**Exhibit      10.1**

**Sierra      Health Services, Inc.**

**Supplemental      Executive Retirement Plan III**

**Effective      January 1, 2005**

|                                                                         |   | **Page**                                                             |
|------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|
| Purpose                                                                      |   | 1                                                                    |
|                                                                         |   |                                                                 |
| ARTICLE 1                Definitions                                    | 1      |
|                                                                         |   |                                                                 |
| ARTICLE 2                Eligibility                                    | 6      |
|                                                                         |   |                                                                 |
|                                                                         | 2.1    | Selection                for Participation                           | 6 |
|                                                                         | 2.2    | Enrollment                Requirements                               | 6 |
|                                                                         | 2.3    | Commencement                of Participation                         | 6 |
|                                                                         |   |                                                                 |
| ARTICLE 3                Vesting; Additional Years of Participation     | 7      |
|                                                                         |   |                                                                 |
|                                                                         | 3.1    | Vesting                                                              | 7 |
|                                                                         | 3.2    | Crediting                of Additional Years of Participation        | 7 |
|                                                                         |   |                                                                 |
| ARTICLE 4                Benefits                                       | 7      |
|                                                                         |   |                                                                 |
|                                                                         | 4.1    | Eligibility                for Benefits                              | 7 |
|                                                                         | 4.2    | Reemployment                of Participant Who Has Received Benefits | 9 |
|                                                                         | 4.3    | Alternative                Lump Sum Payout                           | 9 |
|                                                                         | 4.4    | Withholding                and Payroll Taxes                         | 9 |
|                                                                         |   |                                                                 |
| ARTICLE 5                Termination or Amendment of Plan or Agreements | 10     |
|                                                                         |   |                                                                 |
|                                                                         | 5.1    | Termination                                                          | 10 |
|                                                                         | 5.2    | Amendment                                                            | 10 |
|                                                                         | 5.3    | Termination                of Plan Participation                     | 10 |
|                                                                         |   |                                                                 |
| ARTICLE 6                Other Benefits and Agreements                  | 10     |
|                                                                         |   |                                                                 |
| ARTICLE 7                Administration of the Plan                     | 11     |
|                                                                         |   |                                                                 |
|                                                                         | 7.1    | Plan                Administrator Duties                             | 11 |
|                                                                         | 7.2    | Agents                                                               | 11 |
|                                                                         | 7.3    | Binding                Effect of Decisions                           | 11 |
|                                                                         | 7.4    | Indemnity                of Plan Administrator                       | 11 |
|                                                                         | 7.5    | Employer                Information                                  | 11 |
|                                                                         |   |                                                                 |
| ARTICLE 8                Claims Procedures                              | 11     |
|                                                                         |   |                                                                 |
|                                                                         | 8.1    | Presentation                of Claim                                 | 11 |
|                                                                         | 8.2    | Notification                of Decision                              | 12 |
|                                                                         | 8.3    | Review                of a Denied Claim                              | 12 |
|                                                                         | 8.4    | Decision                on Review                                    | 12 |
|                                                                         | 8.5    | Legal                Action                                          | 13 |
|                                                                         |   |                                                                 |
| ARTICLE                9 Beneficiary Designation                             | 13     |
|                                                                         |   |                                                                 |
|                                                                         | 9.1    | Beneficiary                                                          | 13 |
|                                                                         | 9.2    | Beneficiary                Designation; Change; Spousal Consent      | 13 |
|                                                                         | 9.3    | Acknowledgment                                                       | 14 |
|                                                                         | 9.4    | No                Beneficiary Designation                            | 14 |
|                                                                         | 9.5    | Doubt                as to Beneficiary                               | 14 |
|                                                                         | 9.6    | Discharge                of Obligations                              | 14 |
|                                                                         |   |                                                                 |
| ARTICLE 10                Trust                                         | 14     |
|                                                                         |   |                                                                 |
|                                                                         | 10.1   | Establishment                of the Trust                            | 14 |
|                                                                         | 10.2   | Interrelationship                of the Plan and the Trust           | 14 |
|                                                                         |   |                                                                 |
| ARTICLE 11                Miscellaneous                                 | 14     |
|                                                                         |   |                                                                 |
|                                                                         | 11.1   | Unsecured                General Creditor                            | 14 |
|                                                                         | 11.2   | Employer's                Liability                                  | 15 |
|                                                                         | 11.3   | Nonassignability                                                     | 15 |
|                                                                         | 11.4   | Not                a Contract of Employment                          | 15 |
|                                                                         | 11.5   | Furnishing                Information                                | 15 |
|                                                                         | 11.6   | Terms                                                                | 15 |
|                                                                         | 11.7   | Captions                                                             | 15 |
|                                                                         | 11.8   | Governing                Law                                         | 16 |
|                                                                         | 11.9   | Validity                                                             | 16 |
|                                                                         | 11.10  | Notice                                                               | 16 |
|                                                                         | 11.11  | Successors                                                           | 16 |
|                                                                         | 11.12  | Spouse's                Interest                                     | 16 |
|                                                                         | 11.13  | Incompetent                                                          | 16 |
|                                                                         | 11.14  | Court                Order                                           | 17 |
|                                                                         | 11.15  | Compliance                with Code Section 409A                     | 17 |

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**SIERRA      HEALTH SERVICES, INC.**

**SUPPLEMENTAL      EXECUTIVE RETIREMENT PLAN III**

**Effective      as of January 1, 2005**

**Purpose**

**ARTICLE      1**

**Definitions**

| 1.1 | "Assumed                Interest Rate" means a rate of 6%, or such other interest rate as                the Plan                Administrator deems necessary or appropriate, adjusted from time                to time                to an amount that does not exceed the then-current prime interest                rate of                Bank of America. No Participant shall be deemed to have any right,                vested                or nonvested, regarding the continued use of any previously adopted                Assumed Interest Rate. |
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| 1.2 | "Beneficiary"                means the individual designated, in accordance with Article 9, that                is                entitled to receive benefits under this Plan upon the death of a                Participant. |
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| 1.3 | "Beneficiary                Designation Form" means the form established from time to time by                the Plan                Administrator that a Participant completes, signs and returns to                the Plan                Administrator to designate a                Beneficiary. |
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| 1.4 | "Board"                means the board of directors of the                Company. |
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| 1.5 | "Cause"                means: |
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|   | (i) | the                Executive's willful and material breach of the Executive’s agreement to                refrain from competition with                Employers; |
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|   | (ii) | the                Executive, while an employee, is convicted of, or pleads guilty or                nolo contendere                to, a felony; |
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|   | (iii) | The                Executive's commission of a fraud or misappropri-ation which causes                material and demonstrable injury to any Employer;                or |
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|   | (iv) | The                Executive commits a willful act of dishonesty, including but not                limited                to embezzlement, resulting or intended to result, directly or indirectly,                in material personal gain or enrichment at the expense of any                Employer. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6 | "Change                in Control" shall mean the earliest transaction or event occurring                after                the effective date of the Plan in which (i) the Company shall merge                or                consolidate with any other corporation and shall not be the surviving                corporation; (ii) the Company shall transfer all or substantially                all of                its assets to any other person; or (iii) any person shall have become                the                beneficial owner of more than 50% of the voting power of outstanding                voting securities of the Company. |
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| 1.7 | "Claimant"                shall have the meaning set forth in                Section 8.1. |
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| 1.8 | "Code"                means the Internal Revenue Code of 1986, as amended from time to                time,                including regulations thereunder and successor provisions and regulations                thereto. |
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| 1.9 | "Company"                means Sierra Health Services, Inc., a Nevada corporation. |
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| 1.10 | "Disability"                means a period of disability during which a Participant qualifies                for                benefits under the Participant's Employer's long-term disability                plan or,                if a Participant does not participate in such a plan, a period of                disability during which the Participant would have qualified for                benefits                under such a plan had the Participant been a participant in such                a plan,                as determined in the sole discretion of the Plan Administrator. If                the                Participant's Employer does not sponsor such a plan or discontinues                sponsorship of such a plan, Disability shall be determined by the                Plan                Administrator in its sole                discretion. |
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| 1.11 | "Employer(s)"                means the Company and any subsidiaries of the Company that have been                selected by the Board and have agreed to participate in the                Plan. |
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| 1.12 | "ERISA"                means the Employee Retirement Income Security Act of 1974, as amended                from                time to time. |
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| 1.13 | "Exchange                Act" means the Securities Exchange Act of 1934, as amended from time                to                time, including rules thereunder and successor provisions and rules                thereto. |
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| 1.14 | "Participant"                means any employee (i) who is selected to participate in the Plan,                (ii) who elects to participate in the Plan by signing the Notice of                Participation acknowledging the employee’s participation, a Beneficiary                Designation Form and other documents required under Article II,                (iii) whose signed acknowledgement of participation and Beneficiary                Designation Form are accepted by the Plan Administrator, and (iv)                whose                participation in |
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| 1.15 | "Plan"                means this Supplemental Executive Retirement Plan III of the Company,                as                amended from time to time. The Plan is a different plan from the                Company’s                Supplemental Executive Retirement Plan effective July 1, 1997 and                Supplemental Executive Retirement Plan II effective March 1,                1998. |
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| 1.16 | "Plan                Administrator" means the plan administrator described in                Article 7. |
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| 1.17 | "Preretirement                Survivor Benefit" means, in the case of a Participant who dies prior                to a                Termination of Employment and not during a Disability, the Participant's                SERP Benefit as of the date of death (which becomes Vested upon death)                that is payable to such Participant's Beneficiary, in accordance                with                Section 4.1(c). |
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| 1.18 | "Present                Value" means the present value at a specified date of a Participant's                Vested SERP Benefit calculated using the Assumed Interest Rate (i),                in the                case of a Participant (or beneficiary) to whom payments have already                begun, based on the period over which such SERP Benefit remains payable                assuming the payment of the SERP Benefit will continue in quarterly                installments, and (ii), in the case of a Participant (or beneficiary)                to                whom payments have not already begun, based on the payment of such                SERP                Benefit in quarterly installments for an eight-year period assuming                such                quarterly installments begin on the later of the first day of the                next                calendar quarter which begins at least 30 days after such specified                date                or the first day of the calendar quarter which begins immediately                at or                after the Participant would have completed five Years of Service                but for                the Participant’s Termination of                Employment. |
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| 1.19 | "Retirement"                or "Retires" means, in each instance, a Participant ceasing to be                an                employee of all Employers on or after the attainment of age sixty-five                (65) for any reason other than a leave of absence, death, or Disability. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.20 | "SERP                Benefit" means an amount payable each year in quarterly installments                over                a period of eight years to a Participant and, following the Participant's                death, his or her Beneficiary(ies). Each Participant shall be notified                of                the maximum potential amount of his or her SERP Benefit at the time                the                Participant is designated for participation under Article II. At                the time                of Participant’s Termination of Employment or Disability, the                Participant’s SERP Benefit shall be determined by multiplying his or her                maximum potential SERP Benefit by 12.5% times the number of the                Participant’s Years of Participation as of that date, up to the maximum                SERP Benefit (in other words, the SERP Benefit accrues in equal annual                amounts over eight Years of Participation). When used in this Plan,                the                term “SERP Benefit” (when not modified by the word “potential”) means only                that portion of the maximum potential SERP Benefit that has accrued. |
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| 1.21 | "Termination                of Employment" means Participant’s “separation from service” within the                meaning of Proposed Treasury Regulation § 1.409A-1(h) and any successor or                other |
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| 1.22 | "Trust"                means the trust established pursuant to that certain Master Trust                Agreement, dated as of May 1, 1996, between the Company and Imperial                Trust                Company (and any successor trustee), as it may be amended from time                to                time. |
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| 1.23 | "Vested"                means that portion of a Participant's SERP Benefit under this Plan                in                which the Participant has a nonfor-feitable right and vested interest,                as                determined in accordance with Article 3                below. |
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| 1.24 | “Vesting                Period” means the number of years (or other designated period) from the                commencement of participation specified by the Committee as required                in                order that the Participant’s SERP Benefit be Vested (other than for                Vesting upon death, Disability or in connection with a Change in                Control). |
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| 1.25 | “Years                of Participation” at a specified date means the total number of full years                from the date of the Participant’s commencement of participation during                which the Participant has been employed by one or more Employers                through                such date plus any additional Years of Participation credited to                such                Partici-pant under Section 3.2; provided, however, that a Participant                who                has ceased to be designated for participation for purposes of further                accruals of benefits upon reemployment shall not be credited with                additional Years of Participation upon such reemployment. For purposes                of                this definition, a year of "Participation" shall be a 365-day period                (or                366-day period in the case of a leap year) commencing on the date                of the                Participant’s commencement of participation (as designated by the Board)                and each anniversary thereof (subject to adjustment by the Plan                Administrator to reflect leaves of absence), during which period                the                Participant has been employed full-time (or, if so specified in the                Participant’s notice of participation under Section 2.1, at any lesser                level that qualifies for crediting of Years of Participation under                the                Participant’s notice of participation). In the case of a Participant who                has suffered a Disability but thereafter returns to service or becomes                reemployed by an Employer promptly after the Disability ended, the                period(s) of such Disability in the year in which the Disability                began and                the year in which the Disability ended will be counted as employment                solely for purposes of this definition, but any other period (i.e.                full years) of Disability shall not count as employment and therefore                shall not be treated as Years of Participation. In the case of a                Participant who has a Termination of Employment for any reason, other                than                death or Disability, following a Change in Control (including as                provided                in Section 4.1(b)), (i) if the Participant was not employed for a                full                365- (or 366-) day period that includes the date of the Change in                Control,                such Participant shall be deemed to have completed a full Year of                Participation in respect of that period which includes the Change                in                Control, and (ii), if the Participant qualifies for payment of his                or her                SERP Benefit (whether or not the SERP Benefit represents his or her                maximum potential SERP Benefit) under Section 4.1(b) or under Section                4.1(a) within six years after the Change in Control, such Participant                shall be credited with an additional Year of Participation as of                the date                immediately prior to his or her Termination of Employment. Except                as                provided in this definition, no partial year of employment shall                be                counted as a Year of Participation. A Participant's paid leave of                absence                or unpaid leave of absence for 90 days or less shall constitute employment                for |
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| 1.26 | "Years                of Service" at a specified date means the total number of full years                during which the Participant has been employed by one or more Employers                through such date; provided, however, that a Participant who has                ceased to                be designated for participation for purposes of further accruals                of                benefits upon reemployment shall not be credited with additional                Years of                Service upon such reemployment. For purposes of this definition,                a year of                "Service" shall be a 365-day period (or 366-day period in the case                of a                leap year) commencing on the date of hiring and each anniversary                thereof                (subject to adjustment by the Plan Administrator to reflect leaves                of                absence or, with respect to employment prior to commencement of                participation in the Plan, breaks in service). In the case of a                Participant who has suffered a Disability but thereafter returns                to                service or becomes reemployed by an Employer promptly after the Disability                ended, the period(s) of such Disability in the year in which the                Disability began and the year in which the Disability ended will                be                counted as employment solely for purposes of this definition, but                any                other period (i.e.                full years) of Disability shall not count as employment and therefore                shall not be treated as Years of Service. In the case of a Participant                who                has a Termination of Employment for any reason, other than death                or                Disability, following a Change in Control (including as provided                in                Section _4.1(b)), (i) if the Participant was not employed for a full                365-                (or 366-) day period that includes the date of the Change in Control,                such                Participant shall be deemed to have completed a full Year of Service                in                respect of that period which includes the Change in Control, and                (ii), if                the Participant qualifies for payment of his or her SERP Benefit                under                Section 4.1(b) or under Section 4.1(a) within six years after the                Change                in Control, such Participant shall be credited with an additional                Year of                Service as of the date immediately prior to his or her Termination                of                Employment. Except as provided in this definition, no partial year                of                employment shall be counted as a Year of Service. A Participant's                paid                leave of absence or unpaid leave of absence for 90 days or less shall                constitute employment for purposes of this definition, but a Participant's                unpaid leave of absence for more than 90 days shall not constitute                employment for purposes of this                definition. |
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**ARTICLE      2**

**Eligibility**

| 2.1 | **Selection                for Participation**.                Participation in the Plan shall be limited to a select group of management                and highly compensated employees of the Employers. An employee from                that                group shall become Participant only if the employee has been previously                selected and approved for participation by the Compensation Committee                of                the Board of Directors. The Plan Administrator will provide to the                Participant a notice of participation, which for each Participant                is                incorporated herein by reference and deemed part of the Plan, setting                forth the following terms as designated by the Committee: The                Participant’s date of commencement of participation, maximum SERP Benefit,                Vesting Period, deemed Years of Participation (if any) to be credited                under Section 3.2 and the conditions and terms upon which such deemed                Years of Participation will be credited, any terms with respect to                the                number of work hours in a given year for which a Year of Participation                or                a Year of Service will be credited, the terms of the agreement requiring                non-competition and related                Participant |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.2 | **Enrollment                Requirements**.                As a condition to participa-tion, each selected employee shall complete,                execute and return to the Plan Administrator an acknowledgement of                participation and a Beneficiary Designation Form and the separate                non-competition agreement referenced in Section 2.1. In addition,                the Plan                Administrator shall establish from time to time such other enrollment                requirements as it determines in its sole discretion are                necessary. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | **Commencement                of Participation**.                Provided an employee selected to participate in the Plan has met                all                enrollment requirements set forth in this Plan and required by the                Plan                Administrator at the times required by the Plan Administrator, that                employee shall commence participation in the Plan on the date specified                by                the Plan Administrator. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      3**

**Vesting;      Additional Years of Participation**

| 3.1 | **Vesting**.                Each Participant shall become Vested in his or her SERP Benefit beginning                at the earlier of (i) the time such Participant has performed service                for                the full Vesting Period and remains employed by an Employer at the                end of                such Vesting Period , (ii) the termination of such Participant's                employment with all Employers due to death, (iii) upon the occurrence                of a                Disability, (iii) upon the occurrence of a Change in Control, or                (iv) the                termination of the Participant’s employment with all Employers by his or                her respective Employer(s) not for Cause in the 90-day period preceding                a                Change in Control. Service that counts toward Vesting shall be the                same as                service that counts toward Years of Participation, except that it                shall                exclude any Additional Years of Participation credited under Section                3.2. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | **Crediting                of Additional Years of Participation**.                Prior to commencement of payment of a Participant's Vested SERP Benefit,                a                Participant may be credited with additional "deemed" Years of                Participation, if recommended by the Plan Administrator and approved                by                the Compensation Committee of the Board of Directors. In no event                may the                number of such additional "deemed" Years of Participation exceed                four for                any one Participant. Unless otherwise specified in the Participant’s                notice of participation under Section 2.1, deemed Years of Participation                that have been authorized for a Participant but to be credited at                a                specified future date will be credited immediately upon a Change                in                Control if he or she remains employed at that time (or is deemed                to remain                so employed under Section 4.1(b) in the case of termination without                cause                during the 90-day period preceding the Change in Control). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      4**

**Benefits**

| 4.1 | **Eligibility                for Benefits**. |
|-----|----------------------------------------------|

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**Benefit      Upon Retirement or Disability**

**Benefit      Upon Termination Following a Change in Control**

**Survivors'      Benefit**

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**Benefit      Upon Other Termination of Employment**

**Circumstances      in Which No Benefit is Payable**
**.      **

| 4.2 | **Reemployment                of Participant Who Has Received Benefits**.                Other provisions of the Plan notwithstanding, if a Participant who                has                received payments of his or her SERP Benefit thereafter becomes reemployed                by any Employer (i.e.,                following the end of a Disability or as a result of being rehired),                payments of such SERP Benefit will continue without regard to such                reemployment. Upon a subsequent Termination of Employment or Disability,                if the Participant accrued further benefits under the Plan following                such                reemployment and if such subsequent Termination of Employment or                Disability gives rise to benefits under Section 4.1, the Participant's                additional or incremental SERP Benefit shall become payable in accordance                with Section 4.1. |
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| 4.3 | **Alternative                Lump Sum Payout**.                If a Participant's Vested SERP Benefit under this Plan at the time                he or                she, or his or her Beneficiary (whether primary or contingent), becomes                eligible to receive a distribution under this Plan, when expressed                on a                Present Value basis as a lump sum, is less than $50,000, the Plan                Administrator shall pay that benefit in a lump sum at the time that                benefit payments would otherwise                commence. |
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| 4.4 | **Withholding                and Payroll Taxes**.                The Participant’s Employer shall withhold from any and all benefits paid                under this Article 4 all federal, state and local income, employment                and other taxes required to be withheld by the Employer in connection                with                the benefits hereunder, in amounts to be determined in the sole discretion                of the Employer. |
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**ARTICLE      5**

**Termination,      Amendment or Modification of the Plan**

| 5.1 | **Termination**.                Each Employer reserves the right to terminate the Plan at any time                with                respect to its participating employees by the action of its board                of                directors. A termination of the Plan shall have the effect of terminating                further accruals of Years of Service and Years of Participation that                would                accrue as a result of Participant’s continued employment during periods                more than six months after the termination of the Plan (including                for                purposes of Vesting), provided that, if the termination of the Plan                occurs                at or after a Change in Control or at the request of a person acquiring                control of the Company in a Change in Control, the period of six                months                referred to in this sentence instead shall be one year. A termination                of                the Plan shall not otherwise materially adversely affect the                --~~a~~                Participant’s SERP Benefit or rights under the Plan or, in the case of a                Beneficiary who has become entitled to the payment of benefits under                the                Plan as of the date of termination, the rights of such Beneficiary                under                the Plan. |
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| 5.2 | **Amendment**.                Any Employer may, at any time, amend or modify the Plan in whole                or in                part with respect to its participating employees and former employees                by                the actions of its board of directors; provided, however, that, without                the consent of the affected Participant (or Beneficiary who has become                entitled to the payment of benefits under the Plan), no amendment                or                modification shall be effective to decrease or materially adversely                affect                a Participant's SERP Benefit or rights under the Plan (to the extent                then                accrued) or, in the case of a Beneficiary who has become entitled                to the                payment of benefits under the Plan as of the date of amendment or                modification, the rights of such Beneficiary under the                Plan. |
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| 5.3 | **Termination                of Plan Participation**.                Absent the earlier termination, modification or amendment of the                Plan, the                participation of any Participant in the Plan shall terminate upon                the full                payment of the applicable Vested SERP Benefit as provided under                Article 4 or other time at which the Participant has no further right                to benefits hereunder. |
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**ARTICLE      6**

**Other      Benefits and Agreements**

**ARTICLE      7**

**Administration      of the Plan**

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| 7.1 | **Plan                Administrator Duties**.                This Plan shall be administered by a Plan Administrator which shall                consist of the Compensation Committee of the Board or such committee                as                the Board or the Compensation Committee shall appoint. Members of                the Plan                Administrator may be Participants under this Plan. The Plan Administrator                shall also have the discretion and authority to (i) make, amend,                interpret                and enforce all appropriate rules and regulations for the administra-tion                of this Plan and (ii) decide or resolve any and all ques-tions including                interpretations of this Plan, as may arise in connection with the                Plan. |
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| 7.2 | **Agents**.                In the administration of this Plan, the Plan Administrator may employ                agents and delegate to them such administrative duties as it sees                fit,                (including acting through a duly appointed representative), and may                from                time to time consult with counsel, who may be counsel to any Employer,                or                a compensation consultant, who may be a consultant to any                Employer. |
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| 7.3 | **Binding                Effect of Decisions**.                The decision or action of the Plan Administrator with respect to                any                question arising out of or in connection with the administration,                interpretation, and application of the Plan and the rules and regulations                promulgated hereunder shall be final and conclusive and binding upon                all                persons having any interest in the                Plan. |
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| 7.4 | **Indemnity                of Plan Administrator**.                All Employers shall indemnify and hold harmless the members of the                Plan                Administrator against any and all claims, losses, damages, expenses                or                liabilities arising from any action or failure to act with respect                to this                Plan, except in the case of willful misconduct by the Plan Administrator                or any of its members. |
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| 7.5 | **Employer                Information**.                To enable the Plan Administrator to perform its functions, each Employer                shall supply full and timely information to the Plan Administrator                on all                matters relating to the compensation of its Participants, the date                and                circum-stances of the Retirement, Disability, death or other Termina-tion                of Employment of its Participants, and such other pertinent information                as                the Plan Administrator may reasonably                require. |
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**ARTICLE      8**

**Claims      Procedures**

| 8.1 | **Presentation                of Claim**.                Any Participant or Beneficiary of a deceased Participant (such Participant                or Beneficiary being referred to below as a "Claimant") may deliver                to the                Plan Administrator a written claim for a determination with respect                to the                amounts distributable to such Claimant from the Plan. If such a claim                relates to the contents of a notice received by the Claimant, the                claim                must be made within 60 days after such notice was received by the                Claimant. The claim must state with particularity the determination                desired by the Claimant. All other claims must be made within 180                days of                the date on which the event that caused the claim to arise occurred.                The                claim must state with particularity the determination desired by                the                Claimant. |
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| 8.2 | **Notification                of Decision**.                The Plan Administrator shall consider a Claimant's claim within a                reasonable time, and shall notify the Claimant in                writing: |
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|   | (i) | that                the Claimant's requested determination has been made, and that the                claim                has been allowed in full; or |
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|   | (ii) | that                the Plan Administrator has reached a conclusion contrary, in whole                or in                part, to the Claimant's requested determination, and such notice                must set                forth in a manner calculated to be understood by the                Claimant: |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | the                specific reason(s) for the denial of the claim, or any part of                it; |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (2) | specific                reference(s) to pertinent provisions of the Plan upon which such                denial                was based; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | a                description of any additional material or information necessary for                the                Claimant to perfect the claim, and an explanation of why such material                or                information is necessary; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | an                explanation of the claim review procedure set forth in Section 8.3                below. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|

| 8.3 | **Review                of a Denied Claim**.                Within 60 days after receiving a notice from the Plan Administrator                that a claim has been denied, in whole or in part, a Claimant (or                the                Claimant's duly authorized representative) may file with the Plan                Administrator a written request for a review of the denial of the                claim.                There-after, but not later than 30 days after the review procedure                began, the Claimant (or the Claimant's duly authorized                representative): |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | may                review pertinent documents; |
|--------|-----|------------------------------------------------|

|   | (ii) | may                submit written comments or other documents;                and/or |
|--------|------|--------------------------------------------------------------------------------------|

|   | (iii) | may                request a hearing, which the Plan Administrator, in its sole discretion,                may grant. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------|

| 8.4 | **Decision                on Review**.                The Plan Administrator shall render its decision on review promptly,                and                not later than 60 days after the filing of a written request for                review of the denial, unless a hearing is held or other special                circumstances require additional time, in which case the Plan                Administrator's decision must be rendered within 120 days after such                date. Such decision must be written in a manner calculated to be                understood by the Claimant, and it must                contain: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | specific                reasons for the decision; |
|--------|-----|---------------------------------------------------|

|   | (ii) | specific                reference(s) to the pertinent Plan provisions upon which the decision                was                based; and |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | such                other matters as the Plan Administrator deems                relevant. |
|--------|-------|--------------------------------------------------------------------------------------------|

| 8.5 | **Legal                Action**.                A                Claimant's compliance with the foregoing provisions of this Article                8 is a                mandatory prerequisite to a Claimant's right to commence any legal                action                with respect to any claim for benefits under this Plan. Except to                the                extent otherwise required by law, any dispute or controversy arising                under                the Plan or in connection with a Participant’s participation shall be                settled exclusively by arbitration in Las Vegas, Nevada, in accordance                with the rules of the American Arbitration Association in effect                at the                time of submission to arbitration. Judgment may be entered on the                arbitrators' award in any court having jurisdiction. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      9**

**Beneficiary      Designation**

| 9.1 | **Beneficiary**.                Each Participant shall have the right, at any time, to designate                his or                her Beneficiary(ies) (both primary as well as contingent) to receive                any                benefits payable under the Plan to a beneficiary upon the death of                a                Participant. The Beneficiary designated under this Plan may be the                same as                or different from the Beneficiary designation under any other plan                of an                Employer in which the Participant                participates. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | **Beneficiary                Designation; Change; Spousal Consent**.                A                Participant shall designate his or her Beneficiary by completing                and                signing the Beneficiary Designation Form, and returning it to the                Plan                Administrator or its designated agent. A Participant shall have the                right                to change a Beneficiary by completing, signing and otherwise complying                with the terms of the Beneficiary Designation Form and the Plan                Administrator's rules and procedures, as in effect from time to time.                If                the Participant names someone other than his or her spouse as a                Beneficiary, a spousal consent, in the form designated by the Plan                Administrator, must be signed by that Participant's spouse and returned                to                the Plan Administrator. Upon the acceptance by the Plan Administrator                of a                new Beneficiary Designation Form filed by the Participant, all Beneficiary                designations previously filed by the Participant shall be cancelled.                The                Plan Administrator shall be entitled to rely on the last Beneficiary                Designation Form filed by the Participant and accepted by the Plan                Administrator prior to the Participant's                death. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | **Acknowledgment**.                No designation or change in designation of a Beneficiary shall be                effective until received, accepted and acknowledged in writing by                the Plan                Administrator or its designated                agent. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.4 | **No                Beneficiary Designation**.                If a Participant fails to designate a Beneficiary as provided in                Sections 9.1, 9.2 and 9.3 above or, if all designated Beneficiaries                predecease the Participant or die prior to complete distribution                of the                Participant's benefits, then the Participant's spouse and children                shall                be the designated Beneficiary. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5 | **Doubt                as to Beneficiary**.                If the Plan Administrator has any doubt as to the proper Beneficiary                to                receive payments pursuant to this Plan, the Plan Administrator shall                have                the |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 9.6 | **Discharge                of Obligations**.                The payment of benefits under the Plan to a Beneficiary shall fully                and                completely discharge all Employers and the Plan Administrator from                all                further obligations under this Plan with respect to the Participant,                and                that Participant's participation in the Plan shall terminate upon                such                full payment of benefits. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      10**

**Trust**

| 10.1 | **Establishment                of the Trust**.                The Company shall have established and shall maintain the Trust.                The                Employers shall transfer over to the Trust such assets, if any, as                the                Employers determine, in their sole discretion. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | **Interrelationship                of the Plan and the Trust**.                The provisions of the Plan, the Participant’s notice of participation and                any other document hereunder shall govern the rights of a Participant                to                receive distributions pursuant to the Plan. The provisions of the                Trust                shall govern the rights of the Employers, Participants and the creditors                of the Employers to the assets transferred to the Trust. Each Employer                shall at all times remain liable to carry out its obligations under                the                Plan. Each Employer's obligations under the Plan may be satisfied                with                Trust assets distributed pursuant to the terms of the Trust, and                any such                distribution shall reduce the Employer's obligations under this                Agreement. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ARTICLE      11**

**Miscellaneous**

| 11.1 | **Unsecured                General Creditor**.                Participants and their Beneficiaries successors and assigns shall                have no                legal or equitable rights, interests or claims in any property or                assets                of an Employer. Any and all of an Employer's assets shall be, and                remain,                the general, unpledged, unrestricted assets of the Employer. An Employer's                obligation under the Plan shall be merely that of an unfunded and                unsecured promise to pay money in the future. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | **Employer's                Liability**.                An Employer's liability for the payment of benefits shall be defined                only                by the Plan and other documents specifying the terms of a Participant’s                participation in the Plan, as entered into between the Employer and                a                Participant. An Employer shall have no obligation to a Participant                under                the Plan except as expressly provided in the Plan and such other                governing                documents. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.3 | **Nonassignability**.                Neither a Participant nor any other person shall have any right to                commute, sell, assign, transfer, pledge, anticipate, mortgage or                otherwise                encumber, transfer, hypothecate or convey in advance of actual receipt,                the amounts, if any, payable hereunder, or any part thereof, which                are,                and all rights to which are, expressly declared to be, unassignable                and                non-transfer-able. No part of the amounts payable shall, prior to                actual                payment, be subject to seizure or sequestration for the payment of                any                debts, judgments, alimony or separate maintenance owed by a Participant                or                any other person, nor be |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 11.4 | **Not                a Contract of Employment**.                The terms and conditions of this Plan shall not be deemed to constitute                a                contract of employment between any Employer and the Participant.                Such                employment is hereby acknowledged to be an "at will" employment                relationship that can be terminated at any time for any reason, with                or                without cause, unless otherwise expressly provided in a written employment                agreement. Nothing in this Plan shall be deemed to give a Participant                the                right to be retained in the service of any Employer or to inter-fere                with                the right of any Employer to discipline or discharge the Participant                at                any time. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.5 | **Furnishing                Information**.                A                Participant or his or her Beneficiary will cooperate with the Plan                Administrator by furnishing any and all information requested by                the Plan                Administrator and take such other actions as may be requested in                order to                facilitate the administra-tion of the Plan and the payments of benefits                hereunder, including but not limited to taking such physical examinations                as the Plan Administrator may deem                necessary. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.6 | **Terms**.                Whenever any words are used herein in the mascu-line, they shall                be                construed as though they were in the feminine in all cases where                they                would so apply; and wherever any words are used herein in the singular                or                in the plural, they shall be construed as though they were used in                the                plural or the singular, as the case may be, in all cases where they                would                so apply. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.7 | **Captions**.                The captions of the articles, sections and paragraphs of this Plan                are for                convenience only and shall not control or affect the meaning or                construction of any of its                provisions. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.8 | **Governing                Law**.                Subject to ERISA, the provisions of this Plan shall be construed                and                interpreted according to the internal laws of the State of Nevada                without                regard to its conflict of laws                principles. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.9 | **Validity**.                In case any provision of this Plan shall be illegal or invalid for                any                reason, said illegality or invalidity shall not affect the remaining                parts                hereof, but this Plan shall be construed and enforced as if such                illegal                and invalid provision had never been inserted                herein. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.10 | **Notice**.                Any notice or filing required or permitted to be given to the Plan                Administrator under this Plan shall be sufficient if in writing and                hand-delivered, or sent by registered or certified mail, to the address                below: |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Sierra                Health Services, Inc.    |
|------------------------------------------------|
| 2724                North Tenaya Way           |
| Las                Vegas, Nevada 89128         |
| Attn:                Office of General Counsel |

----

| 11.11 | **Successors**.                The provisions of this Plan shall bind and inure to the benefit of                the                Participant's Employer and its successors and assigns and the Participant                and the Participant's Beneficiary(ies). |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.12 | **Spouse's                Interest**.                The interest in the benefits hereunder of a spouse of a Participant                who                has predeceased the Participant shall automatically pass to the                Participant and shall not be transferable by such spouse in any manner,                including but not limited to such spouse's will, nor shall such interest                pass under the laws of intestate                succession. |
|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.13 | **Incompetent**.                If the Plan Administrator determines in its discretion that a benefit                under this Plan is to be paid to a minor, a person declared incompetent                or                to a person incapable of handling the disposition of that person's                property, the Plan Administrator may direct payment of such benefit                to the                guardian, legal representative or person having the care and custody                of                such minor, incompetent or incapable person. The Plan Administrator                may                require proof of minority, incompetency, incapacity or guardianship,                as it                may deem appropriate prior to distribution of the benefit. Any payment                of                a benefit shall be a payment for the account of the Participant and                the                Participant's Beneficiary, as the case may be, and shall be a complete                discharge of any liability under the Plan for such payment                amount. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.14 | **Court                Order**.                The Plan Administrator is authorized to make any payments directed                by                court order in any action in which the Plan or Plan Administrator                has been                named as a party. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.15 | **Compliance                with Code Section 409A**.                It is intended that the terms of this Plan and Participant rights                hereunder meet applicable requirements of Code Section 409A so that                a                Participant is not deemed to be in constructive receipt of compensation                or                tax penalties with respect to Plan benefits under Section 409A until                such                time as benefits are distributed to the Participant in accordance                with the                terms of this Plan. For this purpose, the following terms                apply: |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | The                Plan will be administered in 2005 and 2006 in good faith compliance                with                Section 409A and any IRS guidance thereunder, and will be administered                in                2007 and thereafter in compliance with Section 409A and regulations                thereunder. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | Benefits                and Participant rights thereto are intended to meet the requirements                for                deferred compensation under Section 409A. Participant and Company                elections, if any, permitted hereunder must comply with applicable                requirements of 409A. In particular, any distribution triggered by                a                Termination of Employment will occur only if the Termination constitutes                a                “separation from service” under Section 409A(a)(2)(A)(i) or results from a                Disability under Section 409A(a)(2)(C), and if, at the time of such                separation from service the Participant is a “specified employee” under                Code Section 409A(a)(2)(B)(i) and a delay in distribution is required                in                order that the Participant will not be subject to a tax penalty under                Section 409A, any |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.15 | **Distribution                in the Event of Taxation**.                If, for any reason, all or any portion of a Participant's benefit                under                this Plan becomes taxable to the Participant prior to receipt under                Code                Section 409A, a Participant may petition the Plan Administrator for                a                distribution of that portion of his or her benefit that has become                taxable. Such petition shall be granted if the Company reasonably                determines that the condition specified in the first sentence of                this                Section 11.15 has been met. Thereupon, a Participant's Employer shall                distribute to the Participant immediately available funds in an amount                equal to (but not exceeding) the taxable portion of his or her benefit                (which amount shall not exceed the Present Value of the Participant's                Vested SERP Benefit that then remains unpaid under the Plan). This                authorization shall be subject to Proposed Treasury Regulation §                1.409A-3(h)(2)(vi) and any successor regulation thereto. If the petition                is granted, the tax liability distribution shall be made within 90                days of                the date when the Participant's petition is granted. Such a distribution                shall affect and reduce the benefits to be paid under this Plan. |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| SIERRA                HEALTH SERVICES, INC.    |
|------------------------------------------------|
| A                Nevada corporation            |
|                                           |
|                                           |
| By:                /s/ Anthony M. Marlon, M.D. |
| Name:                Anthony M. Marlon, M.D.   |
| Title:                Chief Executive Officer  |