Health Net Forms TRICARE Advisory Committee to Support Government Operations Division

Members of the Advisory Committee include distinguishedindividuals from within the Department of Defense and the MilitaryHealth System community. They are former Surgeon General of the Army,retired Lieutenant General Jim Peake; former Surgeon General of theAir Force, retired Lieutenant General Rusty Sloan; and former DeputySurgeon General of the Navy, retired Rear Admiral Kathy Martin. TheAdvisory Committee brings a wealth of demonstrated leadership withinthe government and its health care system, as well as establishedrelationships with senior leadership within the Department of Defenseand military community, and with Congressional leaders.

Members of the Advisory Committee will meet quarterly near thenation's capitol to provide HNFS with strategic guidance.

"The Advisory Committee's input and guidance will be particularlyvaluable as we continue to orchestrate operational and customerrelation solutions that exceed government health care standards.Health Net Federal Services continues to look forward to provide thosewho serve, and their families, with unsurpassed health care," saidSteve Tough, president, HNFS.

The Advisory Committee is scheduled to convene on Wednesday,September 13, 2006.

About Health Net

Health Net Federal Services, a subsidiary of Health Net, Inc., hasa long history of providing cost-effective, quality managed healthcare programs for government agencies including the Department ofDefense and Veterans Affairs. As the managed care support contractorfor the TRICARE North Region, Health Net provides health care servicesto over 3 million uniformed services beneficiaries, active andretired, and their families.

Health Net, Inc. is among the nation's largest publicly tradedmanaged health care companies. Its mission is to help people behealthy, secure and comfortable. The company's HMO, POS, insured PPOand government contracts subsidiaries provide health benefits toapproximately 6.6 million individuals in 27 states and the District ofColumbia through group, individual, Medicare, Medicaid and TRICAREprograms. Health Net's behavioral health services subsidiary, MHN,provides behavioral health, substance abuse and employee assistanceprograms (EAPs) to approximately 7.3 million individuals in variousstates, including the company's own health plan members. The company'ssubsidiaries also offer managed health care products related toprescription drugs, and offer managed health care product coordinationfor multi-region employers and administrative services for medicalgroups and self-funded benefits programs.

For more information on Health Net, Inc., please visit thecompany's Web site at www.healthnet.com. For more information onHealth Net Federal Services, please visitwww.healthnetfederalservices.com.

Cautionary Statements

Certain matters discussed in this release contain forward-lookingstatements within the meaning of Section 21E of the SecuritiesExchange Act of 1934, as amended, and Section 27A of the SecuritiesAct of 1933, as amended, that involve a number of risks anduncertainties. All statements, other than statements of historicalinformation provided herein, may be deemed to be forward-lookingstatements. These statements are based on management's analysis,judgment, belief and expectation only as of the date hereof, and aresubject to uncertainty and changes in circumstances. Without limitingthe foregoing, the words "believes," "anticipates," "plans,""expects," "may," "should," "could," "estimate," "intend" and othersimilar expressions are intended to identify forward-lookingstatements. Actual results could differ materially due to, among otherthings, rising health care costs, negative prior period claims reservedevelopments, trends in medical care ratios, issues relating toprovider contracts, operational issues, health care reform and generalbusiness conditions. Additional factors that could cause actualresults to differ materially from those reflected in theforward-looking statements include, but are not limited to, the risksdiscussed in the "Risk Factors" section included within the company'smost recent Annual Report on Form 10-K filed with the SEC and therisks discussed in the company's other periodic filings with the SEC.Readers are cautioned not to place undue reliance on theseforward-looking statements. The company undertakes no obligation topublicly revise these forward-looking statements to reflect events orcircumstances that arise after the date of this release.