Hi, thanks for your question. Yours is a really important one.
Turns out that you do not have to get that much blood work every year. Just as medical studies are done to decide what drugs people should be prescribed, studies have been done to find out what routine screening tests and blood work healthy people need.
I've spent the past 3-4 years understanding the medical studies behind screening tests to figure out exactly what a healthy person needs. You can find these on my website: http://beyondapples.org/checklist/ (they are also in my book). The results you find there are based on guidelines from the US Preventive Services Task Force (govt sponsored group) or the CDC, not my individual opinion.
The recommendations are not based on cost considerations or insurance, but rather on science. Ordering more tests can be more than a mere nuisance, they can suggest a problem that is not really there (false positives). So it is prudent to only get the tests you need.
In general the only blood tests I routinely get for men in their 50s is a cholesterol panel and if they are overweight or have high blood pressure a screen for diabetes. I don't order these tests every year, however. If the tests are normal, I do them every 3 years. If they are abnormal I may repeat them annually.
Hope this helps,