-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Qy2hwJLkJ70tnQpy1FuCPUYBXutViPecSCILyHt5TuffcSUzSgeWutDXx7rRJDmm
 k/mumjSKSH0sxyfXjPdm4A==

<SEC-DOCUMENT>0001179110-05-016921.txt : 20050823
<SEC-HEADER>0001179110-05-016921.hdr.sgml : 20050823
<ACCEPTANCE-DATETIME>20050823181913
ACCESSION NUMBER:		0001179110-05-016921
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050823
FILED AS OF DATE:		20050823
DATE AS OF CHANGE:		20050823

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Olson David W
		CENTRAL INDEX KEY:			0001327463

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12718
		FILM NUMBER:		051044556

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		818-676-6978

	MAIL ADDRESS:	
		STREET 1:		21650 OXNARD STREET
		CITY:			WOODLAND HILLS
		STATE:			CA
		ZIP:			91367

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HEALTH NET INC
		CENTRAL INDEX KEY:			0000916085
		STANDARD INDUSTRIAL CLASSIFICATION:	HOSPITAL & MEDICAL SERVICE PLANS [6324]
		IRS NUMBER:				954288333
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		21650 OXNARD ST
		CITY:			WOODLAND HILLS
		STATE:			CA
		ZIP:			91367
		BUSINESS PHONE:		8186766000

	MAIL ADDRESS:	
		STREET 1:		225 N MAIN ST
		CITY:			PUEBLO
		STATE:			CO
		ZIP:			81003

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FOUNDATION HEALTH SYSTEMS INC
		DATE OF NAME CHANGE:	19970513

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTH SYSTEMS INTERNATIONAL INC
		DATE OF NAME CHANGE:	19940207

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HN MANAGEMENT HOLDINGS INC/DE/
		DATE OF NAME CHANGE:	19931213
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-08-23</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000916085</issuerCik>
        <issuerName>HEALTH NET INC</issuerName>
        <issuerTradingSymbol>HNT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001327463</rptOwnerCik>
            <rptOwnerName>Olson David W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>21650 OXNARD STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WOODLAND HILLS</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91367</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP, Corporate Communications</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1788</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>42.31</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4937</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">Shares forfeited in lieu of payment of tax liability in connection with the vesting of a 5,000 share restricted stock grant made to the Reporting Person on August 12, 2002.</footnote>
        <footnote id="F2">The price used to calculate the number of shares forfeited to the Issuer by the Reporting Person was based on the closing price of the Issuer's common stock on August 12, 2005 (the vesting date of the August 12, 2002 restricted stock grant).  The Reporting Person notified the Issuer on August 23, 2005 of his intent to forfeit shares to satisfy payment of the tax liability on the vested shares.</footnote>
        <footnote id="F3">Includes 225 shares in which the Reporting Person has a beneficial ownership interest under the profit sharing component of the Issuer's 401(k) Savings Plan.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David W. Olson</signatureName>
        <signatureDate>2005-08-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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