Background: With the implementation of a healthy Chinese strategy, physical examination, a means of preventing diseases, has gradually become valued by health care departments. Can health examinations effectively alleviate the pressure on residents’ medical expenses? Method: On the basis of the CHARLS2015 and CHARLS2018 databases, an ordered multiclassification logistic regression model is established. To study the impact of residents’ health examinations on the level of long-term medical expenditure. Results: The results show that adhering to health examinations, engaging in long-term physical exercise, quitting smoking and drinking can reduce residents’ medical expenses. The physical examination behavior of different populations was further discussed on the basis of sex. The study revealed that the greater the number of physical examinations performed by male residents is, the lower the medical expenses are, whereas the number of physical examinations performed by women does not significantly reduce medical expenses. Conclusion: Therefore, China should vigorously increase the enthusiasm of different residents to participate in health check-ups, give full play to health check-ups for disease prevention and reduce individuals’ medical expenses.