-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Pp09HC94w60yHyuhk5laM1v/5s7zFeiqXoiafxlcXZ4du1c/3Gv0iZ8bY51M8zTQ
 DJDiGMyZTCfWj0DxSFjztQ==

<SEC-DOCUMENT>0001179110-08-003003.txt : 20080211
<SEC-HEADER>0001179110-08-003003.hdr.sgml : 20080211
<ACCEPTANCE-DATETIME>20080211214352
ACCESSION NUMBER:		0001179110-08-003003
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080211
FILED AS OF DATE:		20080211
DATE AS OF CHANGE:		20080211

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:			WILLISON BRUCE G
		CENTRAL INDEX KEY:			0001213942

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12718
		FILM NUMBER:		08595549

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		8186766000

	MAIL ADDRESS:	
		STREET 1:		21650 OXNARD STREET, 22ND FLOOR
		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>2008-02-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001213942</rptOwnerCik>
            <rptOwnerName>WILLISON BRUCE G</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O HEALTH NET, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>21650 OXNARD STREET</rptOwnerStreet2>
            <rptOwnerCity>WOODLAND HILLS</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>91367</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-02-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2319</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>33.75</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9319</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2008-02-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>F</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1713</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>45.68</value>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7606</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>33.75</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2008-02-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2319</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-07-01</value>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2008-07-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2319</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                    <footnoteId id="F5"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Exercise of a stock option granted to the Reporting Person on July 1, 2003 under the Issuer's Amended and Restated 1998 Stock Option Plan (the &quot;Plan&quot;) in a transaction exempt under Rule 16b-3 of the Securities Exchange Act of 1934, as amended (the &quot;Stock Option&quot;).</footnote>
        <footnote id="F2">Shares tendered by the Reporting Person to the Issuer in lieu of payment of the exercise price owed by the Reporting Person in connection with the exercise of the Stock Option.  The tender of the shares was made in accordance with the terms of the Plan.</footnote>
        <footnote id="F3">The price used to calculate the number of shares to be tendered to the Issuer by the Reporting Person for payment of the exercise price for the Stock Option was based on the closing price of the Issuer's common stock on February 11, 2008.</footnote>
        <footnote id="F4">The Stock Option became exercisable in 33 1/3% increments on each of the first, second and third anniversary of the grant date.</footnote>
        <footnote id="F5">Represents unexercised options from the July 1, 2003 stock option grant to the Reporting Person beneficially owned by the Reporting Person.</footnote>
        <footnote id="F6">The shares are held by the B&amp;G Willison Living Trust, of which the Reporting Person is a trustee.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Bruce G. Willison</signatureName>
        <signatureDate>2008-02-11</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----