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<P ALIGN="CENTER"><FONT SIZE=2>As
filed with the Securities and Exchange Commission on September&nbsp;9, 2002 </FONT></P>

<P ALIGN="RIGHT"><FONT SIZE=2>Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>WASHINGTON, D.C. 20549  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>FORM S-8<BR>
<BR>  </B></FONT><FONT SIZE=4><B>REGISTRATION STATEMENT  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>UNDER<BR>
<BR>
THE SECURITIES ACT OF 1933  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=4><B>Health Net,&nbsp;Inc.<BR>  </B></FONT><FONT SIZE=2>(Exact name of registrant as specified in its charter) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>95-4288333</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer Identification No.)</FONT></TD>
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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="49%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>21650 Oxnard Street<BR>
Woodland Hills, California</B></FONT><FONT SIZE=2><BR>
(Address of principal executive offices)</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>91367</B></FONT><FONT SIZE=2><BR>
(Zip Code)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>Health Net,&nbsp;Inc. 2002 Stock Option Plan<BR>  </B></FONT><FONT SIZE=2>(Full title of the plan) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>Michael E. Jansen, Esq.<BR>
Vice President, Assistant General Counsel and Assistant Secretary<BR>
Health Net,&nbsp;Inc.<BR>
21650 Oxnard Street, Woodland Hills, California 91367<BR>
(818)&nbsp;676-6000<BR>  </B></FONT><FONT SIZE=2>(Name, address and telephone number, including area code, of agent for service) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>(with
a copy to)<BR></FONT> <FONT SIZE=2><B>B. Curtis Westen, Esq.<BR>
Senior Vice President, General Counsel and Secretary<BR>
Health Net,&nbsp;Inc.<BR>
21650 Oxnard Street, Woodland Hills, California 91367<BR>
(818)&nbsp;676-6000  </B></FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><B> CALCULATION OF REGISTRATION FEE  </B></FONT></P>

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<TH WIDTH="33%" ALIGN="CENTER"><FONT SIZE=1><B>Title of Securities to be Registered</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Amount to be Registered</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="14%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Offering Price Per Share</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="18%" ALIGN="CENTER"><FONT SIZE=1><B>Proposed Maximum Aggregate Offering Price</B></FONT><BR></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="12%" ALIGN="CENTER"><FONT SIZE=1><B>Amount of Registration Fee</B></FONT><BR></TH>
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<TD WIDTH="33%"><FONT SIZE=2>Class A Common Stock, $.001 par value per share</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>5,000,000(1) shares</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>$22.40(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=2>$112,000,000(2)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2>$10,304</FONT></TD>
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<TD WIDTH="33%"><FONT SIZE=2>Preferred Stock Purchase Rights(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>5,000,000 rights</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="18%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;&nbsp;(3)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="12%" ALIGN="CENTER"><FONT SIZE=2>(3)</FONT></TD>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Represents
the maximum number of shares of Class&nbsp;A Common Stock that may be issued under the Health Net, Inc. 2002 Stock Option Plan (the "Plan"). </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Estimated
solely for the purpose of calculating the registration fee and, pursuant to Rules&nbsp;457(c) and (h) under the Securities Act of 1933, based upon the average of the high
and low sale prices of the Class&nbsp;A Common Stock reported on the New York Stock Exchange on September&nbsp;3, 2002. </FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Rights
to purchase Series&nbsp;A Junior Participating Preferred Stock initially are attached to and trade with the shares of Class&nbsp;A Common Stock being registered hereby.
Value attributable to such Rights, if any, is reflected in the market price of the Class&nbsp;A Common Stock. </FONT></DD></DL>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_dk1559_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II<BR>  <BR>    INFORMATION REQUIRED IN THE<BR>  <BR>    REGISTRATION STATEMENT    <BR>  </B></FONT></P>


<P><FONT SIZE=2><A
NAME="dk1559_item_3._incorporation_of_documents_by_reference."> </A>
<A NAME="toc_dk1559_2"> </A></FONT> <FONT SIZE=2><B>Item 3. Incorporation of Documents by Reference.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents heretofore filed with the Securities and Exchange Commission (the "Commission") by Health Net,&nbsp;Inc. (the "Company") (Commission
File No.&nbsp;1-12718) are incorporated by reference into this Registration Statement on Form&nbsp;S-8 (the "Registration Statement"): </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
Company's Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2001.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>All
other reports of the Company filed pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since the end of the fiscal
year covered by the Company's Annual Report on Form&nbsp;10-K referred to in (a)&nbsp;above, including (i)&nbsp;the Company's Quarterly Reports on Form&nbsp;10-Q for
the quarters ended March&nbsp;31 and June&nbsp;30, 2002 and (ii)&nbsp;the Company's Current Report on Form&nbsp;8-K dated August&nbsp;14, 2002.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>The
description of the Company's Class&nbsp;A Common Stock, par value $.001 per share, which is contained in the Company's Registration Statement on Form&nbsp;8-A/A
dated May&nbsp;9, 2001.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
description of the Rights to purchase Series&nbsp;A Junior Participating Preferred Stock of the Company (the "Rights") contained in the Company's Registration Statement on
Form&nbsp;8-A dated June&nbsp;16, 1996, the Company's Registration Statement on Form&nbsp;8-A/A (Amendment No.&nbsp;1) dated October&nbsp;1, 1996 and the Company's Registration Statement on
Form&nbsp;8-A/A (Amendment No.&nbsp;2) dated May&nbsp;9, 2001. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, after the date of the Registration Statement and prior to the
filing of a post-effective amendment to the Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference into the Registration Statement and to be a part hereof from the respective dates of filing of such documents (such documents, and the documents
enumerated above, are hereinafter referred to as "Incorporated Documents"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
statement contained in an Incorporated Document shall be deemed to be modified or superseded for purposes of the Registration Statement to the extent that a statement contained
herein or in any other subsequently filed Incorporated Document modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of the Registration Statement. </FONT></P>

<P><FONT SIZE=2><A
NAME="dk1559_item_4._description_of_securities."> </A>
<A NAME="toc_dk1559_3"> </A>
<BR></FONT><FONT SIZE=2><B>Item 4. Description of Securities.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable. </FONT></P>

<P><FONT SIZE=2><A
NAME="dk1559_item_5._interests_of_named_experts_and_counsel."> </A>
<A NAME="toc_dk1559_4"> </A>
<BR></FONT><FONT SIZE=2><B>Item 5. Interests of Named Experts and Counsel.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Michael E. Jansen has issued an opinion regarding the validity of the shares of the Company's Class&nbsp;A Common Stock and related Rights offered hereby.
&nbsp;&nbsp;Mr.&nbsp;Jansen is Vice President, Assistant General Counsel and Assistant Secretary of the Company and an employee of the Company.&nbsp;&nbsp;Mr.&nbsp;Jansen currently owns 8,851
shares of the Company's Class&nbsp;A Common Stock, holds currently exercisable options to purchase 9,727 shares of the Company's Class&nbsp;A Common Stock and is eligible to participate under the
Plan. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2><A
NAME="dk1559_item_6._indemnification_of_directors_and_officers."> </A>
<A NAME="toc_dk1559_5"> </A>
<BR></FONT><FONT SIZE=2><B>Item 6. Indemnification of Directors and Officers.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law (the "Delaware GCL") permits indemnification of directors, officers and employees of a
corporation against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement of litigation under certain conditions and subject to certain limitations. The Fifth Amended
and Restated Certificate of Incorporation of the Company (the "Certificate") provides that a director shall not be personally liable to the Company or its stockholders
for monetary damages for breach of fiduciary duty as a director, except: (i)&nbsp;for any breach of the duty of loyalty; (ii)&nbsp;for acts or omissions not in good faith or which involve
intentional misconduct or knowing violations of law; (iii)&nbsp;for liability under Section&nbsp;174 of the Delaware GCL (relating to certain unlawful dividends, stock repurchases or stock
redemptions); or (iv)&nbsp;for any transaction from which the director derived any improper personal benefit. The effect of this provision in the Certificate is to eliminate the rights of the
Company and its stockholders (through stockholders' derivative suits on behalf of the Company) to recover monetary damages against a director for breach of the fiduciary duty of care as a director
(including breaches resulting from negligent or grossly negligent behavior) except in certain limited situations. These provisions do not limit or eliminate the rights of the Company or any
stockholder to seek non-monetary relief such as an injunction or rescission in the event of a breach of a director's duty of care. These provisions do not alter the liability of directors
under federal securities laws. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;VI
of the Certificate and Article&nbsp;VI of the Company's Eighth Amended and Restated Bylaws provide that the Company shall indemnify each director and officer to the
fullest extent and in the manner set forth in and permitted by the Delaware GCL and other applicable laws and that the Company may indemnify employees or agents of the Company to the extent and in the
manner set forth in and permitted by the Delaware GCL and other applicable laws. The Company has also entered into various Indemnification Agreements with certain of its officers and directors to
contractually provide indemnification coverage consistent with such Bylaws. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Company maintains an officers' and directors' liability insurance policy insuring the Company's officers and directors against certain liabilities and expenses incurred
by them in their capacities as such, and insuring the Company, under certain circumstances, in the event that indemnification payments are made by the Company to such officers and directors. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Section&nbsp;7.12 of the Agreement and Plan of Merger, dated October&nbsp;1, 1996 (the "Merger Agreement"), among the Company, FH Acquisition Corp. and Foundation Health
Corporation ("FHC"), the Company has agreed that, for a period of six years following the Effective Time (as defined in the Merger Agreement), (a)&nbsp;the Company will continue and guarantee the
performance of the indemnification rights of present and former directors and officers of the Company and FHC provided for in the Certificate of Incorporation, Bylaws and Indemnification Agreements of
the Company and FHC, with respect to indemnification for acts and omissions occurring prior to the Effective Time, and (b)&nbsp;the Company will cause to be maintained the policies of the officers'
and directors' liability covered by each company's officers' and directors' liability insurance policies as of the Effective Time with respect to acts and omissions occurring prior to the Effective
Time; provided that policies with third-party insurers of similar or better&nbsp;A.M. Best rating whose terms, conditions and coverage are no less advantageous may be substituted therefor, and
provided further that in no event shall the Company be required to expend to maintain or procure insurance coverage an amount in excess of 150% of the annual premiums for the twelve-month period ended
June&nbsp;30, 1997. </FONT></P>

<P><FONT SIZE=2><A
NAME="dk1559_item_7._exemption_from_registration_claimed."> </A>
<A NAME="toc_dk1559_6"> </A>
<BR></FONT><FONT SIZE=2><B>Item 7. Exemption from Registration Claimed.    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No answer to this item is required because no restricted securities are to be reoffered or resold pursuant to the Registration Statement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2><A
NAME="dk1559_item_8._exhibits."> </A>
<A NAME="toc_dk1559_7"> </A>
<BR></FONT><FONT SIZE=2><B>Item 8. Exhibits.    <BR>  </B></FONT></P>

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<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit<BR>
No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="LEFT"><FONT SIZE=1><B>Description<BR> </B></FONT><HR NOSHADE></TH>
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<TD WIDTH="8%"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Health Net, Inc. 2002 Stock Option Plan (included as Exhibit 10.27 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 1-12718) and incorporated herein by reference).</FONT></TD>
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<TD WIDTH="8%"><FONT SIZE=2><BR>
5*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Opinion of Michael E. Jansen, Esq., Vice President, Assistant General Counsel and Assistant Secretary of Health Net,&nbsp;Inc., a copy of which is filed herewith.</FONT></TD>
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<TD WIDTH="8%"><FONT SIZE=2><BR>
23.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Deloitte &amp; Touche LLP, a copy of which is filed herewith.</FONT></TD>
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<TD WIDTH="8%"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Michael E. Jansen, Esq. (included in Exhibit&nbsp;5).</FONT></TD>
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<TD WIDTH="8%"><FONT SIZE=2><BR>
24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Powers of Attorney (contained on the signature page to the Registration Statement).</FONT></TD>
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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>filed
herewith </FONT></DD></DL>

<P><FONT SIZE=2><A
NAME="dk1559_item_9._undertakings."> </A>
<A NAME="toc_dk1559_8"> </A>
<BR></FONT><FONT SIZE=2><B>Item 9. Undertakings.    <BR>  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
undersigned Company hereby undertakes: </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20&nbsp;percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>To
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement; </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>provided, however,</I></FONT><FONT SIZE=2> that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the Registration Statement is on Form&nbsp;S-3
or Form&nbsp;S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to
the Commission by the registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference in the Registration Statement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona
fide</I></FONT><FONT SIZE=2> offering thereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remained unsold at the termination of the
offering. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual
report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section&nbsp;15(d) of
the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial </FONT><FONT SIZE=2><I>bona fide</I></FONT><FONT SIZE=2> offering thereof. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<A NAME="toc_jc1559_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Woodland
Hills, State of California on this 9th day of September, 2002. </FONT></P>

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<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2><FONT SIZE=2><B>HEALTH NET,&nbsp;INC.</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="4%"><FONT SIZE=2><BR>
By:</FONT></TD>
<TD WIDTH="46%"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JAY M. GELLERT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jay M. Gellert<BR></FONT> <FONT SIZE=2><I>President and Chief Executive Officer</I></FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears immediately below constitutes and appoints Jay M. Gellert, B. Curtis Westen and Michael E. Jansen, and each or
either of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to the Registration Statement, and to file the same with all exhibits thereto and other documents in
connection therewith with the Securities and Exchange Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, the Registration Statement has been signed by the following persons in the capacities indicated, on this 9th day of September,
2002. </FONT></P>

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<TH WIDTH="44%" ALIGN="CENTER"><FONT SIZE=1><B>SIGNATURE</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="27%" ALIGN="CENTER"><FONT SIZE=1><B>TITLE</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="24%" ALIGN="CENTER"><FONT SIZE=1><B>DATE</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JAY M. GELLERT</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Jay M. Gellert</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2>President and Chief Executive Officer and Director (Principal Executive Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2>September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MARVIN P. RICH</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Marvin P. Rich</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Executive Vice President, Finance and Operations (Principal Accounting and Financial Officer)</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>J. THOMAS BOUCHARD</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> J. Thomas Bouchard</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GOV. GEORGE DEUKMEJIAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Gov. George Deukmejian</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>
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<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

<HR NOSHADE>
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/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>THOMAS T. FARLEY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Thomas T. Farley</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>GALE S. FITZGERALD</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Gale S. Fitzgerald</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>PATRICK FOLEY</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Patrick Foley</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ROGER F. GREAVES</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Roger F. Greaves</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RICHARD W. HANSELMAN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard W. Hanselman</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Chairman of the Board of Directors and Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>RICHARD J. STEGEMEIER</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Richard J. Stegemeier</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="44%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>BRUCE G. WILLISON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Bruce G. Willison</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="27%" VALIGN="CENTER"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="24%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
September 9, 2002</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_ka1559_1_8"> </A> </FONT></P>

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<P><FONT SIZE=2><A
NAME="ka1559_exhibit_index"> </A>
<A NAME="toc_ka1559_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>  </B></FONT></P>

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<TH WIDTH="8%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit<BR>
No.<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="89%" ALIGN="LEFT"><FONT SIZE=1><B>Description<BR> </B></FONT><HR NOSHADE></TH>
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<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2>4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2>Health Net, Inc. 2002 Stock Option Plan (included as Exhibit 10.27 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 1-12718) and incorporated herein by reference).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2><BR>
5*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Opinion of Michael E. Jansen, Esq., Vice President, Assistant General Counsel and Assistant Secretary of Health Net,&nbsp;Inc., a copy of which is filed herewith.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2><BR>
23.1*</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Deloitte &amp; Touche LLP, a copy of which is filed herewith.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Consent of Michael E. Jansen, Esq. (included in Exhibit&nbsp;5).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%"><FONT SIZE=2><BR>
24</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="89%"><FONT SIZE=2><BR>
Powers of Attorney (contained on the signature page to the Registration Statement).</FONT></TD>
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<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>*</FONT></DT><DD><FONT SIZE=2>Filed
herewith </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

<HR NOSHADE>
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<BR>
<P><br><A NAME="02WLA1559_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dk1559_1">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></FONT><BR>
<UL>
<FONT SIZE=2><A HREF="#toc_dk1559_2">Item 3. Incorporation of Documents by Reference.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1559_3">Item 4. Description of Securities.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1559_4">Item 5. Interests of Named Experts and Counsel.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1559_5">Item 6. Indemnification of Directors and Officers.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1559_6">Item 7. Exemption from Registration Claimed.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1559_7">Item 8. Exhibits.</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dk1559_8">Item 9. Undertakings.</A></FONT><BR>
</UL>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc1559_1">SIGNATURES</A></FONT><BR>
<!-- TOC_BEGIN -->
<UL>
<FONT SIZE=2><A HREF="#toc_ka1559_1">EXHIBIT INDEX</A></FONT><BR>
</UL>
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{"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": "S-8", "act": "33", "file-number": "333-99337", "film-number": "02759797"}, "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": "HN MANAGEMENT HOLDINGS INC/DE/", "date-changed": "19931213"}, {"former-conformed-name": "HEALTH SYSTEMS INTERNATIONAL INC", "date-changed": "19940207"}, {"former-conformed-name": "FOUNDATION HEALTH SYSTEMS INC", "date-changed": "19970513"}]}
QuickLinks
-- Click here to rapidly navigate through this document
As
filed with the Securities and Exchange Commission on September 9, 2002
Registration
No. 333-
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
Health Net, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
95-4288333
(I.R.S. Employer Identification No.)
21650 Oxnard Street
Woodland Hills, California
(Address of principal executive offices)
91367
(Zip Code)
Health Net, Inc. 2002 Stock Option Plan
(Full title of the plan)
Michael E. Jansen, Esq.
Vice President, Assistant General Counsel and Assistant Secretary
Health Net, Inc.
21650 Oxnard Street, Woodland Hills, California 91367
(818) 676-6000
(Name, address and telephone number, including area code, of agent for service)
(with
a copy to)
B. Curtis Westen, Esq.
Senior Vice President, General Counsel and Secretary
Health Net, Inc.
21650 Oxnard Street, Woodland Hills, California 91367
(818) 676-6000
CALCULATION OF REGISTRATION FEE
Title of Securities to be Registered
Amount to be Registered
Proposed Maximum Offering Price Per Share
Proposed Maximum Aggregate Offering Price
Amount of Registration Fee
Class A Common Stock, $.001 par value per share
5,000,000(1) shares
$22.40(2)
$112,000,000(2)
$10,304
Preferred Stock Purchase Rights(3)
5,000,000 rights
(3)
(3)
(3)
(1)
Represents
the maximum number of shares of Class A Common Stock that may be issued under the Health Net, Inc. 2002 Stock Option Plan (the "Plan").
(2)
Estimated
solely for the purpose of calculating the registration fee and, pursuant to Rules 457(c) and (h) under the Securities Act of 1933, based upon the average of the high
and low sale prices of the Class A Common Stock reported on the New York Stock Exchange on September 3, 2002.
(3)
Rights
to purchase Series A Junior Participating Preferred Stock initially are attached to and trade with the shares of Class A Common Stock being registered hereby.
Value attributable to such Rights, if any, is reflected in the market price of the Class A Common Stock.
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents heretofore filed with the Securities and Exchange Commission (the "Commission") by Health Net, Inc. (the "Company") (Commission
File No. 1-12718) are incorporated by reference into this Registration Statement on Form S-8 (the "Registration Statement"):
(a)
The
Company's Annual Report on Form 10-K for the year ended December 31, 2001.
(b)
All
other reports of the Company filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since the end of the fiscal
year covered by the Company's Annual Report on Form 10-K referred to in (a) above, including (i) the Company's Quarterly Reports on Form 10-Q for
the quarters ended March 31 and June 30, 2002 and (ii) the Company's Current Report on Form 8-K dated August 14, 2002.
(c)
The
description of the Company's Class A Common Stock, par value $.001 per share, which is contained in the Company's Registration Statement on Form 8-A/A
dated May 9, 2001.
(d)
The
description of the Rights to purchase Series A Junior Participating Preferred Stock of the Company (the "Rights") contained in the Company's Registration Statement on
Form 8-A dated June 16, 1996, the Company's Registration Statement on Form 8-A/A (Amendment No. 1) dated October 1, 1996 and the Company's Registration Statement on
Form 8-A/A (Amendment No. 2) dated May 9, 2001.
All
documents filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, after the date of the Registration Statement and prior to the
filing of a post-effective amendment to the Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining
unsold, shall be deemed to be incorporated by reference into the Registration Statement and to be a part hereof from the respective dates of filing of such documents (such documents, and the documents
enumerated above, are hereinafter referred to as "Incorporated Documents").
Any
statement contained in an Incorporated Document shall be deemed to be modified or superseded for purposes of the Registration Statement to the extent that a statement contained
herein or in any other subsequently filed Incorporated Document modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or
superseded, to constitute a part of the Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Michael E. Jansen has issued an opinion regarding the validity of the shares of the Company's Class A Common Stock and related Rights offered hereby.
  Mr. Jansen is Vice President, Assistant General Counsel and Assistant Secretary of the Company and an employee of the Company.  Mr. Jansen currently owns 8,851
shares of the Company's Class A Common Stock, holds currently exercisable options to purchase 9,727 shares of the Company's Class A Common Stock and is eligible to participate under the
Plan.
2
Item 6. Indemnification of Directors and Officers.
Section 145 of the Delaware General Corporation Law (the "Delaware GCL") permits indemnification of directors, officers and employees of a
corporation against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement of litigation under certain conditions and subject to certain limitations. The Fifth Amended
and Restated Certificate of Incorporation of the Company (the "Certificate") provides that a director shall not be personally liable to the Company or its stockholders
for monetary damages for breach of fiduciary duty as a director, except: (i) for any breach of the duty of loyalty; (ii) for acts or omissions not in good faith or which involve
intentional misconduct or knowing violations of law; (iii) for liability under Section 174 of the Delaware GCL (relating to certain unlawful dividends, stock repurchases or stock
redemptions); or (iv) for any transaction from which the director derived any improper personal benefit. The effect of this provision in the Certificate is to eliminate the rights of the
Company and its stockholders (through stockholders' derivative suits on behalf of the Company) to recover monetary damages against a director for breach of the fiduciary duty of care as a director
(including breaches resulting from negligent or grossly negligent behavior) except in certain limited situations. These provisions do not limit or eliminate the rights of the Company or any
stockholder to seek non-monetary relief such as an injunction or rescission in the event of a breach of a director's duty of care. These provisions do not alter the liability of directors
under federal securities laws.
Article VI
of the Certificate and Article VI of the Company's Eighth Amended and Restated Bylaws provide that the Company shall indemnify each director and officer to the
fullest extent and in the manner set forth in and permitted by the Delaware GCL and other applicable laws and that the Company may indemnify employees or agents of the Company to the extent and in the
manner set forth in and permitted by the Delaware GCL and other applicable laws. The Company has also entered into various Indemnification Agreements with certain of its officers and directors to
contractually provide indemnification coverage consistent with such Bylaws.
In
addition, the Company maintains an officers' and directors' liability insurance policy insuring the Company's officers and directors against certain liabilities and expenses incurred
by them in their capacities as such, and insuring the Company, under certain circumstances, in the event that indemnification payments are made by the Company to such officers and directors.
Pursuant
to Section 7.12 of the Agreement and Plan of Merger, dated October 1, 1996 (the "Merger Agreement"), among the Company, FH Acquisition Corp. and Foundation Health
Corporation ("FHC"), the Company has agreed that, for a period of six years following the Effective Time (as defined in the Merger Agreement), (a) the Company will continue and guarantee the
performance of the indemnification rights of present and former directors and officers of the Company and FHC provided for in the Certificate of Incorporation, Bylaws and Indemnification Agreements of
the Company and FHC, with respect to indemnification for acts and omissions occurring prior to the Effective Time, and (b) the Company will cause to be maintained the policies of the officers'
and directors' liability covered by each company's officers' and directors' liability insurance policies as of the Effective Time with respect to acts and omissions occurring prior to the Effective
Time; provided that policies with third-party insurers of similar or better A.M. Best rating whose terms, conditions and coverage are no less advantageous may be substituted therefor, and
provided further that in no event shall the Company be required to expend to maintain or procure insurance coverage an amount in excess of 150% of the annual premiums for the twelve-month period ended
June 30, 1997.
Item 7. Exemption from Registration Claimed.
No answer to this item is required because no restricted securities are to be reoffered or resold pursuant to the Registration Statement.
3
Item 8. Exhibits.
Exhibit
No.
Description
4
Health Net, Inc. 2002 Stock Option Plan (included as Exhibit 10.27 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 1-12718) and incorporated herein by reference).
5*
Opinion of Michael E. Jansen, Esq., Vice President, Assistant General Counsel and Assistant Secretary of Health Net, Inc., a copy of which is filed herewith.
23.1*
Consent of Deloitte & Touche LLP, a copy of which is filed herewith.
23.2
Consent of Michael E. Jansen, Esq. (included in Exhibit 5).
24
Powers of Attorney (contained on the signature page to the Registration Statement).
*
filed
herewith
Item 9. Undertakings.
(a)
The
undersigned Company hereby undertakes:
(1)    To
file, during any period in which offers or sales are being made, a post-effective amendment to the Registration Statement:
(i)
To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To
reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the
foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;
(iii)
To
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material
change to such information in the Registration Statement;
provided, however,
that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the Registration Statement is on Form S-3
or Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to
the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.
(2)    That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3)    To
remove from registration by means of a post-effective amendment any of the securities being registered which remained unsold at the termination of the
offering.
4
(b)    The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual
report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of
the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c)    Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities
Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.
5
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Woodland
Hills, State of California on this 9th day of September, 2002.
HEALTH NET, INC.
By:
/s/
JAY M. GELLERT
Jay M. Gellert
President and Chief Executive Officer
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears immediately below constitutes and appoints Jay M. Gellert, B. Curtis Westen and Michael E. Jansen, and each or
either of them, his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all
capacities, to sign any and all amendments (including post-effective amendments) to the Registration Statement, and to file the same with all exhibits thereto and other documents in
connection therewith with the Securities and Exchange Commission, granting unto said attorney-in-fact and agents, and each of them, full power and authority to do and perform
each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents or any of them, or their or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant
to the requirements of the Securities Act of 1933, the Registration Statement has been signed by the following persons in the capacities indicated, on this 9th day of September,
2002.
SIGNATURE
TITLE
DATE
/s/
JAY M. GELLERT
Jay M. Gellert
President and Chief Executive Officer and Director (Principal Executive Officer)
September 9, 2002
/s/
MARVIN P. RICH
Marvin P. Rich
Executive Vice President, Finance and Operations (Principal Accounting and Financial Officer)
September 9, 2002
/s/
J. THOMAS BOUCHARD
J. Thomas Bouchard
Director
September 9, 2002
/s/
GOV. GEORGE DEUKMEJIAN
Gov. George Deukmejian
Director
September 9, 2002
6
/s/
THOMAS T. FARLEY
Thomas T. Farley
Director
September 9, 2002
/s/
GALE S. FITZGERALD
Gale S. Fitzgerald
Director
September 9, 2002
/s/
PATRICK FOLEY
Patrick Foley
Director
September 9, 2002
/s/
ROGER F. GREAVES
Roger F. Greaves
Director
September 9, 2002
/s/
RICHARD W. HANSELMAN
Richard W. Hanselman
Chairman of the Board of Directors and Director
September 9, 2002
/s/
RICHARD J. STEGEMEIER
Richard J. Stegemeier
Director
September 9, 2002
/s/
BRUCE G. WILLISON
Bruce G. Willison
Director
September 9, 2002
7
EXHIBIT INDEX
Exhibit
No.
Description
4
Health Net, Inc. 2002 Stock Option Plan (included as Exhibit 10.27 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2002 (File No. 1-12718) and incorporated herein by reference).
5*
Opinion of Michael E. Jansen, Esq., Vice President, Assistant General Counsel and Assistant Secretary of Health Net, Inc., a copy of which is filed herewith.
23.1*
Consent of Deloitte & Touche LLP, a copy of which is filed herewith.
23.2
Consent of Michael E. Jansen, Esq. (included in Exhibit 5).
24
Powers of Attorney (contained on the signature page to the Registration Statement).
*
Filed
herewith
8
QuickLinks
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
EXHIBIT INDEX