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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  	WASHINGTON, D.C. 20549
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  	FORM 8-K
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  	CURRENT REPORT
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  	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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  	Date of Report (Date of Earliest Event Reported):
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  	&nbsp;
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  	February 28, 2006
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  	Health Net, Inc.
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  <BR>__________________________________________<BR>
  	(Exact name of registrant as specified in its charter)
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  	Delaware
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  	1-12718
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  	95-4288333
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  _____________________<BR>
  	(State or other jurisdiction
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  _____________<BR>
  	(Commission
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  ______________<BR>
  	(I.R.S. Employer
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  	of incorporation)
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  	File Number)
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  	Identification No.)
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  	&nbsp;&nbsp;
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  	21650 Oxnard Street, Woodland Hills, California
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  	91367
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  _________________________________<BR>
  	(Address of principal executive offices)
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  	&nbsp;
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  ___________<BR>
  	(Zip Code)
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  	Registrant&#146;s telephone number, including area code:
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  	(818) 676-6000
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  	Not Applicable
  <BR>______________________________________________<BR>
  	Former name or former address, if changed since last report
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  	&nbsp;
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  <!-- CoverPageRegistrant END --><P><FONT SIZE="2">
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:</FONT>
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  <P><FONT SIZE="2">
  [&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
  [&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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  	Item 1.01 Entry into a Material Definitive Agreement.
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  On February 28, 2006, the of the board of directors (the "Board") of Health Net, Inc. (the "Company"), upon recommendation of the Compensation Committee of the Board (the "Compensation Committee") approved an amendment to the Company's Amended and Restated 1998 Stock Option Plan (the "Plan") to allow for the issuance of Restricted Stock Units under the Plan. The text of the amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference. <br><br>On March 2, 2006, in connection with the amendment of the Plan, the Compensation Committee also approved a form of Restricted Stock Unit Award Agreement to be utilized for Tier 1, 2 and 3 officers of the Company.  The form of Restricted Stock Unit Award Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference. <br><br>The Compensation Committee also approved on March 2, 2006, revised forms of Nonqualified Stock Option Agreement and Restricted Stock Agreement for Tier 1, 2 and 3 officers of the Company.  The revised form of Nonqualified Stock Option Agreement and revised form of Restricted Stock Agreement are filed as exhibit 10.3 and 10.4, respectively, to this Current Report on Form 8-K and incorporated herein by reference.  <br>
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  	SIGNATURES
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  	Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
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  	Health Net, Inc.
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  	&nbsp;&nbsp;
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  <I>
  	March 6, 2006
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  	&nbsp;
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  	By:
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  <I>
  	B. Curtis Westen
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  	&nbsp;
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  <I>
  	Name: B. Curtis Westen
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  <I>
  	Title: Senior Vice President, General Counsel and Secretary
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  	Exhibit&nbsp;Index
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  	Exhibit No.
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  	Description
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  	10.1
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  	&nbsp;
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  Amendment One to Foundation Health Systems Amended and Restated 1998 Stock Option Plan.
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  	10.2
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  	&nbsp;
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  Form of Restricted Stock Unit Award Agreement to be utilized for Tier 1, 2 and 3 officers of Health Net, Inc.
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  	10.3
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  	&nbsp;
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  Form of Nonqualified Stock Option Agreement to be utilized for Tier 1, 2 and 3 officers of Health Net, Inc.
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  	10.4
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  	&nbsp;
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  Form of Restricted Stock Agreement to be utilized for Tier 1, 2 and 3 officers of Health Net, Inc.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_10736.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11853}]
metadata_filer: {"company-data": {"conformed-name": "HEALTH NET INC", "cik": "0000916085", "assigned-sic": "6324", "irs-number": "954288333", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12718", "film-number": "06666576"}, "business-address": {"street1": "21650 OXNARD ST", "city": "WOODLAND HILLS", "state": "CA", "zip": "91367", "phone": "8186766000"}, "mail-address": {"street1": "225 N MAIN ST", "city": "PUEBLO", "state": "CO", "zip": "81003"}, "former-company": [{"former-conformed-name": "FOUNDATION HEALTH SYSTEMS INC", "date-changed": "19970513"}, {"former-conformed-name": "HEALTH SYSTEMS INTERNATIONAL INC", "date-changed": "19940207"}, {"former-conformed-name": "HN MANAGEMENT HOLDINGS INC/DE/", "date-changed": "19931213"}]}
text: Health Net, Inc. (Form: 8-K)
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 8-K
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  February 28, 2006
  Health Net, Inc.
  __________________________________________
  (Exact name of registrant as specified in its charter)
  Delaware
  1-12718
  95-4288333
  _____________________
  (State or other jurisdiction
  _____________
  (Commission
  ______________
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  21650 Oxnard Street, Woodland Hills, California
  91367
  _________________________________
  (Address of principal executive offices)
  ___________
  (Zip Code)
  Registrant's telephone number, including area code:
  (818) 676-6000
  Not Applicable
  ______________________________________________
  Former name or former address, if changed since last report
  Check the appropriate box below if the Form 8-K filing is intended to
  simultaneously satisfy the filing obligation of the registrant under any
  of the following provisions:
  [  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  [  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  [  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  [  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Top of the Form
  Item 1.01 Entry into a Material Definitive Agreement.
  On February 28, 2006, the of the board of directors (the "Board") of Health Net, Inc. (the "Company"), upon recommendation of the Compensation Committee of the Board (the "Compensation Committee") approved an amendment to the Company's Amended and Restated 1998 Stock Option Plan (the "Plan") to allow for the issuance of Restricted Stock Units under the Plan. The text of the amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
  On March 2, 2006, in connection with the amendment of the Plan, the Compensation Committee also approved a form of Restricted Stock Unit Award Agreement to be utilized for Tier 1, 2 and 3 officers of the Company.  The form of Restricted Stock Unit Award Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
  The Compensation Committee also approved on March 2, 2006, revised forms of Nonqualified Stock Option Agreement and Restricted Stock Agreement for Tier 1, 2 and 3 officers of the Company.  The revised form of Nonqualified Stock Option Agreement and revised form of Restricted Stock Agreement are filed as exhibit 10.3 and 10.4, respectively, to this Current Report on Form 8-K and incorporated herein by reference.
  Top of the Form
  SIGNATURES
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  	registrant has duly caused this report to be signed on its behalf by the
  	undersigned hereunto duly authorized.
  Health Net, Inc.
  March 6, 2006
  By:
  B. Curtis Westen
  Name: B. Curtis Westen
  Title: Senior Vice President, General Counsel and Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Amendment One to Foundation Health Systems Amended and Restated 1998 Stock Option Plan.
  10.2
  Form of Restricted Stock Unit Award Agreement to be utilized for Tier 1, 2 and 3 officers of Health Net, Inc.
  10.3
  Form of Nonqualified Stock Option Agreement to be utilized for Tier 1, 2 and 3 officers of Health Net, Inc.
  10.4
  Form of Restricted Stock Agreement to be utilized for Tier 1, 2 and 3 officers of Health Net, Inc.