The present study aimed to analyse whether hydrogymnastics can be assumed as a management tool in the cost of medication consumed, health, functional fitness, quality of life and mood states of institutionalised elderly aged 65 years or more. The influence of the levels of education on these variables was also verified. Participants were 54 elderly people from the city of Cuiabá/MT, of both sexes, distributed by a group of hydrogymnastics (GE; N=40), organized and planned, existing for more than one year and by a control group that does not practice physical exercise (GI; N=14).