Negative social exchanges with family, friends, and neighbors are known to be an important source of stress in daily life, and chronic stress is theorized to have especially potent impacts on health. Little is known about the health effects of stably high levels of negative social exchanges, however. In a national, longitudinal study of older adults (N = 666), we examined the association between stable negative social exchanges and health over a 2-year period. Trait-state-error models indicated that higher levels of stable negative social exchanges were significantly predictive of lower self-rated health, greater functional limitations, and a higher number of health conditions over 2 years after controlling for initial levels of health and sociodemographic variables. These results highlight the importance of examining continual and recurring interpersonal problems in efforts to understand the health effects of social relationships.