The effort to ensure the provision of healthcare to all Indonesians through the national health insurance scheme (BPJS Kesehatan) has become a contentious issue in Indonesia. As reported, BPJS Kesehatan has managed to cover about 172.9 million people or 65 per cent of the total population by early 2017. Several studies found that the health insurance helped increase health care utilisation. However, the effectiveness of such insurance on economic security of Indonesian households varies, particularly in terms of financial protection against welfare loss. In this presentation I will take a closer look at the effectiveness of different health insurance programs. Using panel data from the Indonesian Family Life Survey, I will examine various health insurance programs and discuss their different benefits schemes, enrollment mechanisms, and population targets. Then I will explore how they affect household assets differently. I will argue that the differences in benefits packages are at the core of the varying effects across insurance schemes. In particular, the more generous the benefit package is, the more pronounced its protective effect on household assets.