Yes it was intentional. The missing health was packed into the 1-50 leveling process with the patch, so the 5000 hp buff became redundant.

From today's patch notes:

• All characters have had their base Health increased to 16,000, up from 8744 and their Magicka and Stamina has increased to 12,000, up from 7958.
• These changes were made to offset the loss of the 20% stat increases gained from the original Champion Point system, where spending 100 points in a tree would increase the base stat of the tree by 20%.
• Characters now also take 10% reduced damage at base, to reduce the loss of the mitigation from the Champion Point system.
• Characters now also start with 1000 Weapon and Spell Damage regardless of your level.
• Made numerous adjustments to battle leveling bonuses to tone down some of the power spiking seen with some stats, specifically with Weapon and Spell Damage and Health.

(the emphasis is mine)