The aim of this study was to analyse whether aqua aerobics can be seen as a management tool in terms of the cost of medicines consumed, health, functional physical fitness, quality of life and mood of institutionalized elderly people aged 65 and over. The influence of education levels on these variables was also verified. The participants were 54 elderly people from the city of Cuiabá/MT, of both sexes, divided into an organized and planned water aerobics group (EG; N=40), which has been in existence for over a year, and a control group which does not practice physical exercise (IG; N=14).