Objective: The emergence of positive psychology propelled scientific interest in the causal relationships between subjective well-being (SWB; e. g., happiness, life satisfaction [LS], positive affect) and physical health. However, it is becoming a controversial topic. Indeed, dependent on approach, LS is either considered a cause (top-down) or an effect (bottom-up). The aim of the present study was to investigate both cross-lagged and simultaneous effects between LS (as an enduring component of SWB) and physical health (as measured by self-perceived health and self-reported diseases), using 8-year longitudinal data from a sample of older adults. Method: The study included 899 participants aged 64 to 97 years and assessed 5 times over an 8-year period. Cross-lagged and simultaneous models were specified and estimated using structural equation modeling. Results: Both cross-lagged and simultaneous coefficients indicated that poor health significantly predicted subsequent levels of life dissatisfaction, but LS did not predict subsequent levels of health. Conclusions: These findings contradict, at least in our older sample, the postulates of positive psychology, and support the bottom-up approach to well-being as well as the popular adage, "As long as you've got your health."