Numerous papers in the finance literature have investigated how the psychological factors of investors influence stock prices. This research hence discusses the impact of stock market volatility on medical expenditures, showing that these expenditures decrease as stock returns increase, and decrease much more when the trading volume is larger. If the daily stock return in the current month exhibits a decreasing trend, then an increase in the monthly stock return results in a rise in monthly medical expenditures greater than the original reduction. The relationship between stock volatility and medical expenditures is also negative, and if the daily stock return in the current month has a decreasing trend, then it strengthens the inverse relationship between stock volatility and medical expenditures. Furthermore, stock return and volatility have leading and lagging effects on medical expenditures, and medical expenditures in February and June are significantly lower than those in other months.