Health Net Providing Special Assistance to Members and Providers Affected by The Pack Fire in California

Rhea-AI Summary

Health Net (NYSE: CNC) announced immediate assistance for members and providers affected by the Pack Fire after a State of Emergency was declared in Mono County on December 11, 2025. Key measures include suspended prescription refill limits when original pharmacies are closed, 24/7 behavioral health crisis support, free telehealth appointments, and referral access to local social services via 2-1-1.

For providers, Health Net will relax notification deadlines, waive prior authorization timing (notification still required), authorize out-of-network care if contracted providers are unavailable, approve post-admission notifications, accept updated clinical documentation, and authorize replacement medical equipment. Visit HealthNet.com for updates.

Key Figures

Q3 2025 total revenue $49.690 billion Reported in Q3 2025 Form 10-Q

Q3 2025 GAAP net loss $(6.631) billion Attributed to goodwill impairment in Q3 2025

Goodwill impairment $6.723 billion Recorded in Q3 2025 results

Adjusted diluted EPS $0.50 Q3 2025 vs $1.62 a year ago

Cash and cash equivalents $17.058 billion Balance at Q3 2025 quarter end

Total debt $17.583 billion Includes senior notes and $2.0B term loan

2025 GAAP loss/share outlook Not to exceed $(12.85) Full-year 2025 guidance reaffirmed Nov 10, 2025

2025 adjusted EPS outlook At least $2.00 Full-year 2025 guidance reaffirmed Nov 10, 2025

Market Reality Check

$38.67 Last Close

Volume Volume 8,398,737 vs 20-day average 7,420,096, indicating activity modestly above recent norms. normal

Technical Price $38.67 is trading below the 200-day MA of $44.11, reflecting a prior downtrend bias.

Peers on Argus

CNC gained 1.55% with several peers also positive: MOH +2.51%, HUM +2.97%, ELV +3.71%, CI +0.17%, while CVS was roughly flat at -0.03%. This points to generally constructive sector sentiment alongside the company-specific wildfire response news.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Community investment	Positive	+2.4%	Three-year $1.15M grant to expand Illinois mobile pantry program.
Nov 26	Food insecurity support	Positive	-0.5%	$1.4M in 2025 investments to address California food insecurity.
Nov 25	Nutrition programs	Positive	+3.9%	Washington initiatives delivering over 18M meals and Harvest Bucks benefits.
Nov 20	Education initiatives	Positive	-3.1%	Three biosimilars education events on adoption and patient access.
Nov 20	Food bank funding	Positive	-3.1%	$1.1M grant to California Association of Food Banks across 12 counties.

Pattern Detected

Recent community- and access-focused news has been positive in tone but produced mixed share reactions, with more instances of divergence than alignment between news tone and next-day price moves.

Recent Company History

Over the past month, CNC-related headlines have emphasized community investment and access to care. On Nov 20, 2025, Centene and Health Net announced a $1.1M food-bank investment, followed by further food-insecurity initiatives in California and Illinois and programs in Washington. Educational efforts on biosimilars were also highlighted. Market reactions to these positive social-impact updates varied, with both gains and declines. Today’s Pack Fire assistance fits this pattern of member-support initiatives during crises and community need.

Market Pulse Summary

This announcement describes Health Net’s emergency support for members and providers affected by the Pack Fire, including relaxed prescription refills, telehealth access, and flexibility for out-of-network and post‑acute services. It fits a broader pattern of CNC-backed community and access initiatives seen in recent months. Against a backdrop of Q3 2025 revenue of $49.690 billion, a large goodwill impairment, and full‑year adjusted EPS guidance of at least $2.00, investors may watch how such programs intersect with utilization trends and costs.

Key Terms

telehealth medical

"Health Net offers telehealth services at no cost."

Telehealth is the delivery of healthcare services and consultations remotely using video calls, phone, text messaging, or connected devices to monitor and transmit medical information. It matters to investors because it can reshape how patients access care, lower costs, and create new revenue streams or risks for healthcare providers, insurers and technology companies—similar to how online banking changed financial services—while also exposing businesses to reimbursement and regulatory shifts.

durable medical equipment medical

"for acute services, post-acute care, durable medical equipment (DME),"

Durable medical equipment (DME) includes long-lasting devices used to help people manage health conditions and improve mobility, such as wheelchairs, hospital beds, and oxygen machines. These items are designed to be reused and are often covered by health insurance. For investors, DME represents a steady market because demand remains consistent as populations age and healthcare needs grow.

AI-generated analysis. Not financial advice.

SACRAMENTO, Calif., Dec. 11, 2025 /PRNewswire/ -- Following Gov. Newsom's declaration of a State of Emergency in Mono County, Health Net, one of California's most experienced Medi-Cal managed care health plans and company of Centene Corporation (NYSE: CNC), is taking immediate action to support those affected by the Pack Fire. The company's priority is ensuring both its members and healthcare providers have the resources they need during this critical time.

Member Prescription Information

During a declared State of Emergency, impacted members have two options to secure an emergency supply of their medications:

1. Members can fill their prescription at the original pharmacy if it is open.
2. If the original pharmacy is not open, members can call Health Net at 1-800-400-8987. We will suspend refill limitations so they can get their prescriptions at an out-of-network pharmacy.

Coping Support for Members 

Members can call Health Net Behavioral Health Services for crisis support 24 hours a day, seven days a week by calling 1-800-400-8987 (TTY: 711). This includes:

• Support to help them deal with grief, stress or trauma
• Referrals to mental health counselors, local services and telephone consultations

Members: Video Medical Appointments

If members cannot reach their primary care provider during a declared State of Emergency, Health Net offers telehealth services at no cost. Members can find appointment instructions in two places:

1. On the back of their Health Net ID card
2. On HealthNet.com after registering and signing in

Access to Social Services

To connect with local community resources, members can call 2-1-1 or visit 211.org for help with:

• Emergency shelter, food and transportation
• Social services and financial assistance
• Legal guidance from verified agencies

Information for Healthcare Providers

During a declared State of Emergency, doctors and nurse practitioners may call Health Net at 1-800-641-7761 for assistance. To support these participating providers in affected areas, Health Net will:

• Extend grace periods for notifications, beginning on the admission date, for acute services, post-acute care, durable medical equipment (DME), medical supplies and home health care services
• Waive prior authorization – however, our notification requirement will remain in effect despite relaxed deadlines

In addition, Health Net will:

• Authorize out-of-network services if a contracting provider or facility becomes unavailable
• Grant post-admission notification approvals for impacted facilities.
• Accept updated clinical documentation for continued-stay reviews.
• Authorize the replacement of medical equipment or supplies.
• Suspend prescription refill limitations for impacted enrollees

Ongoing Support & Updates

As the situation evolves, Health Net may take further action to support members and providers. For the latest updates, visit HealthNet.com.

About Health Net
Founded in California more than 45 years ago, Health Net, LLC ("Health Net"), a company of Centene Corporation, believes that every person deserves a safety net for their health, regardless of age, income, employment status or current state of health. Today, we provide health plans for individuals, families, businesses of every size and people who qualify for Medi-Cal or Medicare. With more than 118,000 of our network providers, Health Net serves more than three million members across the state. We also offer access to substance abuse programs, behavioral health services and managed healthcare products related to prescription drugs. We make these health plans and services available through Health Net and its subsidiaries: Health Net of California, Inc., Health Net Life Insurance Company and Health Net Community Solutions, Inc. These entities are wholly owned subsidiaries of Centene Corporation (NYSE: CNC), a leading healthcare enterprise committed to transforming the health of the communities we serve, one person at a time. Health Net and Centene Corporation employ more than 5,700 people in California who work at one of five regional Talent Hub offices. For more information, visit www.HealthNet.com.

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SOURCE Health Net

FAQ

What emergency prescription options does Health Net (CNC) offer Pack Fire evacuees on December 11, 2025?

Members can refill at their original pharmacy if open or call 1-800-400-8987 to get an emergency supply at an out-of-network pharmacy with refill limits suspended.

How can Health Net (CNC) members get mental health support during the Pack Fire emergency?

Behavioral health crisis support is available 24/7 at 1-800-400-8987 (TTY 711) for grief, stress, referrals, and telephone consultations.

Will Health Net (CNC) cover telehealth if primary care is unavailable due to the Pack Fire?

Yes. During the declared emergency, telehealth appointments are offered at no cost; members can follow instructions on the back of their ID card or sign in at HealthNet.com.

What provider flexibilities did Health Net (CNC) announce for the Pack Fire on December 11, 2025?

Providers can call 1-800-641-7761; Health Net will extend grace periods for notifications, waive prior authorization timing, authorize out-of-network care, and accept updated clinical documentation.

How can Health Net (CNC) members find local social services during the Pack Fire emergency?

Members can call 2-1-1 or visit 211.org for shelter, food, transportation, financial help, and verified legal guidance.

Where will Health Net (CNC) post ongoing updates about Pack Fire member and provider support?

Health Net will post further actions and updates on HealthNet.com as the situation evolves.