SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SCOTT GREGORY W

(Last)

(First)

(Middle)

5995 PLAZA DRIVE

(Street)

CYPRESS

90630

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
PACIFICARE HEALTH SYSTEMS INC /DE/ [ PHS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	11/15/2004		M		1,500	A	$8.656	43,736.476	D
Common Stock	11/15/2004		S⁽¹⁾		1,500	D	$45.55	42,236.476	D
Common Stock	11/15/2004		M		500	A	$8.656	42,736.476	D
Common Stock	11/15/2004		S⁽¹⁾		500	D	$45.56	42,236.476	D
Common Stock	11/15/2004		M		2,300	A	$8.656	44,536.476	D
Common Stock	11/15/2004		S⁽¹⁾		2,300	D	$45.59	42,236.476	D
Common Stock	11/15/2004		M		5,000	A	$8.656	47,236.476	D
Common Stock	11/15/2004		S⁽¹⁾		5,000	D	$45.64	42,236.476	D
Common Stock	11/15/2004		M		1,500	A	$8.656	43,736.476	D
Common Stock	11/15/2004		S⁽¹⁾		1,500	D	$45.65	42,236.476	D
Common Stock	11/15/2004		M		600	A	$8.656	42,836.476	D
Common Stock	11/15/2004		S⁽¹⁾		600	D	$45.71	42,236.476	D
Common Stock	11/15/2004		M		500	A	$8.656	42,736.476	D
Common Stock	11/15/2004		S⁽¹⁾		500	D	$45.72	42,236.476	D
Common Stock	11/15/2004		M		500	A	$8.656	42,736.476	D
Common Stock	11/15/2004		S⁽¹⁾		500	D	$45.75	42,236.476	D
Common Stock	11/15/2004		M		500	A	$8.656	42,736.476	D
Common Stock	11/15/2004		S⁽¹⁾		500	D	$45.81	42,236.476	D
Common Stock	11/15/2004		M		1,000	A	$8.656	43,236.476	D
Common Stock	11/15/2004		S⁽¹⁾		1,000	D	$45.86	42,236.476	D
Common Stock	11/15/2004		M		4,100	A	$8.656	46,336.476	D
Common Stock	11/15/2004		S⁽¹⁾		4,100	D	$45.87	42,236.476	D
Common Stock	11/15/2004		M		600	A	$8.656	42,836.476	D
Common Stock	11/15/2004		S⁽¹⁾		600	D	$45.88	42,236.476	D
Common Stock	11/15/2004		M		2,700	A	$8.656	44,936.476	D
Common Stock	11/15/2004		S⁽¹⁾		2,700	D	$45.9	42,236.476	D
Common Stock	11/15/2004		M		3,700	A	$8.656	45,936.476	D
Common Stock	11/15/2004		S⁽¹⁾		3,700	D	$45.91	42,236.476	D
Common Stock								2,730	I	By 401(k) plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			1,500	01/22/2003	01/22/2011	Common Stock	1,500	$0	173,500	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			500	01/22/2003	01/22/2011	Common Stock	500	$0	173,000	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			2,300	01/22/2003	01/22/2011	Common Stock	2,300	$0	170,700	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			5,000	01/22/2003	01/22/2011	Common Stock	5,000	$0	165,700	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			1,500	01/22/2003	01/22/2011	Common Stock	1,500	$0	164,200	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			600	01/22/2003	01/22/2011	Common Stock	600	$0	163,600	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			500	01/22/2003	01/22/2011	Common Stock	500	$0	163,100	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			500	01/22/2003	01/22/2011	Common Stock	500	$0	162,600	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			500	01/22/2003	01/22/2011	Common Stock	500	$0	162,100	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			1,000	01/22/2003	01/22/2011	Common Stock	1,000	$0	161,100	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			4,100	01/22/2003	01/22/2011	Common Stock	4,100	$0	157,000	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			600	01/22/2003	01/22/2011	Common Stock	600	$0	156,400	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			2,700	01/22/2004	01/22/2011	Common Stock	2,700	$0	153,700	D
Non-Qualified Stock Option (right to buy)	$8.656	11/15/2004		M⁽¹⁾			3,700	01/22/2003	01/22/2011	Common Stock	3,700	$0	150,000	D

Explanation of Responses:

1. Exercise of stock option granted under the 2000 Employee Plan of PacifiCare Health Systems, Inc. in a transaction exempt under Rule 16b-3. The stock option exercise and sale of shares acquired upon exercise were made pursuant to the reporting person's 10b5-1 plan.

	By: Ellen K Erickson For: Gregory W Scott	11/17/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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