Health Net, LLC, a subsidiary of
Centene Corporation, is an American health care insurance provider. Health Net and its subsidiaries provide health plans for individuals, families, businesses and people with
Medicare and
Medicaid
Medicaid in the United States is a federal and state program that helps with healthcare costs for some people with limited income and resources. Medicaid also offers benefits not normally covered by Medicare, including nursing home care and pers ...
, as well as commercial, small business, and affordable care insurance.
In July 2015, Centene announced it would acquire Health Net for $6.8 billion
and completed its acquisition in March 2016.
History
Health Net was established as the nonprofit Health Net of California in 1977 by
Blue Cross. In 1992, a California order permitted the company to convert from a nonprofit to a for-profit company.
Under the terms of the
California Department of Corporations
The California Department of Corporations (DOC) was a department within the former California Business, Transportation and Housing Agency in California. The chief officer of the Department was the Commissioner of Corporations. Effective July 1, 20 ...
' conversion order, the California Wellness Foundation, the successor charity to its nonprofit status, received $300 million plus 80 percent of the equity of Health Net's parent holding company.
In August 1993, Health Net merged with Qualmed to form Health Systems International. In April 1997, Health Systems International merged with Foundation Health Corporation to form Foundation Health Systems.
Also in 1997, Foundation Health Systems acquired PACC Health Plans and Physicians Health Services.
In November 2000, Foundation Health Systems changed its name to Health Net, Inc. when the company started trading on the New York Stock Exchange under the symbol HNT.
In July 2009,
UnitedHealth Group
UnitedHealth Group Incorporated is an American multinational managed healthcare and insurance company based in Minnetonka, Minnesota. It offers health care products and insurance services. UnitedHealth Group is the world's seventh largest c ...
bought Health Net's northeastern licensed subsidiaries for $510 million, and its Medicare and Medicaid businesses for $60 million. In November 2009,
Connecticut
Connecticut () is the southernmost state in the New England region of the Northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, New York to the west, and Long Island Sound to the south. Its cap ...
's attorney general office investigated a lost, unencrypted hard drive with customer