This study analyzed Korea’s Long-Term Care Insurance (LTCI) for the elderly by utilizing Product Analysis Models of Gilbert and Terrell (2005). We acknowledge that the LTCI provides a certain level of quality of life for the elderly and a minimal level of financial supports mitigating care burdens for the families. Nevertheless, this study indicate that several problems should be addressed: limited eligibility, low levels of the state funding, limitations in the choice of services and time, imbalance between the numbers of care providing agencies and the service providing areas, urban-rural service disparities, high co-payment to service access, quality control of the care workers, and working condition of the care workers.