Health Net Life Participating in Covered California Small Business Health Insurance Exchange

Health Net Life Participating in Covered California Small Business Health Insurance Exchange

Health Net Life's bid to provide health care coverage to eligible small businesses is accepted for all 58 counties in the state

LOS ANGELES--(BUSINESS WIRE)-- Health Net Life Insurance Company, a wholly owned subsidiary of Health Net of California, Inc., today announced that the Covered California health insurance exchange has accepted its bid to provide preferred provider organization health insurance policies to eligible small businesses in all 58 counties. Health Net of California is a wholly owned subsidiary of Health Net, Inc. (NYS: HNT) .

"Health Net is excited to be part of the Covered California small business exchange," said Steve Sell, president of Health Net's Western Region Health Plan. "No matter where in the state a small business is located, it will be able to select Health Net plans designed to be affordable and easy to use."

The acceptance of Health Net Life's statewide participation in California's small business exchange follows Covered California's announcement in May that Health Net of California and Health Net Life will offer HMO and PPO health plans, respectively, in the state's individual health insurance exchange.

"We have been doing very well in our small business portfolio recently," said Sell, "and we expect our small business offerings in Covered California can provide an additional way for employers to find health insurance coverage that fits their unique needs."

Covered California has stated that it expects to begin enrolling beneficiaries on Oct. 1, 2013, for individual and small business coverage that it expects to become effective Jan. 1, 2014.

About Health Net

Health Net, Inc. is a publicly traded managed care organization that delivers managed health care services through health plans and government-sponsored managed care plans. Its mission is to help people be healthy, secure and comfortable. Health Net provides and administers health benefits to approximately 5.4 million individuals across the country through group, individual, Medicare (including the Medicare prescription drug benefit commonly referred to as "Part D"), Medicaid, U.S. Department of Defense, including TRICARE, and Veterans Affairs programs. Through its subsidiaries, Health Net also offers behavioral health, substance abuse and employee assistance programs, managed health care products related to prescription drugs, 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 Health Net's website at www.healthnet.com.

Cautionary Statements

Health Net, Inc. and its representatives may from time to time make written and oral forward-looking statements within the meaning of the Private Securities Litigation Reform Act ("PSLRA") of 1995, including statements in this and other press releases, in presentations, filings with the Securities and Exchange Commission ("SEC"), reports to stockholders and in meetings with investors and analysts. All statements in this press release, other than statements of historical information provided herein, may be deemed to be forward-looking statements and as such are intended to be covered by the safe harbor for "forward-looking statements" provided by PSLRA. These statements are based on management's analysis, judgment, belief and expectation only as of the date hereof, and are subject to changes in circumstances and a number of risks and uncertainties. Without limiting the foregoing, statements including the words "believes," "anticipates," "plans," "expects," "may," "should," "could," "estimate," "intend," "feels," "will," "projects" and other similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied or projected by the forward-looking information and statements due to, among other things, health care reform and other increased government participation in and regulation of health benefits and managed care operations, including the ultimate impact of the Affordable Care Act, which could materially adversely affect Health Net's financial condition, results of operations and cash flows through, among other things, reduced revenues, new taxes, expanded liability, and increased costs (including medical, administrative, technology or other costs), and require changes to the ways in which Health Net does business; rising health care costs; continued slow economic growth or a further decline in the economy; negative prior period claims reserve developments; trends in medical care ratios; membership declines; unexpected utilization patterns or unexpectedly severe or widespread illnesses; rate cuts and other risks and uncertainties affecting Health Net's Medicare or Medicaid businesses; Health Net's ability to successfully participate in California's Coordinated Care Initiative, the Covered California health insurance exchanges and/or Arizona's Medicaid program; litigation costs; regulatory issues with federal and state agencies including, but not limited to, the California Department of Managed Health Care, the Centers for Medicare & Medicaid Services, the Office of Civil Rights of the U.S. Department of Health and Human Services and state departments of insurance; operational issues; failure to effectively oversee our third-party vendors; noncompliance by Health Net or Health Net's business associates with any privacy laws or any security breach involving the misappropriation, loss or other unauthorized use or disclosure of confidential information; liabilities incurred in connection with Health Net's divested operations; impairment of Health Net's goodwill or other intangible assets; investment portfolio impairment charges; volatility in the financial markets; and general business and market 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 Health Net's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the SEC and the other risks discussed in Health Net's filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements. Except as may be required by law, Health Net undertakes no obligation to address or publicly update any forward-looking statements to reflect events or circumstances that arise after the date of this press release.

This release contains links to other sites that are not owned or controlled by Health Net. Please be aware that Health Net is not responsible for the contents linked or referred to from this release. Links to other websites are provided for the user's convenience. Health Net does not express an opinion on the content or the properties of such linked websites and disclaims any liability in connection therewith.

Health Net, Inc.
Investor Contact:
Angie McCabe
(818) 676-8692
angie.mccabe@healthnet.com
or
Media Contact:
Brad Kieffer
(818) 676-6833
brad.kieffer@healthnet.com

KEYWORDS: United States North America California

INDUSTRY KEYWORDS:

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