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  <TITLE> Health Net, Inc. (Form: 8-K) </TITLE>
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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 23, 2007
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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>
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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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  	&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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  	&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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  <B>
  	Item 8.01 Other Events.
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  On February 23, 2007 the Compensation Committee of the Board of Directors of Health Net, Inc. (the "Corporation") approved performance share awards to Stephen D. Lynch, Karin D. Mayhew, Steven H. Nelson, David Olson and James E. Woys, under the Corporation&#x2019;s 2006 Long-Term Incentive Plan.  Payouts of these awards will be tied to certain measures of the Corporation&#x2019;s performance after a three-year period, including pre-tax income and pre-tax income margin.  The performance share awards were made pursuant to the form Performance Share Award Agreement, which is filed as Exhibit 10.1 to this Form 8-K and incorporated by reference herein.<br><br>In addition, on February 23, 2007, the Board of Directors of the Corporation approved a performance award to the Chief Executive Officer (the "CEO") of the Corporation.  Payout of the CEO&#x2019;s performance award will be tied to certain measures of the Corporation&#x2019;s performance after a three-year period, including pre-tax income and pre-tax income margin.  The form of payout of the CEO&#x2019;s performance award may be made in either shares of the Corporation&#x2019;s common stock, cash or a combination of both, at the discretion of the Board of Directors.  The CEO&#x2019;s performance award was made pursuant to the form Performance Award Agreement for the CEO of the Corporation, which is filed as Exhibit 10.2 to this Form 8-K and incorporated by reference herein.<br>
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  	Item 9.01 Financial Statements and Exhibits.
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  (c) Exhibits<br><br>    10.1  Form Performance Share Award Agreement utilized for eligible employees  of Health Net, Inc. <br><br>    10.2   Form Performance Award Agreement for CEO of Health Net, Inc. <br><br><br><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>
  	February 28, 2007
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  	&nbsp;
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  	By:
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  <I>
  	Linda V. Tiano
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  	&nbsp;
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  <I>
  	Name: Linda V. Tiano
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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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  	&nbsp;
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  	Description
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  	10.1
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  	&nbsp;
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  Form Performance Share Award Agreement utilized for eligible employees of Health Net, Inc.
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  	10.2
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  	&nbsp;
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  Form Performance Award Agreement for CEO of Health Net, Inc.
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "htm_18545.htm", "description": "LIVE FILING", "secsgml_size_bytes": 11651}]
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": "07658267"}, "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 23, 2007
  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 8.01 Other Events.
  On February 23, 2007 the Compensation Committee of the Board of Directors of Health Net, Inc. (the "Corporation") approved performance share awards to Stephen D. Lynch, Karin D. Mayhew, Steven H. Nelson, David Olson and James E. Woys, under the Corporation's 2006 Long-Term Incentive Plan.  Payouts of these awards will be tied to certain measures of the Corporation's performance after a three-year period, including pre-tax income and pre-tax income margin.  The performance share awards were made pursuant to the form Performance Share Award Agreement, which is filed as Exhibit 10.1 to this Form 8-K and incorporated by reference herein.
  In addition, on February 23, 2007, the Board of Directors of the Corporation approved a performance award to the Chief Executive Officer (the "CEO") of the Corporation.  Payout of the CEO's performance award will be tied to certain measures of the Corporation's performance after a three-year period, including pre-tax income and pre-tax income margin.  The form of payout of the CEO's performance award may be made in either shares of the Corporation's common stock, cash or a combination of both, at the discretion of the Board of Directors.  The CEO's performance award was made pursuant to the form Performance Award Agreement for the CEO of the Corporation, which is filed as Exhibit 10.2 to this Form 8-K and incorporated by reference herein.
  Item 9.01 Financial Statements and Exhibits.
  (c) Exhibits
  10.1  Form Performance Share Award Agreement utilized for eligible employees  of Health Net, Inc.
  10.2   Form Performance Award Agreement for CEO of Health Net, Inc.
  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.
  February 28, 2007
  By:
  Linda V. Tiano
  Name: Linda V. Tiano
  Title: Senior Vice President, General Counsel and Secretary
  Top of the Form
  Exhibit Index
  Exhibit No.
  Description
  10.1
  Form Performance Share Award Agreement utilized for eligible employees of Health Net, Inc.
  10.2
  Form Performance Award Agreement for CEO of Health Net, Inc.