What GoHealth, Inc. told the SEC could break it.

GoHealth depends on a small group of health-plan partners — primarily United, Humana, Elevance, Aetna and Centene, which pay commissions and act as its customers — for a substantial portion of revenue, and further health-insurance consolidation could exacerbate this concentration.

“We currently depend on a small group of health plan partners for a substantial portion of our revenue, and further consolidation in the health insurance industry could exacerbate this risk. We derive a large portion of our revenue from a limited number of health plan partners. For the twelve months ended December 31, 2025, 2024, and 2023, the primary health plan partners that we served were United, Humana, Elevance, Aetna and Centene.”

GoHealth has pledged substantially all of its assets as collateral for its Credit Facilities, and as consideration for Amendment No. 14 (Aug 2025) it issued lenders ~19.99% of its Class A stock — signs of covenant pressure and a constrained capital structure (public float only ~$32.9M).

“We have pledged substantially all of our assets as collateral securing our Credit Facilities and any such exercise of remedies on any material portion of such collateral would likely materially adversely affect our business, financial condition or results of operations.”

GoHealth's Founders and Centerbridge retain significant control — electing directors who can authorize additional debt and approve major transactions — so other shareholders have limited influence and the controllers' interests may diverge.

“The directors that the Founders and Centerbridge elect have the authority to vote to authorize the Company to incur additional debt, i”

GoHealth's core business — marketing and selling private Medicare Advantage/Part D plans — is heavily and frequently regulated by CMS marketing rules (and HIPAA/HITECH privacy with steep per-violation penalties), so rule changes or non-compliance could materially harm operations.

“The marketing and sale of private Medicare plans are subject to numerous, complex and frequently changing laws, regulations and guidelines, and non-compliance with or changes in laws, regulations and guidelines could harm our business, operating results and financial condition.”