EXHIBIT 99.1

                       PACIFICARE HEALTH SYSTEMS ANNOUNCES
                 OFFERING OF CONVERTIBLE SUBORDINATED DEBENTURES

CYPRESS, Calif., November 18, 2002 - PacifiCare Health Systems, Inc. (Nasdaq:
PHSY) announced today that it intends to offer approximately $100 million of
convertible subordinated debentures for sale in a private placement. The terms
of the offering are expected to include an option exercisable by the initial
purchasers of the debentures for up to an additional $25 million of debentures.
The offering will be made pursuant to an exemption from registration under the
Securities Act of 1933, as amended (the "Securities Act"). PacifiCare intends to
use a portion of the estimated net proceeds of this offering to permanently
repay indebtedness and deposit cash against outstanding letters of credit under
its senior credit facility and the remainder for general corporate purposes. It
is expected that the debentures, which will be convertible into shares of
PacifiCare's common stock, will be due in October 2032.

This press release does not constitute an offer to sell nor an offer to buy
securities. The offering is being made within the United States only to
qualified institutional buyers. The debentures being offered and the shares of
common stock issuable upon conversion of the debentures have not been registered
under the United States or state securities laws and may not be offered or sold
in the United States absent registration or an applicable exemption from the
registration requirements.

This press release contains forward-looking statements within the meaning of
Section 27A of the Securities Act and Section 21E of the Securities Exchange Act
of 1934, as amended. In particular, due to market conditions or other
circumstances, PacifiCare may not complete the proposed offering of debentures.

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