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Exhibit 12.1

Health Net, Inc.

Calculation of Ratio of Earnings to Fixed Charges — Consolidated Basis

(Amount in Thousands, Except Ratios)

	Year Ended December 31,
	2001			2000			1999			1998			1997
Income from continuing operations	$	137,350		$	262,747		$	244,008		$	(254,154	)	$	(89,248	)
Interest expense		54,940			87,930			83,808			92,159			63,555
Amortization of debt expense		3,280			3,395			3,170			1,100			—
Interest portion of rental expense (a)		8,403			7,470			7,350			7,545			7,305
Earnings	$	203,973		$	361,542		$	338,336		$	(153,350	)	$	(18,388	)
Fixed Charges	$	66,623		$	98,795		$	94,328		$	100,804		$	70,860
(Total of interest expense, amort. and interest portion of rental expense)
Ratio of earnings to fixed charges		3.1	×		3.7	×		3.6	×		(b	)		(b	)

(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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Exhibit 12.1

Health Net, Inc. Calculation of Ratio of Earnings to Fixed Charges — Consolidated Basis (Amount in Thousands, Except Ratios)