Sometimes it means "a toast" (brinde):
To the writers and artists, then, let's drink a health, To people whose hopes, and whose dreams are our wealth...
But first, before our mentor chimes The hour of jubilee, Let 's drink a health to good old times, And good times yet to be! Clink, clink, clink! Merrily let us drink!
And it could also mean that something is in good condition (bom estado), for example in the sentence "my washing machine is in good health after fifteen years!" (source - Wordreference.)