One primary reason travel nurses earn more is their salary structure typically translates into higher take-home pay. Travel nurses with a permanent tax home qualify for tax-free stipends to cover housing, meals and other incidentals while on assignment. Thus, their compensation is a blended rate. This rate includes a taxed salary, which is generally low, and untaxed compensation to create a single hourly rate. Because much of their pay isn't subject to income taxes, they typically keep more of their paycheck.
Overtime hours and extra hours, which aren't the same thing, can also enhance an already hefty salary. It's essential to understand what your contract includes to know how much you can earn as a travel nurse.
Overtime hours might be 1.5 times a travel nurse's regular rate, but a contract may blend OT hours with regular hours, and the nurse may only receive a flat rate for all hours worked. OT hours may kick in after 40 hours, or a contract may stipulate that they don't start until the nurse works 48 hours. Understanding how OT rates work on each contract is vital to ensure you earn as much as you should.
Extra hours work differently, and travel nurses often overlook them as a potential way to increase their pay package. Typically, a contract mandates the number of hours per week the travel nurse must work to fulfill their obligation. However, you might work more than the hours stipulated and/or the contract might lump extra hours into OT hours. If a contract requires you to work three 12-hour shifts weekly, but you work four, the additional 12 hours are extra hours. While some of these hours may also qualify as overtime, make sure your contract outlines the additional pay you receive for any hours worked over the mandatory.
Travel nurse salaries can get very complicated. You must understand your travel contract to fully know how much you stand to make as a travel nurse. Ask your staffing agency recruiter questions to ensure you have a solid handle on all the financial aspects of traveling.
Additional Benefits of Travel Nursing
In addition to earning an above-average salary, travel nurses enjoy many other benefits that outweigh the cons if they have the flexibility and desire to travel. One of the top perks for those wanting to explore the country but don't have the time or money to do so is travel nursing pays you to do just that. Choose travel contracts in locations you've always wanted to visit and explore to your heart's content on your days off.
While some travel nurses spend extended periods at the same facility and/or location, up to the time allowed, others travel to new places for every contract. Constantly moving between facilities means working with medical professionals with different skills than you and potentially using the latest equipment and procedures. Each of these situations offers you the chance to learn something new to take with you. Building your knowledge and skills helps enhance your career opportunities and possibly your salary.
Another thing you take with you is the contacts you make at each facility. Whether you become friends or just work colleagues, the more people in your professional circle, the more solid your network becomes. You never know when one of these contacts can help you. Having a network that reaches across the country offers numerous outlets if you need information or a recommendation. Stay in touch with previous co-workers, supervisors and recruiters to stay in the loop, and you may learn of lucrative gigs before a facility even posts them.
Travel nursing isn't for everyone, but if you've considered trying it, you could earn a hefty salary.