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Health Net Federal Services Wins Department of Veterans Affairs Community Based Outpatient Clinic Contract in Payson and Buckeye, Arizona

Posted on: Thursday, 24 May 2007, 09:00 CDT

Health Net, Inc. (NYSE:HNT) today announced that Health Net Federal Services LLC, the government operations division of Health Net, Inc., has been awarded a contract by the Carl T. Hayden VA Medical Center, in Phoenix, Ariz., to provide primary and preventive health care services to more than 1,000 veterans in VA Community Based Outpatient Clinics (CBOCs) located in Payson (Maricopa County) and Buckeye (Gila County), Ariz.

The initial contract with Health Net is effective from May 1, 2007 through March 31, 2008, with four additional one-year option periods ending on March 31, 2012.

"We are honored to be selected by the Department of Veterans Affairs (VA) to continue to provide health care to veterans in these two communities," said Donna Hoffmeier, Health Net's VA program officer. "For the past five years, we have provided high quality care to veterans in the Payson and Buckeye clinics. We are committed to VA's mission and embrace its clinical and quality programs. Health Net is driven by integrity, honesty, accountability and transparency. We believe these principles enable us to provide quality health care with the highest degree of veteran satisfaction," Hoffmeier added.

Health Net is an experienced partner with VA in the delivery of primary care services to the nation's veterans through CBOCs and currently serves more than 25,000 veterans through 13 CBOCs located in 10 states nationwide.

About Health Net

Health Net, Inc. is among the nation's largest publicly traded managed health care companies. Its mission is to help people be healthy, secure and comfortable. The company's health plans and government contracts subsidiaries provide health benefits to approximately 6.6 million individuals across the country through group, individual, Medicare, Medicaid and TRICARE and Veterans Affairs programs. Health Net's behavioral health services subsidiary, MHN, provides mental health benefits to approximately 7.1 million individuals in all 50 states. The company's subsidiaries also offer managed health care products related to prescription drugs, and offer managed health care product coordination for multi-region employers and administrative services for medical groups and self-funded benefits programs.

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

Cautionary Statements

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

Source: Business Wire

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