-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 DlBlnuhUB5Vl6lcqGYD2cA==

<SEC-DOCUMENT>0001179110-07-004705.txt : 20070226
<SEC-HEADER>0001179110-07-004705.hdr.sgml : 20070226
<ACCEPTANCE-DATETIME>20070226161857
ACCESSION NUMBER:		0001179110-07-004705
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061021
FILED AS OF DATE:		20070226
DATE AS OF CHANGE:		20070226

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WOYS JAMES
		CENTRAL INDEX KEY:			0001213947

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12718
		FILM NUMBER:		07649473

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		8186766000

	MAIL ADDRESS:	
		STREET 1:		21650 OXNARD STREET, 22ND FLOOR
		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/A
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4/A -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2006-10-21</periodOfReport>

    <dateOfOriginalSubmission>2006-10-23</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001213947</rptOwnerCik>
            <rptOwnerName>WOYS JAMES</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>Pres. Gov't &amp; Specialty Svcs</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-10-21</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4534</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>46.04</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>51060</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 a 25,000 share restricted stock grant made to the reporting person on October 21, 2004, of which the remaining 12,500 shares vested on October 21, 2006.</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 October 20, 2006 (the first trading day prior to the vesting date of October 21, 2006 (as required under the Amended and Restated 1997 Stock Option Plan under which such grant was made), as such vesting date was a non-trading day). The Reporting Person reported to the Issuer on October 9, 2006 of his intent to forfeit shares to satisfy payment of the tax liability on the 12,500 vested shares.</footnote>
        <footnote id="F3">Includes 5,450 shares in which the Reporting Person has a beneficial ownership interest under the profit sharing component of the Issuer's 401(k) Savings Plan.  This reported beneficial ownership number has been amended to reflect the Reporting Person's actual beneficial ownership as of October 26, 2006. The number included in the original Form 4 filing was overstated due to an administrative error.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ James E. Woys, Pres. Government &amp; Specialty Services</signatureName>
        <signatureDate>2007-02-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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