This research aimed to assess the moderating role of emotional regulation in the relationship between length of unemployment and perceived physical and mental health of Venezuelan unemployed people. To do so, self-report instruments measuring each variable were applied to 328 unemployed residents in Caracas, Venezuela. Hierarchical regressions suggest that a longer period of unemployment is associated with a deterioration of the global health status, while regulating own emotions predicts a greater well-being for all the health indexes (anxiety, depression, somatization and social dysfunction). Additionally, regulating own emotions moderates the relationship between the period of unemployment and social functioning, acting as a protective factor. On the contrary, regulating others’ emotions works as risk factor for the social functioning of these individuals experiencing longer periods of unemployment.