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Revenue | 12 Months Ended
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Dec. 31, 2024
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,
| 2024 |  | 2023 |  |
Medicare |  |  |  |  |
Medicare Advantage | $ | 394,942 |  |  | $ | 335,849 |  |  |
Medicare Supplement | 19,634 |  |  | 13,825 |  |  |
Medicare Part D | 12,773 |  |  | 11,180 |  |  |
Total Medicare | 427,349 |  |  | 360,854 |  |  |
Individual and Family (1) |  |  |  |  |
Non-Qualified Health Plans | 3,640 |  |  | 10,640 |  |  |
Qualified Health Plans | 4,762 |  |  | 6,020 |  |  |
Total Individual and Family | 8,402 |  |  | 16,660 |  |  |
Ancillary |  |  |  |  |
Short-term | 2,317 |  |  | 3,319 |  |  |
Dental | 3,514 |  |  | 3,151 |  |  |
Vision | 2,062 |  |  | 1,627 |  |  |
Other | 2,894 |  |  | 2,657 |  |  |
Total Ancillary | 10,787 |  |  | 10,754 |  |  |
Small Business | 11,545 |  |  | 17,669 |  |  |
Commission Bonus and Other | 3,564 |  |  | (2,013) |  |  |
Total Commission Revenue | 461,647 |  |  | 403,924 |  |  |
Other Revenue |  |  |  |  |
Sponsorship and Advertising Revenue | 45,481 |  |  | 38,743 |  |  |
Fee-based and Other Revenue | 25,282 |  |  | 10,204 |  |  |
Total Other Revenue | 70,763 |  |  | 48,947 |  |  |
Total Revenue | $ | 532,410 |  |  | $ | 452,871 |  |  |
_______ (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,
| 2024 |  | 2023 |  |
Medicare |  |  |  |  |
Commission revenue from members approved during the period | $ | 412,887 |  |  | $ | 326,087 |  |  |
Net commission revenue from members approved in prior periods (1) | 18,678 |  |  | 33,544 |  |  |
Total Medicare segment commission revenue | $ | 431,565 |  |  | $ | 359,631 |  |  |
Employer and Individual |  |  |  |  |
Commission revenue from members approved during the period | $ | 16,463 |  |  | $ | 19,789 |  |  |
Commission revenue from renewals of small business members during the period | 9,562 |  |  | 9,973 |  |  |
Net commission revenue from members approved in prior periods (1) | 4,057 |  |  | 14,531 |  |  |
Total Employer and Individual segment commission revenue | $ | 30,082 |  |  | $ | 44,293 |  |  |
Total commission revenue from members approved during the period | $ | 429,350 |  |  | $ | 345,876 |  |  |
Commission revenue from renewals of small business members during the period | 9,562 |  |  | 9,973 |  |  |
Total net commission revenue from members approved in prior periods (1)(2) | 22,735 |  |  | 48,075 |  |  |
Total commission revenue | $ | 461,647 |  |  | $ | 403,924 |  |  |
_______ (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 commission revenue from members approved in prior periods, or the net adjustment revenue includes both increases as well as reductions in revenue for certain prior period cohorts. (2) The after-tax impact of total net commission revenue from members approved in prior periods for the years ended December 31, 2024 and 2023 was $0.59 and $1.30 per basic and diluted share, respectively. The total reductions to revenue from members approved in prior periods were $5.3 million and $4.3 million for the years ended December 31, 2024 and 2023, respectively. These reductions to revenue primarily relate to the Medicare segment. LTV Estimation Model During 2024, we observed increases in new paying members, stronger constraint release and commission rate increases for our Medicare segment. Based on our evaluation of the updated LTV models and improved retention and commission rate trends, we recorded $18.7 million of net adjustment revenue for the year ended December 31, 2024. In addition, we continued to observe stronger constraint release and commission retention rate increases 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 $4.1 million of net adjustment revenue for the year ended December 31, 2024. 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 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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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