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  		UNITED STATES<BR>
  	SECURITIES AND EXCHANGE COMMISSION
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  <BR>
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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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  	July 27, 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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  	&nbsp;
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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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  	&nbsp;
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  	&nbsp;
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  	21650 Oxnard Street, Woodland Hills, California
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  	&nbsp;
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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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  	&nbsp;
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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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  <FONT SIZE="2">
  	&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>
  </P>
  <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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  <FONT SIZE="2">Top of the Form</FONT>
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  <B>
  	Item 1.01 Entry into a Material Definitive Agreement.
  </B>
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  On July 27, 2006, the Board of Directors (the "Board") of Health Net, Inc. (the "Company") approved a change to the compensation and benefit package offered to non-employee directors of the Board in respect of their service on the Board.  The Company will now offer non-employee directors and their eligible dependants optional medical, dental and vision coverage, which directors can continue to utilize following their retirement from the Board.  Non-employee directors will pay monthly premiums for any such coverage they elect at the same rates paid by Company employees without taking into account the Company&#x2019;s subsidization of employees&#x2019; monthly premiums.  <br><br>Filed as Exhibit 10.1 to this Current Report and incorporated herein by reference is a summary description of all compensation and benefit arrangements with the non-employee directors of the Board.<br>
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  	Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
  </B>
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  <FONT SIZE="2">
  On July 27, 2006, the Board designated and appointed Ms. Vicki B. Escarra to serve as a member of the Board until her successor is duly elected and qualified. In addition, Ms. Escarra was appointed to serve on the Compensation Committee of the Board and the Governance Committee of the Board.  Ms. Escarra will stand for re-election to the Board at the Company&#x2019;s 2007 Annual Meeting of Stockholders.<br><br>Ms. Escarra has served as President and CEO of America&#x2019;s Second Harvest &#x2013; The Nation&#x2019;s Food Bank Network, since March 2006.  Prior thereto, Ms. Escarra had a 30-year career at Delta Air Lines, Inc. ("Delta").  Most recently, from May 2001 until October 2004, Ms. Escarra served as Delta&#x2019;s Executive Vice President and Chief Marketing Officer, where she was responsible for expanding Delta&#x2019;s revenue by establishing unique agreements with organizational partners, restructured the customer loyalty program and created a consumer research department to analyze brand positioning for organizational advancement.  From July 1998 to May 2001, Ms. Escarra served as Delta&#x2019;s Executive Vice President, Customer Service, where she was responsible for corporate customer service strategy and leading a work force of 52,000 individuals including flight attendants, call center personnel, airport personnel, cargo personnel and customer care representatives.  Ms. Escarra began her career at Delta as a flight attendant, and rose through the organization in human resources, in-flight services operations, reservation sales, marketing and customer service.  Ms. Escarra is also a director of A.G. Edwards Inc. and former Chair of the Board of the Atlanta Convention and Visitors Bureau.<br>
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  <B>
  	Item 9.01 Financial Statements and Exhibits.
  </B>
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  <FONT SIZE="2">
  (d)<br><br>10.1  Certain Compensation and Benefit Arrangements With Health Net, Inc.'s Non-Employee Directors, as amended and restated on July 27, 2006.
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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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  	&nbsp;
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  	Health Net, Inc.
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  	&nbsp;&nbsp;
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  	&nbsp;
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  	&nbsp;
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  	&nbsp;
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  <I>
  	July 31, 2006
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  	&nbsp;
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  <I>
  	By:
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  	&nbsp;
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  <I>
  	B. Curtis Westen
  </I>
  <BR>
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  <FONT SIZE="2">
  	&nbsp;
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  	&nbsp;
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  <I>
  	Name: B. Curtis Westen
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  	&nbsp;
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  <I>
  	Title: Senior Vice President, General Counsel and Secretary
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  	Exhibit&nbsp;Index
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  <B>
  	Exhibit No.
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  	&nbsp;
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  <B>
  	Description
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  	10.1
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  <FONT SIZE="2">
  	&nbsp;
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  <TD ALIGN="LEFT" VALIGN="TOP" WIDTH="77%">
  <FONT SIZE="2">
  Certain Compensation and Benefit Arrangements With Respect to Health Net, Inc.'s Non-Employee Directors, as amended and restated July 27, 2006.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_14023.htm", "description": "LIVE FILING", "secsgml_size_bytes": 12792}]
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": "06990747"}, "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):
  July 27, 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 July 27, 2006, the Board of Directors (the "Board") of Health Net, Inc. (the "Company") approved a change to the compensation and benefit package offered to non-employee directors of the Board in respect of their service on the Board.  The Company will now offer non-employee directors and their eligible dependants optional medical, dental and vision coverage, which directors can continue to utilize following their retirement from the Board.  Non-employee directors will pay monthly premiums for any such coverage they elect at the same rates paid by Company employees without taking into account the Company's subsidization of employees' monthly premiums.
  Filed as Exhibit 10.1 to this Current Report and incorporated herein by reference is a summary description of all compensation and benefit arrangements with the non-employee directors of the Board.
  Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
  On July 27, 2006, the Board designated and appointed Ms. Vicki B. Escarra to serve as a member of the Board until her successor is duly elected and qualified. In addition, Ms. Escarra was appointed to serve on the Compensation Committee of the Board and the Governance Committee of the Board.  Ms. Escarra will stand for re-election to the Board at the Company's 2007 Annual Meeting of Stockholders.
  Ms. Escarra has served as President and CEO of America's Second Harvest – The Nation's Food Bank Network, since March 2006.  Prior thereto, Ms. Escarra had a 30-year career at Delta Air Lines, Inc. ("Delta").  Most recently, from May 2001 until October 2004, Ms. Escarra served as Delta's Executive Vice President and Chief Marketing Officer, where she was responsible for expanding Delta's revenue by establishing unique agreements with organizational partners, restructured the customer loyalty program and created a consumer research department to analyze brand positioning for organizational advancement.  From July 1998 to May 2001, Ms. Escarra served as Delta's Executive Vice President, Customer Service, where she was responsible for corporate customer service strategy and leading a work force of 52,000 individuals including flight attendants, call center personnel, airport personnel, cargo personnel and customer care representatives.  Ms. Escarra began her career at Delta as a flight attendant, and rose through the organization in human resources, in-flight services operations, reservation sales, marketing and customer service.  Ms. Escarra is also a director of A.G. Edwards Inc. and former Chair of the Board of the Atlanta Convention and Visitors Bureau.
  Item 9.01 Financial Statements and Exhibits.
  (d)
  10.1  Certain Compensation and Benefit Arrangements With Health Net, Inc.'s Non-Employee Directors, as amended and restated on July 27, 2006.
  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.
  July 31, 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
  Certain Compensation and Benefit Arrangements With Respect to Health Net, Inc.'s Non-Employee Directors, as amended and restated July 27, 2006.