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

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 8-K

~~CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934~~ _________________________

CURRENT ~~Date of Report (Date of earliest event reported):~~ REPORT

Pursuant ~~SIERRA~~ to ~~HEALTH~~Section ~~SERVICES,~~13 ~~INC.~~or 15(d) of The Securities Exchange Act of 1934

Nevada	1-8865	88-0200415
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Date of Report (Date of earliest event reported): January 30, 2007

2724 North Tenaya Way Las Vegas, Nevada 89128


SIERRA HEALTH SERVICES, INC.
____________________________________________
(Exact name of registrant as specified in its charter)


Nevada	1-8865	88-0200415
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

	2724 North Tenaya Way
	Las Vegas, Nevada 89128
(Address of principal executive offices including zip code)

	(702) 242-7000
(Registrant's telephone number, including area code)

	Not Applicable
(Former name or former address, if changed since last report)
____________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item ~~(702)~~ 2.02. ~~242-7000~~ Results of Operations and Financial Condition

On ~~Not~~ January ~~Applicable~~30, 2007, Sierra Health Services, Inc. issued a press release announcing operating results for the quarter and year ended December 31, 2006. A copy of the press release is furnished as Exhibit 99.1 to this Current Report. This exhibit shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended.

~~Check~~Statements in the ~~appropriate~~press ~~box~~release ~~below~~referred ifto ~~the~~above ~~Form~~that 8are not historical facts are forward-Klooking ~~filing~~and isbased ~~intended~~on management’s projections, assumptions and estimates; actual results may vary materially. Forward-looking statements are subject to ~~simultaneously~~certain ~~satisfy~~risks and uncertainties, which include but are not limited to: 1) potential adverse changes in government regulations, contracts and programs, including the ~~filing~~Medicare ~~obligation~~Advantage program, the Medicare Prescription Drug Plan and any potential reconciliation issues, Medicaid and legislative proposals to eliminate or reduce ERISA pre-emption of state laws that would increase potential managed care litigation exposure; 2) competitive forces that may affect pricing, enrollment, renewals and benefit levels; 3) unpredictable medical costs, malpractice exposure, reinsurance costs, changes in provider contracts and inflation; 4) impact of economic conditions; 5) changes in healthcare reserves; 6) the ~~registrant~~effects ~~under~~of ~~any~~the termination of the ~~following~~HCA ~~provisions~~contract; and 7) ~~(see~~the ~~General~~amount ~~Instruction~~of Aactual proceeds to be realized from the note receivable related to the sale of the workers’ compensation insurance operation.2 Further factors concerning financial risks and results are contained in our Annual Report on Form 10-K for the year ended December 31, 2005. ~~below):~~Such statements are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and identify important risk factors that could cause our actual results to differ materially from those expressed in any projected, estimated or forward-looking statements relating to Sierra.

[Consequently, all ~~] Written~~of ~~communications~~the ~~pursuant~~forward-looking statements made in the press release referred to above ~~Rule~~are ~~425~~qualified ~~under~~by these cautionary statements, and there can be no assurance that the ~~Securities~~actual ~~Act~~results ~~(17~~or ~~CFR~~developments ~~230~~anticipated by Sierra will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Sierra or its business or operations.~~425)~~ Sierra assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

[Item 9.01. ~~] Soliciting~~Financial ~~material~~Statements ~~pursuant~~and ~~to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)~~Exhibits

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Exhibits	Description
99.1	Press Release, dated as of January 30, 2007

~~[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))~~SIGNATURES

Item 1.01. Entry into a Material Definitive Agreement


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			SIERRA HEALTH SERVICES, INC.
			(Registrant)


Date: January 30, 2007			/S/ MARC R. BRIGGS
			Marc R. Briggs
			Vice President Finance
			Chief Accounting Officer

See Item 2.03.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

On June 26, 2006, we entered into the Fifth Amendment to our existing revolving credit facility dated as of March 3, 2003.

The Fifth Amendment, among other things, extends the maturity to June 26, 2011, increases the availability from $140.0 million to $250.0 million and reduces the drawn and un-drawn borrowing costs. The facility is available for general corporate purposes. As of the date of this Current Report on Form 8-K, we have drawn $20.0 million on this facility. Based on this amendment and our current debt ratings, our borrowing rate on the outstanding balance is LIBOR plus 0.75% and the facility fee on undrawn funds is 0.15%.

Banc of America Securities LLC is serving as the sole lead arranger and book manager under this amended credit facility. The lenders include, among others, Bank of America, N.A., as administrative agent and US Bank, N.A. and Calyon New York Branch as syndication agents. Documentation agents include The Bank of New York, JPMorgan Chase Bank, N.A, Harris, N.A. and Wells Fargo Bank, N.A.

The credit facility remains secured by guarantees by certain of our subsidiaries and a first priority perfected security interest in (i) all of the capital stock of each of our unregulated, material domestic subsidiaries (direct or indirect) as well as all of the capital stock of certain regulated, material domestic subsidiaries; and (ii) all other present and future assets and properties of ours and those of our subsidiaries that guarantee our credit agreement obligations (including, without limitation, accounts receivable, inventory, certain real property, equipment, contracts, trademarks, copyrights, patents, license rights and general intangibles) subject, in each case, to the exclusion of the capital stock of CII Financial, Inc. and certain other exclusions.

The revolving credit facility has covenants that limit our ability and the ability of our subsidiaries to dispose of assets, incur indebtedness, incur other liens, make investments, loans or advances, make acquisitions, engage in mergers or consolidations, make capital expenditures and otherwise restricts certain corporate activities. Per the Fifth Amendment, dated June 26, 2006, based on our exceeding the required leverage ratio, our ability to pay dividends, repurchase our common stock and prepay other debt is unlimited. In addition, we are required to comply with specified financial ratios as set forth in the credit agreement. We believe we are in compliance with all covenants of the credit agreement.

Certain of the agents and lenders under the revolving credit facility and their affiliates have from time to time provided, and may continue to provide in the future, various investment and commercial banking and financial advisory services to Sierra Health Services, Inc. and our affiliates, for which they have received, and will in the future receive, customary fees and commissions.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

SIERRA HEALTH SERVICES, INC.

(Registrant)

Date: June 26, 2006

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