1. Short title This Act may be cited as the Safeguarding Elderly Needs through Innovation and Occupational Resources Act of 2024 or the SENIOR Act of 2024 . 2. Findings Congress finds the following: (1) The United States population is aging more rapidly than ever before, with 10,000 Americans turning 65 each day. In 2034, for the first time, the Nation will have more people over the age of 65 than under the age of 18. The population experiencing the fastest growth are persons 85 and older, which is projected to grow 198 percent by 2060. (2) The Department of Health and Human Services estimates that 70 percent of Americans over the age of 65 will require some form of long-term care in their lifetime. By 2050, the number of Americans requiring paid long-term care services will triple from 8,300,00 to 27,000,000. (3) According to 2020 Census data, more than 40 percent of baby boomers do not have any retirement savings, let alone savings for their long-term care needs. A recent report by the National Council on Aging found that up to 80 percent of older adults would be unable to afford 4 years in an assisted living community or more than 2 years of nursing home care. Put another way, 47,000,000 Americans aged 60 or above do not have the financial resources to cover the future care they may need. (4) Caring for America’s aging seniors will be the single most expense domestic priority and is projected to deplete Federal and State Medicaid budgets. The United States spent over $400,000,000,000 on long-term care in 2020, nearly 10 percent of all national health care spending. (5) According to the Congressional Research Service, State and Federal programs account for 71.4 percent of all long-term care spending nationwide in 2021. Medicaid and Medicare are, respectively, the first and second-largest public payers, accounting for a combined 64.1 percent of all spending. Medicaid is by far the largest single funding source for long-term care, spending approximately $135,800,000,000 in 2020, a figure that is projected to