Health Net Forms TRICARE Advisory Committee to Support Government Operations Division.

SACRAMENTO, Calif. -- Health Net Federal Services (HNFS), the government operations division of Health Net, Inc. (NYSE:HNT), today announced the formation of the TRICARE Advisory Committee to support and refine its culture of operational excellence as a leading Department of Defense contractor.

Members of the Advisory Committee include distinguished individuals from within the Department of Defense and the Military Health System community. They are former Surgeon General of the Army, retired Lieutenant General Jim Peake; former Surgeon General of the Air Force, retired Lieutenant General Rusty Sloan; and former Deputy Surgeon General of the Navy, retired Rear Admiral Kathy Martin. The Advisory Committee brings a wealth of demonstrated leadership within the government and its health care system, as well as established relationships with senior leadership within the Department of Defense and military community, and with Congressional leaders.

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

"The Advisory Committee's input and guidance will be particularly valuable as we continue to orchestrate operational and customer relation solutions that exceed government health care standards. Health Net Federal Services continues to look forward to provide those who serve, and their families, with unsurpassed health care," said Steve 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., has a long history of providing cost-effective, quality managed health care programs for government agencies including the Department of Defense and Veterans Affairs. As the managed care support contractor for the TRICARE North Region, Health Net provides health care services to over 3 million uniformed services beneficiaries, active and retired, and their families.

Health Net, Inc. is among the nation's largest publicly traded managed health care companies. Its mission is to help people be healthy, secure and comfortable. The company's HMO, POS, insured PPO and government contracts subsidiaries provide health benefits to approximately 6.6 million individuals in 27 states and the District of Columbia through group, individual, Medicare, Medicaid and TRICARE programs. Health Net's behavioral health services subsidiary, MHN, provides behavioral health, substance abuse and employee assistance programs (EAPs) to approximately 7.3 million individuals in various states, including the company's own health plan members. The company's subsidiaries also offer managed health care products related to prescription drugs, and offer managed health care product coordination for multi-region employers and administrative services for medical groups and self-funded benefits programs.

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

Cautionary Statements

Certain matters discussed in this release contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that involve a number of risks and uncertainties. All statements, other than statements of historical information provided herein, may be deemed to be forward-looking statements. These statements are based on management's analysis, judgment, belief and expectation only as of the date hereof, and are subject to uncertainty and changes in circumstances. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "may," "should," "could," "estimate," "intend" and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially due to, among other things, rising health care costs, negative prior period claims reserve developments, trends in medical care ratios, issues relating to provider contracts, operational issues, health care reform and general business conditions. Additional factors that could cause actual results to differ materially from those reflected in the forward-looking statements include, but are not limited to, the risks discussed in the "Risk Factors" section included within the company's most recent Annual Report on Form 10-K filed with the SEC and the risks discussed in the company's other periodic filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date of this release.