Health Net Insurance Overview
Officially called Health Net of California, Inc., Health Net is a health insurance provider headquartered in the Woodland Hills area of Los Angeles, California. The company has more than 9,300 employees and is publicly traded on the New York Stock Exchange under the symbol HNT. Its current leader is chief executive officer Jay Gellert.
The company was founded in 1977 as a non-profit organization. In 1992, Health Net was converted into a for-profit corporation by way of a California state order .Through this transition, the California Wellness Foundation received more than $300 million dollars, as well as an 80 percent equity stake in Health Net’s parent company.
Health Net provides insurance services for individuals and businesses in seven states: Arizona, California, Connecticut, New Jersey, New York, Oregon and Washington. In the remaining 43 states, Health Net offers only Medicaid services. Health Net also has several affiliates and subsidiary companies, including: MHN, which provides employee assistance programs, drug abuse programs, behavioral health care plans, training and skill development, and wellness training; Health Net Dental, which provides dental insurance to Arizona, California, Oregon and Washington; and Health Net Federal Services, which provides military and family counseling and behavior health help for government employees.
Health Net has been a Better Business Bureau-accredited organization since March 1, 1986. It currently maintains an “A+” rating, the highest on the BBB’s rating scale. There have been a total of 46 complaints filed against Health Net with the BBB in the last three years. Nine of these complaints were filed in the last 12 months. Of the 46 complaints, five were filed in regards to issues with advertising or sales, 20 were filed in relation to billing or collection issues and another 21 complaints involved problems with Health Net’s products or services. There were no reported complaints with delivery, guarantees or warranties.
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