Since 2016, China has set up a social care insurance pilot in many domestic cities, but whether it is suitable for China to establish a social care insurance system is urgent, serious, and worth of further study. Therefore, referring to the experience of nursing insurance system construction in other countries, and taking Germany as the main case, the possible human and financial risks of social care insurance are analyzed, and the concept of “the Caregiver Paradox” is put forward. It is pointed out that, because of the loss of social endowment insurance fund and social medical insurance fund, high payment rate and aging with lower fertility, it may not be the best time for China to implement social care insurance.