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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SDCjRGG6DY3xf2r0wuttZpLOURkYDB+kKbIa8khNq9NbQb/7Cs2OUXCARMFLE5qM
 1O/IFtRC7/WYTY2Nzk+8NA==

<SEC-DOCUMENT>0001209191-03-004360.txt : 20030514
<SEC-HEADER>0001209191-03-004360.hdr.sgml : 20030514
<ACCEPTANCE-DATETIME>20030514140425
ACCESSION NUMBER:		0001209191-03-004360
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030512
FILED AS OF DATE:		20030514

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BOWLUS BRADFORD A
		CENTRAL INDEX KEY:			0001209505

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21949
		FILM NUMBER:		03698235

	MAIL ADDRESS:	
		STREET 1:		5995 PLAZA DR
		CITY:			CYPRESS
		STATE:			CA
		ZIP:			90630

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PACIFICARE HEALTH SYSTEMS INC /DE/
		CENTRAL INDEX KEY:			0001027974
		STANDARD INDUSTRIAL CLASSIFICATION:	HOSPITAL & MEDICAL SERVICE PLANS [6324]
		IRS NUMBER:				954591529
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		3120 LAKE CENTER DRIVE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92704
		BUSINESS PHONE:		7148255200

	MAIL ADDRESS:	
		STREET 1:		3120 LAKE CENTER DRIVE
		CITY:			SANTA ANA
		STATE:			CA
		ZIP:			92704

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	N T HOLDINGS INC
		DATE OF NAME CHANGE:	19961204
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>biv90017_biv7bab.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?><ownershipDocument>    <schemaVersion>X0101</schemaVersion><documentType>4</documentType><periodOfReport>2003-05-12</periodOfReport><notSubjectToSection16>0</notSubjectToSection16><issuer><issuerCik>0001027974</issuerCik>        <issuerName>PACIFICARE HEALTH SYSTEMS INC /DE/</issuerName><issuerTradingSymbol>PHSY</issuerTradingSymbol></issuer><reportingOwner><reportingOwnerId><rptOwnerCik>0001209505</rptOwnerCik>            <rptOwnerName>BOWLUS BRADFORD A</rptOwnerName>        </reportingOwnerId>        <reportingOwnerAddress>            <rptOwnerStreet1>  </rptOwnerStreet1>            <rptOwnerStreet2>  </rptOwnerStreet2>            <rptOwnerCity>  </rptOwnerCity>            <rptOwnerState>  </rptOwnerState>            <rptOwnerZipCode>  </rptOwnerZipCode>        </reportingOwnerAddress><reportingOwnerRelationship><isDirector>0</isDirector><isOfficer>1</isOfficer><isTenPercentOwner>0</isTenPercentOwner><isOther>0</isOther><officerTitle>Pres &amp; CEO, Health Plan Div</officerTitle></repo
rtingOwnerRelationship></reportingOwner><nonDerivativeSecurity><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-05-12</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>13500.000</value></transactionShares><transactionValue><value>16.3750</value></transactionValue><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>13837.346</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><nonDerivativeSecurity><securityTitle><value>Common Stock</value></securityTitle><transactionDate><value>2003-05-12</value></transactionDate><transactionCoding><tran
sactionFormType>4</transactionFormType><transactionCode>S</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>13500.000</value></transactionShares><transactionValue><value>35.0000</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><postTransactionAmounts><sharesOwnedFollowingTransaction><value>337.346</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></nonDerivativeSecurity><derivativeSecurity><securityTitle><value>Non-Qualified Stock Option (right to buy)</value></securityTitle><conversionOrExercisePrice><value>16.3750</value></conversionOrExercisePrice><transactionDate><value>2003-05-12</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>M</transactionCode><equitySwapInvolved>0</equity
SwapInvolved></transactionCoding><transactionAmounts><transactionShares><value>13500.000</value></transactionShares><transactionValue><value>0.000</value></transactionValue><transactionAcquiredDisposedCode><value>D</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><value>2003-01-02</value><footnoteId id="F1" /></exerciseDate><expirationDate><value>2011-01-02</value></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>13500.000</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>125500.000</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership></ownershipNature></derivativeSecurity><footnotes><footnote id="F1">Granted under the 1996 Stock Option Plan for Officers and Key Employees of PacifiCare Health Systems, Inc., as amended,
 in a transaction exempt under Rule 16b-3. The options become vested in four equal annual installments on each of the first four anniversaries of the date of grant (January 1, 2002).</footnote></footnotes><ownerSignature><signatureName>Bradford A Bowlus</signatureName><signatureDate>2003-05-13</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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