Why is the Health Care Industry Growing So Fast?

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There is one industry above all others that is on track to grow at a rate not seen since the end of World War II. Back in 1945 began what was called “The Great Prosperity” in which the economy grew at unprecedented rates. When our soldiers returned home, many took to work in factories and business offices. The numbers of new workers in a post-war America brought a massive spike in productivity and demand. Of course, the more productive and prosperous an economy, the more people will want and be able to start families. This spurred the inception of a whole generation of babies known as the Baby Boomers.

Future Growth

The surge in post-WWII births was a blip on the radar compared to the number of children born when the Baby Boomers matured. While Baby Boomers used to be the largest population in America, they have been entirely overtaken by their own kids, Generation X and later, the Millennials. With this we can see that as every new generation age, the birth rate continues to increase.
We’ve seen a huge increase in the older generation in the past. Nowadays millions of Baby Boomers each year are retiring and passing the Medicare age requirement. This has already caused the demand for health care to skyrocket, but once the Millennials begin to retire and draw from Medicare, this demand will grow exponentially. In fact, the Census Bureau estimates that by 2050 people over the age of 65 will account for 21% of the U.S. population compared with the same age group only accounting for 14% in 2012. I’m sure you can see why the demand for health care will increase dramatically. When you reach 65, you are eligible for Medicare. With Medicare comes coverage for the health expenses that come with old age. For the value and convenience, many of these people elect to hire in-home health aides to assist with their daily lives.

With this ever-increasing Medicare eligible population, the US Bureau of Labor Statistics predicts that demand for home health aides will grow by 54%, or by 738,200 new jobs by 2026. Think about that. In only 6 years, this industry will grow its employee count by 54%.

Health Care Today

Health care is a unique industry. It has no seasonal nor cyclical fluctuation. It is not affected by a recession or by an economic boom. It isn’t marketed to only women, or to children, or to the well-off. Every person on this planet will need health care services at some point in their lives, and this need perpetuates as you age. The stock market could crash tomorrow and send the country into a recession, but this will not change the fact that millions of Americans will need health services.

Seeing as careers in the Health Care industry are not only growing at surprising rates, but also that there will always be steady demand, you would be missing a great opportunity if you are considering a career elsewhere. With increases in demand for workers comes increases in compensation and perks. If 10 companies are all attempting to hire the same applicant, they will all increase the benefits of working for them. This applicant might pick the company with the best pay, the most flexible schedule or the best retirement plans.

This is something that Care Team Home Care understands. They know that to hire the top applicants they must offer the best working environment. They offer flexible schedules, very competitive pay, on-demand work hours and a large variety of locations so that their employees feel as comfortable as possible at work. That is why they have been named a Top Workplace of 2019 by the Tampa Bay Times.

If you are interested in a career in home health care, you should consider applying with Care Team Home Care and maximize the incredible opportunities available to you in this fast-growing industry.

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Sources:
https://www.amnhealthcare.com/latest-healthcare-news/why-is-home-healthcare-growing-so-fast/
https://www.verywellhealth.com/the-rise-of-home-health-care-197937
https://careteamhomecare.com/april-5-2019-news-release/