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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IRl9xRb8b+rpn3DU16rXmJH5EU+R9vmiMq19RD+/3PsK4Yg6qiFyX8OGmzYJlqvf
 7qLdG8yMWtrYksuxk9FkiQ==

<SEC-DOCUMENT>0001179110-06-008368.txt : 20060412
<SEC-HEADER>0001179110-06-008368.hdr.sgml : 20060412
<ACCEPTANCE-DATETIME>20060412140418
ACCESSION NUMBER:		0001179110-06-008368
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060411
FILED AS OF DATE:		20060412
DATE AS OF CHANGE:		20060412

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

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:		06755521

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		818-676-6978

	MAIL ADDRESS:	
		STREET 1:		21650 OXNARD STREET
		CITY:			WOODLAND HILLS
		STATE:			CA
		ZIP:			91367
</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>2006-04-11</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>
                <footnoteId id="F1"/>
            </securityTitle>
            <transactionDate>
                <value>2006-04-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>8750</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>45.64</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13687</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
                <footnoteId id="F2"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>45.64</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-04-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>17500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2008-04-11</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2016-04-11</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>17500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>17500</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Restricted Stock Units (&quot;RSUs&quot;) granted to the Reporting Person on April 11, 2006 under the Issuer's 2005 Long-Term Incentive Plan, which RSUs vest and become non-forfeitable with respect to 100% of the RSUs on the fourth anniversary of the April 11, 2006 grant date.</footnote>
        <footnote id="F2">Grant of a nonqualified stock option to the Reporting Person under the Issuer's 2005 Long-Term Incentive Plan in a transaction exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended.</footnote>
        <footnote id="F3">The stock option becomes exercisable with respect to 50% of the underlying shares of common stock on the second anniversary of the April 11, 2006 option grant date and with respect to the remaining 50% of the underlying shares of common stock on the fourth anniversary of the April 11, 2006 option grant date.</footnote>
        <footnote id="F4">Represents unexercised options from April 11, 2006 option grant to the Reporting Person beneficially owned by the Reporting Person.</footnote>
        <footnote id="F5">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>2006-04-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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