Laurel Road: Why Healthcare is Still a Recession-Proof Career Choice
NEW YORK, August 19, 2020 (Newswire.com) - Even though it may feel like society is gradually adjusting to a new reality with Coronavirus, many people are worried that the full economic ramifications of the pandemic have yet to be felt. In times of economic uncertainty, there’s nothing more desirable than a stable, ever-growing career, and one might be considering higher education to expand opportunities.
Despite what one might have heard about a pandemic-inspired budget crunch at hospitals, signs point to the healthcare industry being as recession-proof as ever — making it a great career option in an uncertain time.
It’s also never been more clear how necessary and meaningful healthcare professions are, and more companies are developing ways to support these valuable careers, such as Laurel Road’s special pricing on student loan refinancing for healthcare workers.
Healthcare is largely necessary spending
The reason healthcare is such a stable industry is because most healthcare spending isn’t optional. While people might cut back on entertainment and dining during a recession, healthcare is still a priority.
Of course, not all healthcare spending is created equal here. Certain careers, such as estheticians and others who do more cosmetic work, might see less secure growth if an economic recession grows.
However, there’s reason to believe the current healthcare industry will manage even better than it has in previous recessions. The Affordable Care Act has expanded medical coverage for many Americans, meaning that despite unemployment, it will continue to be possible for people to access the medical care they need.
The baby boomer population is aging
Another big factor which points to growth for the healthcare industry is the aging baby boomer generation.
Named after the sheer size of their generation, there will soon be a lot of newly senior baby boomers. That means many healthcare practitioners will be retiring from their jobs, freeing up positions for newcomers. Simultaneously, more older people than ever will need care professionals of all kinds, in hospitals and at home.
The U.S. Bureau of Labor Statistics projects that this aging population will lead to hundreds of thousands of new jobs in the healthcare industry between now and 2028 — adding more jobs than any other group.
The pandemic crunch is temporary
Dentists, doctors and nurses have been out of work due to elective surgeries and other, less urgent medical care being postponed due to Coronavirus. Many healthcare workers have encountered financial difficulties due to both patient fears around safety, concerns about their own health and well-being, and legal shutdowns and regulations.
While a period of unemployment is challenging in any career path, the quick adaptation to Coronavirus-ready practices due to the urgent and important nature of medical work goes to show that these jobs aren’t going anywhere long term.
The bottom line: Should one consider a healthcare career change?
With an aging population and the urgent crises of the pandemic, it’s more evident than ever that healthcare work is invaluable. Not only is it a noble profession, but it’s an extremely stable career choice.
The path towards becoming a healthcare professional can be intimidating, as it often involves lengthy (and expensive!) schooling — but it’s simultaneously rewarding in so many ways. There are resources for healthcare professionals so that potential student debt doesn’t need to stop one from pursuing a satisfying and secure career in the healthcare space.
Laurel Road is a brand of KeyBank N.A., member FDIC.
In providing this information, neither Laurel Road or KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice. Any third-party linked content is provided for informational purposes and should not be viewed as an endorsement by Laurel Road or KeyBank of any third-party product or service mentioned.
Source: Laurel Road
