This study analysed the monetary benefits and costs associated with the health reform program – National Health Insurance Scheme (NHIS) – in Nigeria. Using simulation model and the technique of Cost Benefit Analysis (CBA) to analyse the cost of participation and the benefits participants stand to gain from the scheme, results showed that given the proposed cost and the system of co-payment, the scheme would be very beneficial. While ensuring that healthcare becomes readily available to all who care to participate in it, NHIS as the study revealed would also be capable of solving the problem of inequity associated with the consumption of health goods and services in the country. This was based on the finding that all computed ratios were positive values greater than one, and that low-income earners would benefit more from the scheme thereby ensuring its actuarial soundness and societal desirability. Consequently, proper implementation by ensuring efficient allocation and prudent management of funds meant for the scheme was recommended.