A health monitoring system for an electrically-conductive tension member of an elevator system belt includes a transmitter including a transmitter coil configured for placement at the tension member, a receiver configured to be positioned at the tension member, and a controller operably connected to the transmitter and the receiver. The controller is configured to direct an alternating current through the transmitter coil resulting in the generation of a magnetic field and eddy currents at the transmitter coil, evaluate fluctuations in the magnetic field detected at the receiver. The fluctuations are indicative of wear or damage to the tension member.