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): August 4, 2011

Health Net, Inc.

(Exact Name of Registrant as Specified in Charter)

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:

Section 2 – Financial Information

On August 4, 2011, Health Net, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2011. The press release contains the non-GAAP financial measure “adjusted days claims payable (DCP).” Adjusted DCP for the second quarter of 2011 was 52.0 days, adjusted DCP for the first quarter of 2011 was 51.8 days, and adjusted DCP for the second quarter of 2010 was 53.6 days. Adjusted DCP excludes reserves and health plan services expenses related to the Company’s capitation, provider and other claim settlements and Medicare Advantage - Prescription Drug and stand-alone Prescription Drug Plan payables and costs. The most directly comparable GAAP financial measure to this non-GAAP financial measure is DCP. DCP for the second quarter of 2011 was 36.7 days, DCP for the first quarter of 2011 was 35.1 days, and DCP for the second quarter of 2010 was 39.3 days.

Management believes that adjusted DCP provides useful information to investors because the adjusted DCP calculation excludes amounts related to health care expenses for which no or minimal reserves are maintained. Therefore, management believes that adjusted DCP may present a more accurate reflection of DCP calculated from claims-based reserves than GAAP DCP, which does not exclude such costs. This non-GAAP financial information should be considered in addition to, not as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure is attached to the press release. As used herein, “GAAP” refers to accounting principles generally accepted in the United States.

The press release is attached hereto as Exhibit 99.1 and hereby incorporated in this Item 2.02 by reference. The information in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any Company filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Section 9 – Financial Statements and Exhibits

(d) Exhibits.

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.