릿수 중간대의 매출 성장률로 복귀하겠다는 목표를 유지했다.

핵심 재무 데이터

사업 및 운영 실적

eHealth가 주요 가입 기간에 마케팅 지출을 집중함에 따라 메디케어 신청 건수가 감소했다. 총 제출된 메디케어 신청 건수는 55% 감소했으며, 이 중 메디케어 어드밴티지(Medicare Advantage) 신청 건수는 58%, 메디케어 서플리먼트(Medicare Supplement) 신청 건수는 23% 줄었다.

메디케어 변동 마케팅 및 광고 비용은 73% 감소했고, 고객 관리 및 가입 비용은 24% 줄었다. 변동 마케팅 비용 대비 메디케어 매출 비율은 2.9배에서 3.9배로 개선됐다. 다만 총 변동 유치 비용 대비 메디케어 매출 비율은 1.0배에서 0.6배로 하락했는데, 이는 자문사 유지, 회원 참여 유도 활동, 연례 가입 기간(AEP) 전 채용 및 교육 등이 일부 반영된 결과다.

평생 자문 모델은 40% 이상의 부가 상품 교차판매율을 기록했다. 경영진은 또한 2분기 중 전속 자문사를 통해 가입한 보험의 초기 90일 해지율이 낮아졌으며, 2026년 1월 효력이 발생한 보험의 연초 대비 유지율이 전년 동기 코호트 대비 강세를 보였다고 언급했다.

메디케어 어드밴티지의 생애가치(LTV)는 2% 감소했다. 이 지표에는 부가 상품이 제외된다. 경영진에 따르면 3분기 메디케어 어드밴티지 LTV가 1,000달러를 소폭 밑돈 반면, 시니어 치과 상품의 LTV는 약 200달러, 입원 정액보상(hospital indemnity) 상품은 약 300달러 수준이다. 회사 측은 부가 상품 판매에는 추가 마케팅 비용이 발생하지 않는다고 설명했다.

eHealth는 연례 가입 기간(AEP)을 앞두고 자문사 채용과 교육을 완료했다. 경영진은 최대 가입 건수가 발생하는 주간을 앞두고 있으나 초기 소비자 수요가 견조했고 리드 비용도 매력적이었다고 밝혔다. 회사는 메디케어 매치메이커(Medicare Matchmaker)를 비롯한 자체 브랜드 채널이 AEP 신청의 대부분을 창출할 것으로 예상하고 있다.

회사는 또한 3대 메디케어 보험사 중 한 곳과 보험사 브랜드 AEP 가입 지원을 위한 비즈니스 프로세스 아웃소싱(BPO) 계약을 체결했다. 경영진은 이번 파트너십과 재유입되는 스폰서십 매출이 4분기부터 기여하기 시작할 것으로 기대하고 있다. 특정 플랜 유형과 지역을 중심으로 eHealth의 앰플리파이(Amplify) 사업에 대한 보험사의 관심도 증가했다.

eHealth의 신규 AI 기반 플랫폼인 콘텐트 지니어스(Content Genius)는 동등한 수준의 정확도를 유지하고 콘텐츠 처리 비용을 낮추면서 메디케어 어드밴티지 플랜 정보 입력 속도를 높였다.

고용주 및 개인 부문에서 eHealth는 현재 초이스(CHOICE)로도 불리는 개인별 건강상환약정(ICHRA) 서비스를 지속적으로 구축했다. 버니포털(BerniePortal)과의 파트너십을 통해 5,000곳 이상의 고용주와 1,000명 이상의 보험 브로커에게 요구 분석 및 CHOICE 도입 지원 서비스를 제공할 예정이다. 수익 구조에는 회원당 월 관리 수수료(PMPM) 및 브로커 수수료가 포함된다.

경영진 가이던스

경영진은 eHealth의 2026 회계연도 가이던스 범위를 재확인했다. 가이던스 수정 사항에 언급된 3분기 테일 매출 140만 달러를 반영해, 2026년 순조정 매출 예상 범위는 기존 1,600만~2,000만 달러에서 1,700만~2,000만 달러로 좁혀졌다.

회사는 연간 영업현금흐름이 손익분기점 또는 그 이상을 기록할 것으로 계속 기대하고 있으며, 4분기 영업현금흐름은 2025년 4분기 대비 유의미하게 개선될 것으로 전망했다.

2027년에 대해 경영진은 조정 EBITDA 마진 확대 및 플러스 영업현금흐름과 함께 한 자릿수 중간대의 매출 성장률로 복귀하겠다는 목표를 유지했다. 이러한 목표는 AEP 실행 성과와 메디케어 어드밴티지 시장이 보다 규율 있는 성장 환경으로 전환될 것이라는 경영진의 기대에 부분적으로 의존하고 있다.

리스크 및 주목할 점

• 3분기 메디케어 매출과 신청 건수가 급감했고, 테일 매출 감소로 해당 부문의 매출총손실이 확대됐다.
• 메디케어 어드밴티지 플랜 변경 및 해지는 소비자의 상품 탐색을 촉진하고 있으나, AEP 기간 동안 실행 및 유지율 측면의 과제도 야기하고 있다.
• 사업 모델의 계절성이 더욱 뚜렷해지면서 4분기 가입 유치 실행의 중요성이 커졌다.
• 평생 자문 모델에 따른 초기 유지율 개선은 제한된 표본에 기반한 것으로 추가 검증이 필요하다.
• eHealth는 2027년 4월 말로 예정된 최초 우선주 상환 가능일을 앞두고 우선주 파트너인 H.I.G.와 자본 구조 개선 방안을 논의 중이다. 경영진은 상환 의무가 유동성 보호 조항의 적용을 받는다고 언급했다.

애널리스트 질의응답(Q&A) 하이라이트

경영진은 4분기 마진 개선 전망의 배경으로 마케팅 지출 축소, 고객 유치 비용 감소, 전반적인 비용 절감, AI 기반 행정 효율성을 꼽았다. AEP 초기의 콜당 비용과 방문당 비용은 양호한 수준인 것으로 나타났다.

가입 규모와 관련해 경영진은 eHealth가 재확인된 연간 가이던스를 순조롭게 달성 중이지만, 신청 건수 목표와 가입 품질, 회원 참여 및 유지율 간의 균형을 신중하게 조율하고 있다고 밝혔다.

보험사들의 성장 목표가 지역 및 플랜 유형별로 더욱 세분화되고 있다. 경영진은 이것이 보험사들에 공인 자문사 인력을 변동비 형태로 활용할 수 있게 해주는 앰플리파이(Amplify)에 대한 수요를 뒷받침한다고 설명했다.

AEP 마케팅 지출 시점은 수익률 최적화와 고객생애가치 대비 고객획득비용(LTV/CAC) 고려에 따라 결정됐다. 경영진은 선거 일정이 지출 시점이나 광고 단가에 실질적인 영향을 미치지 않았다고 밝혔다.

실적 발표 콘퍼런스콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Hello, everyone. Thank you for joining us, and welcome to the Q3 2026 eHealth, Inc. Earnings Conference Call. [Operator Instructions]

I will now hand the conference over to Eli Newbrun-Mintz, Senior Manager of Investor Relations. Eli, please go ahead.

Eli Newbrun-Mintz

Good afternoon, and thank you all for joining us. On the call today, Derrick Duke, eHealth's Chief Executive Officer; and John Dolan, Chief Financial Officer, will discuss our third quarter 2026 financial results.

Following these prepared remarks, we will open the line for a Q&A session with industry analysts. As a reminder, this call is being recorded and webcast from the Investor Relations section of our website. A replay of the call will be available on our website later today. Today's press release, our historical financial news releases and our filings with the SEC are also available on our Investor Relations site.

We will be making forward-looking statements on this call about certain matters that are based upon management's current beliefs and expectations relating to future events impacting the company and our future financial or operating performance.

Forward-looking statements on this call represent eHealth's views as of today, and actual results could differ materially. We undertake no obligation to publicly address or update any forward-looking statements, except as required by law.

The forward-looking statements we will be making during this call are subject to a number of uncertainties and risks including, but not limited to, those described in today's press release and in our most recent annual report on Form 10-K and our subsequent filings with the SEC.

We will also be discussing certain non-GAAP financial measures on this call. Management's definitions of these non-GAAP measures and reconciliations to the most directly comparable GAAP financial measures are included in today's press release.

With that, I will turn the call over to Derrick Duke.

Derrick Duke

Thank you, Eli, and good afternoon, everyone. Our third quarter results were in line with our expectations and reflect our 3 priorities for 2026, implementing our Lifetime Advisory Model, materially improving our cash flow profile and laying the foundation for a return to sustainable growth beginning next year.

Third quarter revenue was $21.3 million. GAAP net loss was $35.9 million and adjusted EBITDA loss was $39.9 million. This year, we have intentionally reduced Medicare-related marketing outside the primary enrollment periods. This allows us to concentrate demand generation investment in the months offering the highest expected returns, while giving our licensed benefit advisers greater capacity to engage with existing members during the balance of the year.

In addition to lower variable spending, our third quarter results benefited from a 17% year-over-year reduction in fixed cost, which we define as the combination of our technology and content and general and administrative expense lines. Most importantly, our operating cash flow increased significantly to $19.6 million for the first 9 months of the year, compared to $10.6 million for the same period a year ago, nearly doubling.

Fourth quarter operating cash flow is currently expected to also show a meaningful improvement compared to Q4 of '25. As a result, we believe we're still on track to generate breakeven or better operating cash flow for the full year.

As we have said on previous calls, the seasonality of our revenue and earnings is more pronounced under the Lifetime Advisory Model. And while Q3 was seasonally low in terms of revenue, it is one of the most important operational quarters as we prepare for the annual enrollment period. This AEP, beneficiaries are seeing another cycle of significant changes to Medicare Advantage plans, and we anticipate consumer shopping to remain strong. At the same time, we believe there are industry trends that point to sector stabilization starting next year, which bodes well for beneficiaries and Medicare brokers.

Carriers are operating in a more predictable environment with a greater understanding of the levers available to balance growth and profitability. Medical loss ratios for certain key carriers have also begun to improve as reflected in their earnings reports year-to-date. We are seeing emerging growth mandates from carriers focused on specific plan types and geographies. Importantly, sponsorship revenue is beginning to return gradually this AEP, reflecting the value carriers continue to place on high-quality distribution partners. We are also seeing increased interest in our carrier-dedicated Amplify business.

During the quarter, we signed a new BPO agreement with a top 3 Medicare carrier to provide carrier-branded enrollment support during AEP. We expect both sponsorship revenue and this BPO relationship to begin contributing revenue in the fourth quarter. Taken together, these developments suggest that in '27, the Medicare Advantage market could be emerging from a period of disruption and starting to shift toward a disciplined growth environment. We believe eHealth is well positioned to benefit from that transition through our strong carrier relationships, emphasis on enrollment quality and consumer engagement and broad geographic presence.

In Q3, we completed our pre-AEP adviser hiring and conducted key training processes through our extensive Sales Mastery University program. During the quarter, licensed advisers reached out to existing members to review annual notices of change, identify potential gaps in coverage and introduce relevant ancillary products. These activities reflect the broader role our advisers are playing under the Lifetime Advisory Model, supporting members not only at the point of enrollment, but throughout the year as their health care and coverage needs evolve.

We continue to see encouraging early proof points of our Lifetime Advisory Model. Ancillary cross-sell rate exceeded 40% in the third quarter, nearly doubling year-over-year. We're also seeing a positive retention impact, including improved first 90-day retention for policies enrolled by our advisers since its launch. While these indicators are based on a small sample size, they reinforce our conviction that a deeper member adviser relationship can improve consumer experience, while supporting retention, ancillary product revenue and member lifetime value over time.

Our Medicare Matchmaker brand continues to resonate with beneficiaries and represents an important competitive advantage in an industry where distribution has historically lacked meaningful consumer brand recognition. In the fourth quarter, we expect branded channels to drive the majority of our AEP applications similar to last year. These channels typically produce high-quality enrollments and serve as an entry point to a lifetime advisory relationship.

On the product side, we launched Content Genius, an AI-powered platform that streamlines how we gather, validate and publish information for thousands of Medicare Advantage plans from our broad network of insurers. This information is leveraged by our proprietary plan recommendation technology, which powers both the consumer-facing online experience as well as tools used in adviser-assisted applications. This new tool has already significantly improved content loading speed with comparable accuracy, while reducing the cost of content processing, a major undertaking ahead of every AEP that used to be labor-intensive.

Alongside our Medicare priorities, we continue to advance the diversification initiatives that we expect to contribute more meaningfully to our growth over time. Individual coverage health reimbursement arrangements, or ICHRA, remain an important part of that strategy. Based on a recent survey conducted by eHealth, 54% of small and midsized businesses offering group coverage are facing premium increases of 10% or more for 2027. 73% of those businesses are considering discontinuing traditional health benefits in 2027, with cost being a key factor. 58% are pursuing alternatives such as level-funded or self-funded plans or ICHRA arrangements.

For ICHRA arrangements, the administration recently introduced CHOICE as a new consumer and employer-facing name for this benefit model and launched materials intended to make the model easier for employers to understand and evaluate. We believe greater employer awareness can support broader adoption over time. eHealth is continuing to build the capabilities, partnerships and technology infrastructure needed to participate in the growth of this exciting opportunity in a disciplined and capital-efficient way.

In Q3, we announced a partnership with BerniePortal, a human resources and benefits administration platform. Through the partnership, more than 5,000 employers and 1,000 insurance brokers working with BerniePortal are expected to have access to eHealth for a needs analysis and support in evaluating CHOICE arrangement options. The integration of our platforms is intended to create a more seamless experience for employers, brokers and employees, while making it easier for employees to compare their individual coverage options.

The third quarter also marked my first full year as CEO of eHealth. Over the past year, we've taken a number of important steps to strengthen the company and position it for the future. We launched the Lifetime Advisory Model, began transitioning the organization toward deeper, more durable member relationships, and continue to build our diversification capabilities. We implemented a cost reduction program that is on target to reduce 2026 variable and fixed operating costs and expenses by approximately $90 million compared with 2025. And we established 3-year financial targets centered on expanding profitability and cash flow generation with the goal of returning to sustainable revenue growth beginning in '27.

With respect to our balance sheet, the management team and our advisers have recently renewed our discussions with our preferred equity partner, H.I.G., to evaluate specific options for improving eHealth's capital structure. With the earliest redemption date for the preferred coming up at the end of April of 2027, we believe both parties are highly motivated to arrive at a mutually acceptable agreement. It is important to note that the company's redemption obligations related to the preferred equity are subject to certain limitations that safeguard the company's liquidity. This provides the parties with the opportunity to continue discussions towards a suitable outcome that supports the company's operational plans and long-term value. We remain committed to continuing these discussions, and we'll provide updates regarding these discussions as appropriate.

In the first 3 weeks of this selling season, we've seen strong consumer demand at attractive lead costs across our platform. Our agents are balancing volume targets with an emphasis on member engagement and retention, essential elements of our Lifetime Advisory Model. The most critical part of AEP remains ahead of us, and the entire organization is focused on successful execution. Thank you to our employees for their hard work and commitment, and to our shareholders and business partners for their continued support.

I'll now turn the call over to John.

John Dolan

Thank you, Derrick, and good afternoon, everyone. Our third quarter results were in line with our expectations and reflect the implementation of our Lifetime Advisory Model and the impact of the cost reduction initiatives we have executed throughout the year. The 85% year-over-year improvement in operating cash flow through the first 9 months of 2026 demonstrates the meaningful progress we have made towards sustainable cash flow generation. During the quarter, we also laid the operational groundwork for a successful AEP with coordinated readiness efforts across the organization focused on supporting our members, capturing high-quality demand and executing efficiently during this critical enrollment period. As Derrick noted, we have engaged external financial advisers to support our discussions with H.I.G. and to evaluate opportunities to further improve our capital structure.

Pivoting now to our third quarter results. Please note that unless otherwise specified, all financial metrics refer to our third quarter results and all comparisons are on a year-over-year basis. Medicare segment revenue was $18.1 million, a decrease of 64%, primarily reflecting lower enrollment volume and lower net adjustment or tail revenue.

As we have discussed throughout the year, we are intentionally concentrating our Medicare marketing investment in the primary enrollment periods when consumer demand is highest and our expected returns are most attractive. Consistent with that strategy, Medicare variable marketing and advertising expense declined by 73%. Medicare customer care and enrollment expense was 24% lower, reflecting the flexible staffing model we have implemented to better align our sales organization with seasonal enrollment patterns.

At the same time, customer care and enrollment expense did not decline at the same rate as application volume. This reflects our decision to retain our core career advisers throughout the year, while using seasonally lower volume periods, the second and third quarters to engage existing members. It also reflects our investment in hiring and training new advisers ahead of AEP.

Total Medicare applications submitted declined 55%. Medicare Advantage applications declined 58%, while Medicare Supplement applications declined 23%. Although application volume was lower, we continue to see encouraging early indicators from the Lifetime Advisory Model, such as our ancillary cross-sell rate, which is more than 40%.

The ratio of third quarter Medicare segment revenue to Medicare variable marketing and advertising costs was 3.9x, up from 2.9x. The ratio of Medicare segment revenue to total Medicare variable acquisition costs, including variable marketing and advertising and segment CC&E expenses was 0.6x, down from 1x in the third quarter of 2025.

Medicare segment gross loss was $12.7 million, compared to $1.2 million. The change primarily reflects lower tail revenue. Medicare tail revenue was $1.5 million, down from $12.1 million. Medicare Advantage lifetime value, or LTV, declined 2%. Despite declines in tail revenue and Medicare Advantage LTV, we are seeing encouraging initial retention trends under the Lifetime Advisory Model.

The second quarter was the first full quarter under the new model. Policies enrolled in the second quarter by our career advisers following the launch of the new model have experienced lower churn during the first 90 days as compared to the same period last year, a critical period for a Medicare Advantage policy.

We also continue to see strong year-to-date retention for the January 2026 effective policies enrolled during the most recent AEP. This cohort is performing better than the comparable prior year cohort, despite significant plan changes across the Medicare Advantage market.

Turning to our Employer and Individual segment. Revenue was $3.2 million, compared with $3.9 million last year. The segment gross profit was $0.1 million, compared with $1 million. As Derrick discussed, we continue to invest selectively in the partnerships, technology and infrastructure needed to participate in the growth of CHOICE arrangements. We remain disciplined in the pace of that investment as we work toward our goal of building a scaled and capital-efficient offering.

Turning to our overall cost structure. We continue to track toward our goal of total 2026 cost savings of more than $60 million and fixed cost savings of approximately $30 million. Combined general and administrative and technology and content expenses declined 17%. Total marketing and advertising expense declined 55%, while customer care and enrollment expense declined 22%. Total operating costs and expenses declined 29%.

The work we are doing goes beyond reducing expenses in the current year. We are establishing a more efficient cost structure designed to produce operating leverage for our planned return to top line growth in 2027. One of the ways we are controlling our fixed costs is through investment in AI, including the third quarter introduction of our AI content loading initiative, Content Genius. At the same time, we continue to protect the capabilities that are critical to our long-term strategy, including our technology platform, consumer brand, carrier relationships and core adviser base.

Turning to cash flow and the balance sheet. Third quarter operating cash flow was negative $11.2 million, a $14.1 million improvement from negative $25.3 million. We ended the quarter with $88.1 million in cash, cash equivalents and short-term marketable securities, compared with $101 million at the end of the second quarter. Our commissions receivable balance as of September 30 was $970.6 million, compared to $907.7 million. We believe our liquidity, significant commissions receivable balance and improving cash flow profile provide a solid foundation for executing our operating and strategic priorities.

Based on information available today, we are reaffirming our fiscal year 2026 guidance ranges. We are also updating our expectations for 2026 net adjustment revenue to be in the range of $17 million to $20 million, up from $16 million to $20 million to reflect the $1.4 million in tail revenue that we recognized in the third quarter. You can reference our guidance ranges in the third quarter earnings release and slides posted on the Investor Relations section of our website.

Beyond 2026, we remain focused on the longer-term financial objectives we established earlier this year, including our goal of returning to mid-single-digit revenue growth in 2027, accompanied by expanded adjusted EBITDA margins and positive operating cash flow. We look forward to updating you on our progress following the completion of AEP.

With that, I'll turn the call back to the operator for questions.

Operator

[Operator Instructions] Your first question comes from the line of Ben Hendrix with RBC Capital Markets.

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Michael Murray

This is Michael Murray on for Ben. Just looking at the midpoint of your reaffirmed guidance ranges, it looks like you're expecting some year-over-year margin expansion in the fourth quarter despite revenues continuing to decline year-over-year. I wanted to see what's driving that margin expansion. Is this more of a result of your Lifetime Advisory Model, where maybe you have some softer margins in 2Q and 3Q, and then stronger margins in 1Q and 4Q?

Derrick Duke

Yes. Thanks for the question. I'm going to turn that over and let John take that one.

John Dolan

Michael, thanks for the question. Yes, we're -- as we're looking at the full year, we are looking at the reduced marketing spend and the -- really focused on our cost of acquisition, maintaining the most efficient costs as we generate the demand generation for our advisers.

Derrick Duke

Yes, Ben, I would also say, this is Derrick. I think it's just generally a reflection of our focus on our cost reduction, improving efficiency, the AI tools that we have launched during the year that's helping drive down administrative costs. I'll also just note that while we're certainly early in the AEP cycle, and as you know, the later we get into the cycle, the higher the volume becomes. But our early indications is our cost per calls and cost per visits are favorable at this point. And so all of those things are leading to the improved margins.

Michael Murray

Okay. And just a follow-on on AEP. Just wanted to see if you could give us an early read on volumes relative to your expectations?

Derrick Duke

Well, just as you just mentioned, we have just reaffirmed our full year guidance. We're on track to deliver those targets. Again, while reiterating what I just said, we understand that the most important weeks of AEP are still ahead of us. We are seeing strong consumer demand. Our brand continues to resonate with consumers. Certainly, the plan changes and plan terminations in the market is leading to high levels of consumer shopping. At the same time, though, as you know, we've made an intentional decision walking into 2026 to reduce our capacity. That's part of the reduced variable spend year-over-year of the $60 million to focus on operating cash flow and the implementation of our Lifetime Advisory Model.

As a part of that model, that sales operating model change, we're balancing volume targets. We're emphasizing enrollment quality, member engagement and retention of our existing members, all of those things, which we believe align with where our carrier partners are focused.

Operator

Your next question comes from the line of George Sutton with Craig-Hallum.

George Sutton

Derrick, you mentioned emerging growth mandates from some of the carriers. I wondered if you can go into a little bit more detail there. And then on the -- more of a marketing timing question, we obviously, until today, had a plethora of ads in front of us around the political season. I'm curious if you held off on a lot of your marketing until now as a result of that.

Derrick Duke

Yes. George, great to hear from you, and thank you for the question. So I'll take the first one, and then I'll let Michelle speak on your second question. So as it relates to our carrier partners and sort of targeted growth, we do continue with multiples of our partners. They've communicated with us leading up into AEP, that there are specific plan types that they want to grow in, there are specific geographies that they want to grow in. As we mentioned earlier, we are seeing an increasing demand for our Amplify services that help. Again, part of that -- the attractiveness of that for carriers is that that turns into a variable cost for them. And so we're able to provide licensed agent capacity, again, in specific geographies, specific types of plans of where they want to grow. And we're really pleased with where that is at this point in the campaign in this year. And we believe what we're seeing in our early performance is going to give us opportunities in '27 and beyond to grow that business and to be, again, an important partner for some of those carriers. Michelle?

Michelle Barbeau

Yes. George, nice to hear from you. I'll answer your question on -- it was related to timing of our marketing spend, how we deploy those funds and did we think about, did the election have any impact on that? Really, our guiding principle on our spend is around the best maximizing return and LTV-to-CAC. And so that does play a factor in sort of the timing. And that is how we decide when we are going to be deploying funds throughout AEP. It's not really specific around the election.

The short answer is the election didn't really have a significant impact on the timing of our spend or even on the rates. I think we already mentioned, we're seeing really nice favorability in terms of our cost per call, cost per visit. News is a part of our mix, but also very, very strong in daytime and how we think about optimizing that overall channel mix, programming mix, et cetera.

George Sutton

Perfect. And Derrick, you mentioned the LTV down 2%. And I'm just curious with the ancillary focus, does that get embedded into your lifetime value? Or how should we think of the success that you're seeing in ancillary from an economic perspective?

Derrick Duke

Yes, really good question. It's an important distinction, George. In the LTVs that we're talking about that are down 2% year-over-year in quarter 3, that excludes any ancillary products or ancillary volume for our members. That is exclusively the MA plan. So as we continue to implement the model, we are evaluating sort of new important KPIs that we're not just tracking internally, but I think eventually that we'll begin to share some of those externally. One of those could be thinking about LTV at the member level and not just at the product level.

So the LTVs that we're talking about in the release do not take into account ancillary contribution, if you will. And again, as we noted in our release, we're seeing really, really good adoption of both the consumer response, but also the response by our advisers that are taking the time to evaluate needs and to help consumers find the right plans to meet their needs.

George Sutton

If I could just sneak one more in relative to the BerniePortal partnership. How -- can you explain the economics of how that works for you, how your services are part of that platform?

Derrick Duke

Yes. I'm going to let Michelle take that.

Michelle Barbeau

Yes. Happy to speak to that. So BerniePortal is one of the partners that we would work with. Really, we bring joint capabilities to the partnership. So they are an HR benefit administrative platform. They have several broker relationships, employers. They have relationships. They partner with us to offer the broad range of choice, right, in our marketplace. So we can help their employers define ICHRA/CHOICE contribution strategies and then help the employees navigate and make their plan selection.

So throughout the partnership, like we both financially, you asked about the economics. There is sort of a PMPM administration per employee, and then there's also the broker commission.

George Sutton

Got you. Okay.

Derrick Duke

George, just I want to circle back. I should have mentioned this, and I apologize that I didn't, just to frame maybe how to think about the ancillary LTV. I'm just going to give you 2 examples. Obviously, we have more than 2 products. But on our senior dental offerings and plans, you can think about LTVs for that in the approximately $200 range. For our hospital indemnity plan, you can think about that in the context of approximately $300. So again, by themselves, they don't seem all that significant. But when you add $200 to $300 on top of the -- just shy of $1,000 for Q3 MA LTV on no additional marketing spend, it is a significant increase. And so certainly appreciate that question and you highlighting it.

Operator

There are no further questions at this time. I will now turn the call back to Derrick Duke for closing remarks.

Derrick Duke

Yes. Thank you, guys. I just want to say thank you for joining us today and getting important updates on our year-to-date progress on our 2026 initiatives. I also want to thank all of our One Team eHealth employees that show up every day to serve our members. Your dedication and commitment makes a difference in the lives of people that we serve each and every day.

As a company, we remain focused on helping our members evaluate the thousands of health care options during AEP and OEP to ensure that they're making the most informed decision possible to meet their health and financial goals. We look forward to speaking with you on our Q4 call post AEP.

Have a great afternoon and evening.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.