Highlighting Its Commitment to Ethics and Compliance, Health Net Federal Services Becomes Signatory to Defense Industry Initiative

2008-07-25 15:34:05 -

www.healthnetfederalservices.com - Health Net Federal Services, LLC (Health Net), the government operations division of Health Net, Inc. (NYSE:HNT), today announced it has become a signatory to the Defense Industry Initiative on Business Ethics and Conduct, a voluntary organization of major defense contractors committed to ethics-based, corporate self-governance.

"Health Net Federal Services is proud to become the first of the TRICARE contractors to become a signatory to the Defense Industry Initiative on Business Ethics and Conduct," said Steve Tough, president, Health Net Federal Services. "Our commitment to this initiative aligns with Health Net's culture built upon ethics and compliance with federal laws."

Each signatory pledges to adopt, implement and practice a set of principles of business ethics and conduct that acknowledge and express its corporate responsibilities under federal procurement policy and law, to the Department of Defense, the Federal Government, the public, as well as one other. Each signatory further agrees to share its best practices in implementing the Defense Industry Initiative principles.

The Defense Industry Initiative on Business Ethics and Conduct was established by defense industry chief executive officers in June 1986 as a voluntary, not-for-profit organization, which, through sharing best ethics and conduct practices, seeks to assure its members conduct business with the highest degree of integrity and honesty, while also meeting the special compliance risks embedded in contracting with the Department of Defense.

About Health Net Federal Services

Health Net Federal Services, LLC, a subsidiary of Health Net, Inc., has a long history of providing cost-effective, quality managed health care programs for government agencies including the Departments of Defense and Veterans Affairs. As the managed care support contractor for the TRICARE North Region, Health Net provides health care services to over 3 million uniformed services beneficiaries, active and retired, and their families.

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 6.8 million individuals across the country through group, individual, Medicare, Medicaid and TRICARE and Veterans Affairs programs. Health Net's behavioral health subsidiary, MHN, provides mental health benefits to approximately 6.9 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/. For more information on Health Net Federal Services, please visit www.healthnetfederalservices.com/.

Cautionary Statements

All statements in this press release, 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, unexpected utilization patterns or unexpectedly severe or widespread illnesses, membership declines, rate cuts affecting our Medicare or Medicaid business, issues relating to provider contracts, litigation costs, regulatory issues, 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 and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. 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.

Health Net, Inc.
Margita Thompson, 818-676-7912
margita.thompson@healthnet.com
or
Health Net Federal Services, LLC
Molly Tuttle, 916-351-5355
molly.tuttle@healthnet.com