Uhm, I'm confused here.
MATLAB's floating point calculations operate on IEEE standard double precision floating point numbers. That's 64 bits of data. iirc, it's 1bit for +/-, 11 bits for the exponent, and 52 bits for the mantissa (data).
The mantissa alone is meaningful out to about 16 decimal places. You can type eps(number) (replace number with an actual number) in MATLAB to get it to tell you the smallest difference between two numbers that are nearly "number" in magnitude. This difference is also useful in describing the possible amount of error caused by adding (or any arithmetic operation) 2 floating point numbers; i.e. if I have x,y which are real numbers, and fl(x),fl(y) which are their floating point representations, the eps() quantity is (roughly speaking): (x+y) - fl(fl(x) + fl(y)) ~ eps. As you can imagine, doing large numbers of floating point operations will *decrease* the number of meaningful digits. Like after using backslash to solve a very ill-conditioned linear system, it is entirely possible that you can only trust 3 or 4 digits of the output!
Printing 40 digits of "precision" is meaningless. Unless you're working primarily with denormalized numbers (in which case you should strongly reconsider your algorithm), those extra digits are just noise. With denormalized, the extra digits have some meaning, but the space between 2 representable numbers is inconsistent, making computation somewhat dangerous.
Anyway could you post a code snippet? Supposing that l(1,1) = X, where X is the explicit value stored there, X - l(1,1) will be 0, always. There's floating point arithmetic always evaluates this exactly.
If you are in a situation where "every digit counts," that means you haven't optimized it. High sensitivity to floating point error is never a good sign. If your code requires high levels of precision, you should consider switching to a language like C or Java that have adaptive/arbitrary precision arithmetic libraries available. But really I have run into few situations where double precision is inadequate. (High accuracy & consistent intersections of curves in 3D is one example.)