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Revenue
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue – The table below depicts the disaggregation of revenue by product and is consistent with how we evaluate our financial performance (in thousands):
Year Ended December 31,
202320222021
Medicare
Medicare Advantage$335,849 $293,562 $393,868 
Medicare Supplement13,825 17,419 24,272 
Medicare Part D11,180 7,171 7,361 
Total Medicare360,854 318,152 425,501 
Individual and Family (1)
Non-Qualified Health Plans10,640 12,430 23,579 
Qualified Health Plans6,020 5,435 9,295 
Total Individual and Family16,660 17,865 32,874 
Ancillary
Short-term3,319 4,419 6,112 
Dental3,151 3,489 10,216 
Vision1,627 1,050 2,250 
Other2,657 2,508 2,776 
Total Ancillary10,754 11,466 21,354 
Small Business17,669 11,842 10,720 
Commission Bonus and Other(2,013)1,921 2,670 
Total Commission Revenue403,924 361,246 493,119 
Other Revenue
Sponsorship and Advertising Revenue42,530 40,960 40,560 
Other6,417 3,150 4,520 
Total Other Revenue48,947 44,110 45,080 
Total Revenue$452,871 $405,356 $538,199 
_______

(1)We define our individual and family plan offerings as major medical individual and family health insurance plans, which do not include Medicare-related, small business or ancillary plans. Individual and family health insurance plans include both qualified and non-qualified plans. Qualified health plans meet the requirements of the Affordable Care Act and are offered through the government-run health insurance exchange in the relevant jurisdiction. Non-qualified health plans do not meet the requirements of the Affordable Care Act and are not offered through the government-run health insurance exchange in the relevant jurisdiction. Individuals that purchase non-qualified health plans cannot receive a subsidy in connection with the purchase of non-qualified plans.

Commission Revenue

Since the adoption of ASC 606, we have evaluated changes in estimated cash collections and compare these to the initial estimates of LTV at the time of approval. We record adjustment revenue in the period when the risk of significant reversal is not probable and continue to enhance our LTV estimation models to improve the accuracy and to reduce the fluctuations of our LTV estimates.
Commission revenue by segment is presented in the table below (in thousands):
Year Ended December 31,
202320222021
Medicare
Commission revenue from members approved during the period
$326,087 $322,506 $437,738 
Net commission revenue from members approved in prior periods (1)
33,544 (2,326)(8,414)
Total Medicare segment commission revenue
$359,631 $320,180 $429,324 
Employer and Individual
Commission revenue from members approved during the period
$19,789 $22,358 $25,078 
Commission revenue from renewals of small business members during the period
9,973 9,981 8,564 
Net commission revenue from members approved in prior periods (1)
14,531 8,727 30,153 
Total Employer and Individual segment commission revenue
$44,293 $41,066 $63,795 
Total commission revenue from members approved during the period$345,876 $344,864 $462,816 
Commission revenue from renewals of small business members during the period9,973 9,981 8,564 
Total net commission revenue from members approved in prior periods (1)(2)
48,075 6,401 21,739 
Total commission revenue$403,924 $361,246 $493,119 
_______

(1)    These amounts reflect our revised estimates of cash collections for certain members approved prior to the relevant reporting period that are recognized as adjustments to revenue within the relevant reporting period. The net adjustment revenue includes both increases as well as reductions in revenue for certain prior period cohorts.
(2)     The impact of total net commission revenue from members approved in prior periods for the years ended December 31, 2023, 2022 and 2021 was $1.72, $0.23 and $0.81 per basic and per diluted share, respectively. The total reductions to revenue from members approved in prior periods were $4.3 million, $16.5 million and $28.8 million for the years ended December 31, 2023, 2022 and 2021, respectively. These reductions to revenue primarily relate to the Medicare segment.

Enhancement to LTV Estimation Model

During 2023, we observed stronger member retention rates and commission rate increases for our Medicare segment. Based on our evaluation of the updated LTV models and retention and commission rate trends, we recorded $33.5 million of net adjustment revenue for the year ended December 31, 2023. In addition, we continued to observe stronger member retention rates in our LTV assessments for the majority of the earlier period cohorts of certain products in our E&I segment and as a result, we recognized $14.5 million of net adjustment revenue for the year ended December 31, 2023. We will continue to monitor our member retention rates as compared to our forecasts and other market factors and evaluate whether any addition or reduction of adjustment revenue shall be recorded as we continue to assess our LTV models in future periods.

During 2022, we continued to observe stronger member retention rates in our LTV assessments for the majority of the earlier period cohorts of certain products in our E&I segment. Based on our evaluation of the updated LTV models and retention trends, we recognized $8.7 million of net adjustment revenue for the E&I segment for the year ended December 31, 2022. In addition, we evaluated various market factors related to our Medicare segment and recorded a net adjustment of $(2.3) million for the year ended December 31, 2022, primarily due to declines in LTV in all Medicare products.
During 2021, despite the extension of the COVID-19 related special enrollment period through August 15, 2021 and an increase in subsidies to certain individuals who purchase qualified health plans, we continued to observe stronger member retention rates in our LTV assessments for the majority of the earlier period cohorts of certain products in our E&I segment. We recognized $30.2 million of net adjustment revenue for the E&I segment for the year ended December 31, 2021. In addition, we evaluated various market factors related to our Medicare segment and recorded a net adjustment of $(8.4) million for the year ended December 31, 2021, primarily due to decline in LTV of Medicare Supplement and Medicare Part D prescription drug plans.