Achieving universal health coverage (UHC) has been integrated into the 2015-2030 Sustainable Development Goals. This paper presents an operationalizing theoretical framework for thinking about and analyzing the potential effects of UHC-oriented reforms within a broader context of dynamic stochastic general equilibrium (DSGE) model. The DSGE encapsulates a set of heterogeneous households that are differentiated based on socio-economic and health characteristics and are assumed to optimize their intertemporal utility of consumption, health capital, and leisure. The model is calibrated to capture the salient features of an archetype developing economy using data from multiple sources (including the World Development Indicators and representative household surveys). The estimated model is, then, used to simulate alternative financing policies designated to help achieve a sustainable UHC. The theoretical framework we propose can be easily adapted to assess the implementation of UHC in a particular developing country setting. When applied to a hypothetical country, results show that the implementation of UHC can indeed improve access to healthcare for the population while offering households financial protection against future uncertainty. However, the degree of financial risk protection appears to vary across heterogeneous households and UHC-financing policies, depending on the associated benefits and the additional burden borne by each group.