The health care industry for the first time in the history of the U.S. is the largest source of jobs in the country, beating both the manufacturing and retail sectors. The continued growth in health care jobs is due in part to an aging population and increased medical spending.
According to an article in The Atlantic, by 2025, one-quarter of the workforce will be older than 55, doubling in just 30 years. An aging country needs more care, which translates in requiring additional workers to deliver this care. When it comes to medical spending, the U.S. spends hundreds of billions of dollars each year on Medicare, Medicaid, and health-care benefits for government employees and veterans. The U.S. also subsidizes private insurance in several ways, including through a tax break for employers that sponsor health care. This public support, cites The Atlantic, makes health-care employment practically invincible, even during the worst downturns. In fact, health-care employment experienced a monthly increase during the Great Recession of 2008.
Another factor for the continued growth in the health care sector is that, unlike with the manufacturing and retail industries, it hasn’t been negatively impacted by globalization. While globalization has revolutionized supply chains and created a global market for manufacturing labor, the majority of health care is local.
What occupations will see the most projected growth within the health care industry?
According to the Bureau of Labor Statistics, of the 10 jobs projected to see the fastest percentage growth in the next decade, five are in health care and elderly assistance. The two fastest-growing occupations are personal care aides and home health aides, which account for one in every 10 new jobs over the next ten years. In addition, while some healthcare opportunities do require advanced degrees (such as doctors and nurses) personal care aides and home health aides do not, making entrée into the industry fairly easy. Also, for those motivated to continue their education or get additional training while on the job, it is possible in the healthcare profession. One can move from a two-year nursing degree, such as an LPN or LVN (licensed practical or licensed vocational nurse), to a four-year nursing degree as a RN (registered nurse).
As the job sector within the health care industry continues to grow, particularly in home health care, Manchester Specialty is well positioned to help you serve the insurance needs of the employers expanding their services and staff. We specialize in providing a full portfolio of insurance products for home health care, hospice, allied health care, and other related niche markets. Our solutions include General Liability, Professional Liability, Cyber Liability, Employment Practices Liability, Directors & Officers Liability, Non-Owned & Hired Auto and Worker’s Compensation insurance. For more information about how we can help you protect your insureds, please contact us at 855.972.9399.