EXHIBIT 99.2



                  PACIFICARE HEALTH SYSTEMS ANNOUNCES PRICING
                     OF CONVERTIBLE SUBORDINATED DEBENTURES


CYPRESS, Calif., November 19, 2002 -- PacifiCare Health Systems, Inc. (Nasdaq:
PHSY) today announced the pricing of a private placement of $125 million
aggregate principal amount of 3% convertible subordinated debentures due 2032.

PacifiCare has granted an option exercisable by the initial purchasers of the
debentures to purchase up to an additional $25 million aggregate principal
amount of the debentures. PacifiCare expects the offering to close on November
22, 2002. The debentures, which will be convertible into shares of PacifiCare's
common stock, will be due October 2032.

PacifiCare intends to use a portion of the estimated net proceeds of this
offering to permanently repay indebtedness under its senior credit facility and
the remainder for general corporate purposes.

This press release does not constitute an offer to sell nor the solicitation of
an offer to buy securities. Any offers of the securities will be made only by
means of a private offering memorandum. 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 Securities Act of 1933, as amended
(the "Securities Act") or the securities laws of any other jurisdiction and may
not be offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act, and
applicable state securities laws.

This news 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, the closing of the offering of debentures is
subject to certain limited closing conditions, and, were the closing not to
occur because any of those conditions was not satisfied or for any other reason,
PacifiCare would not receive proceeds from the offering or be able to use those
proceeds for the purposes described above.


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