Health Net Inc. has won a contract to administer federal Medicaid benefits in Arizona, the company announced Monday. The Arizona Health Care Cost Containment System has contracted the Woodland Hills insurer to manage Medicaid in Maricopa County beginning in October 2013. Once the contract becomes effective, Health Net will be offered as an acute care health plan option to eligible beneficiaries. Medicaid provides health care to low-income patients. “Health Net has more than 20 years of experience providing access to quality, affordable Medicaid benefits in California, and we look forward to participating in Arizona’s managed Medicaid program,” said David Friedman, vice president of State Health Programs at Health Net, in a statement. Health Net won the business through a competitive bid. The contract runs for three years, with two additional one-year extensions at the option of the state. Shares lost 2 cents to close at $28.31 on the New York Stock Exchange.