People are increasingly applying Internet of Things (IoT) devices that help them improve their fitness and provide information about their state of health. Although the acceptance of healthcare devices is increasing throughout the general population, IoT gadgets are reliant on sensitive user data in order to provide full functioning and customized operation. More than in other areas of IoT, healthcare applications pose a challenge to individual privacy. In this study, we examine whether actual and perceived control of collected data affects the willingness to use an IoT healthcare device. We further measure actual behavior as a result of a risk-benefit trade-off within the framework of privacy calculus theory. Our experiment with N = 209 participants demonstrates that while actual control does not affect the willingness to use IoT in healthcare, people have a higher intention to use an IoT healthcare device when they perceive to be in control of their data. Furthermore, we found that, prior to their decision, individuals weigh perceived risks and anticipated benefits of information disclosure, which demonstrates the potential to apply the privacy calculus in the context of IoT healthcare technology. Finally, users' moral considerations of IoT in healthcare are discussed.