Many studies have found that social security system such as pension system depresses household savings. The Universal Health Coverage (UHC) scheme is a type of social security system in Thailand, but it is questionable whether or not it is contributes to household debt. The two purposes of this paper are to theoretically analyze the pros and cons of implementing the UHC or Co-Payment Scheme (CPS) in a small open economy with the focus on Thailand by using a two-period Overlapping Generations Model (OLG), and to analyze the causal relationship ...