diff --git a/spring-cloud-loadbalancer/src/main/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplier.java b/spring-cloud-loadbalancer/src/main/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplier.java
index a661c7140..28f73836b 100644
--- a/spring-cloud-loadbalancer/src/main/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplier.java
+++ b/spring-cloud-loadbalancer/src/main/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplier.java
@@ -43,6 +43,7 @@
  *
  * @author Olga Maciaszek-Sharma
  * @author Roman Matiushchenko
+ * @author Roman Chigvintsev
  * @since 2.2.0
  */
 public class HealthCheckServiceInstanceListSupplier
@@ -73,9 +74,9 @@ public HealthCheckServiceInstanceListSupplier(ServiceInstanceListSupplier delega
 				.onlyIf(repeatContext -> this.healthCheck.getRefetchInstances())
 				.fixedBackoff(healthCheck.getRefetchInstancesInterval());
 		Flux<List<ServiceInstance>> aliveInstancesFlux = Flux.defer(delegate)
+				.repeatWhen(aliveInstancesReplayRepeat)
 				.switchMap(serviceInstances -> healthCheckFlux(serviceInstances).map(
-						alive -> Collections.unmodifiableList(new ArrayList<>(alive))))
-				.repeatWhen(aliveInstancesReplayRepeat);
+						alive -> Collections.unmodifiableList(new ArrayList<>(alive))));
 		aliveInstancesReplay = aliveInstancesFlux
 				.delaySubscription(Duration.ofMillis(healthCheck.getInitialDelay()))
 				.replay(1).refCount(1);
diff --git a/spring-cloud-loadbalancer/src/test/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplierTests.java b/spring-cloud-loadbalancer/src/test/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplierTests.java
index 2318ba38a..78954c94e 100644
--- a/spring-cloud-loadbalancer/src/test/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplierTests.java
+++ b/spring-cloud-loadbalancer/src/test/java/org/springframework/cloud/loadbalancer/core/HealthCheckServiceInstanceListSupplierTests.java
@@ -56,6 +56,7 @@
  *
  * @author Olga Maciaszek-Sharma
  * @author Roman Matiushchenko
+ * @author Roman Chigvintsev
  */
 @ExtendWith(SpringExtension.class)
 @SpringBootTest(
@@ -457,6 +458,39 @@ protected Mono<Boolean> isAlive(ServiceInstance serviceInstance) {
 				.verify(VERIFY_TIMEOUT);
 	}
 
+	@Test
+	void shouldRefetchInstancesWithRepeatingHealthCheck() {
+		healthCheck.setInitialDelay(1000);
+		healthCheck.setRepeatHealthCheck(true);
+		healthCheck.setRefetchInstancesInterval(Duration.ofSeconds(1));
+		healthCheck.setRefetchInstances(true);
+		ServiceInstance serviceInstance1 = new DefaultServiceInstance("ignored-service-1",
+				SERVICE_ID, "127.0.0.1", port, false);
+		ServiceInstance serviceInstance2 = new DefaultServiceInstance("ignored-service-2",
+				SERVICE_ID, "127.0.0.2", port, false);
+
+		StepVerifier.withVirtualTime(() -> {
+			ServiceInstanceListSupplier delegate = mock(
+					ServiceInstanceListSupplier.class);
+			when(delegate.get())
+					.thenReturn(Flux.just(Collections.singletonList(serviceInstance1)))
+					.thenReturn(Flux.just(Collections.singletonList(serviceInstance2)));
+			listSupplier = new HealthCheckServiceInstanceListSupplier(delegate,
+					healthCheck, webClient) {
+				@Override
+				protected Mono<Boolean> isAlive(ServiceInstance serviceInstance) {
+					return Mono.just(true);
+				}
+			};
+			return listSupplier.get();
+		}).expectSubscription()
+				.expectNoEvent(Duration.ofMillis(healthCheck.getInitialDelay()))
+				.expectNext(Lists.list(serviceInstance1))
+				.thenAwait(healthCheck.getRefetchInstancesInterval())
+				.expectNext(Lists.list(serviceInstance2)).thenCancel()
+				.verify(VERIFY_TIMEOUT);
+	}
+
 	@Test
 	void shouldCacheResultIfAfterPropertiesSetInvoked() {
 		healthCheck.setInitialDelay(1000);