EXHIBIT 14

Maxicare Health Plans, Inc.
Code of Ethics

We maintain a code of ethics that applies to our principal executive officer,
principal financial officer, controller, or persons performing similar
functions. Any waiver of the code must be approved by the Audit Committee and
must be disclosed in accordance with SEC rules.

Policy:

A goal of Maxicare Health Plans, Inc. and its subsidiaries is to promote
professional and ethical conduct with respect to our business practices. This
policy provides ethical standards to which all of our executive officers,
including our principal executive, financial and accounting officers, our
directors, and employees are expected to adhere.

Our Policy is to:

         (1)      comply with laws and regulations of applicable national,
                  state, and local governments and regulatory agencies;

         (2)      prepare and develop all information and data in a manner that
                  facilitates full, fair, accurate, complete, timely and
                  understandable and relevant disclosure in reports and
                  documents that we file with, or submit to, the Securities and
                  Exchange Commission and any other government agencies or that
                  we use in other public communications;

         (3)      act with honesty and integrity, avoiding conflicts of interest
                  between our personal and professional relationships.

         (4)      act always in good faith, responsibly, with due care,
                  competence and thoroughness, without misrepresenting material
                  facts or allowing our independent, professional judgment to be
                  compromised;

         (5)      Maintain the confidentiality of information acquired, except
                  when authorized or otherwise legally obligated to disclose
                  such information, and to refrain from using confidential
                  information acquired for personal advantage;

         (6)      exercise responsible use of and control over all of our assets
                  and resources.

         We are committed to complying with both the letter and the spirit of
all applicable laws, rules and regulations. Any information you may have
concerning any violation of this Code of Ethics should be brought to the
attention of the Audit Committee. The Board of Directors may determine, or
designate appropriate persons to determine, appropriate additional disciplinary
or other actions to be taken in the event of violations of this Code of Ethics.

         If you provide information to the Audit Committee, it will be treated
in confidence. Communications to the Audit Committee should be sent to the
attention of: Simon Whitmey, c/o Maxicare Health Plans, Inc., 11231 South La
Cienega Boulevard, Los Angeles, California 90045.