This paper evaluates policies rolled out during the COVID-19 pandemic aimed at stabilizing the economy and their effects on health outcomes. Using difference-in-difference models, we estimate the effects of three stimulus payments and reopening of the economy on mortality, emergency department visits, and inpatient stays of Medicaid and Medicare beneficiaries. The results imply that the effects of stimulus payments on mortality and utilization exhibit considerable heterogeneity across different rounds and public health insurance programs. We find that the effects of stimulus payments were less pronounced for individuals with previous diagnosis of opioid use disorder suggesting that a positive income shock has no impact on drug consumption of the at risk population. The opening of the economy only positively affects the utilization of emergency department services.