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EXHIBIT 12.1

Health Net, Inc.
Computation of Ratio of Earnings to Fixed Charges—Consolidated Basis
(Amounts in thousands, except ratios)

			Year Ended December 31,
	Six Months Ended June 30, 2001
			2000		1999		1998			1997			1996
Income from continuing operations	$	44,780	$	262,747	$	244,008	$	(254,154	)	$	(89,248	)	$	52,954
Interest expense		30,846		87,930		83,808		92,159			63,555			45,372
Amortization of debt expense		2,023		3,395		3,170		1,100			—			—
Interest portion of rental expense (a)		3,831		7,470		7,350		7,545			7,305			7,020
Earnings	$	81,480	$	361,542	$	338,336	$	(153,350	)	$	(18,388	)	$	105,346
Fixed charges (total of interest expense, amortization and interest portion of rental expense)	$	36,700	$	98,795	$	94,328	$	100,804		$	70,860		$	52,392
Ratio of earnings to fixed charges		2.2x		3.7x		3.6x		(b	)		(b	)		2.0x

(a)

Interest portion of rental expense is estimated to be 15%.

(b)

No ratio is shown for 1998 and 1997 because earnings were insufficient to cover fixed charges by $153.4 million and $18.4 million, respectively.

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Computation of Ratio of Earnings to Fixed Charges