The periodic health evaluation (PHE) consists of one or more visits with a health care provider to assess patients' overall health and risk factors for preventable disease, and it is distinguished from the annual physical exam by its incorporation of tailored clinical preventive services and laboratory testing as part of health risk assessment. By promoting prevention, management of chronic conditions, and enhancing the patient-provider relationship, the PHE may improve patient outcomes and the public's health. However, it could also induce unnecessary costs and patient harms by promoting the use of non-recommended services. Early studies of the PHE, performed before the adoption of current preventive services guidelines, were costly and demonstrated minimal improvement in clinical outcomes, leading to concern regarding the PHE's value and to the promotion of episodic, targeted delivery of preventive services in the context of ongoing clinical care. More recent clinical trials have reported scattered benefits of the PHE. Thus, despite its continued practice, the value of PHE in improving health and healthcare costs has been largely unclear. Private and public health insurance coverage for preventive services in the U.S. has gradually increased over time. However, increases are typically for one recommended service at a time, rather than a comprehensive set of preventive services. Recent legislation will provide coverage for a “Welcome to Medicare Visit” for new enrollees, incorporating a range of diagnostic and screening tests. Lack of clear evidence to support or refute its use, and recent legislation to cover preventive services on a wide scale provide the basis for this systematic review of the evidence to elucidate the value of the PHE.