In recent years, there has been a rapid development in the wearable industry. The growing number of wearables has led to the demand for new lightweight, flexible wearable antennas. In order to be applicable in IoT wearable devices, the antennas must meet certain electrical, mechanical, manufacturing, and safety requirements (e.g., specific absorption rate (SAR) below worldwide limits). However, the assessment of SAR does not provide information on the mechanisms of interaction between low-intensity electromagnetic fields emitted by wearable antennas and the human body. In this paper, we presented a detailed investigation of the SAR induced in erythrocyte suspensions from a fully textile wearable antenna at realistic (net input power 6.3 mW) and conservative (net input power 450 mW) conditions at 2.41 GHz, as well as results from in vitro experiments on the stability of human erythrocyte membranes at both exposure conditions. The detailed investigation showed that the 1 g average SARs were 0.5758 W/kg and 41.13 W/kg, respectively. Results from the in vitro experiments demonstrated that the short-term (20 min) irradiation of erythrocyte membranes in the reactive near-field of the wearable antenna at 6.3 mW input power had a stabilizing effect. Long-term exposure (120 min) had a destabilizing effect on the erythrocyte membrane.