Updated July 24, 2024
Travel nursing has grown in popularity recently because of the many benefits it offers. From flexibility in scheduling to the opportunity to travel, it’s a choice that can be perfect for many nurses. There’s one more vital benefit, of course: better pay.
On average, travel nurses make more than regular nurses. However, the way they get paid can be a bit complex. If you’ve been considering travel nursing, learn more about what goes into a pay package and what you can expect.
What is a travel nursing pay package?
A travel nurse’s pay package is a comprehensive package that includes:
- Hourly wage
- Reimbursement for travel expenses
- Housing allowance
- Health benefits
- Retirement options
- Daily stipend for meals and minor expenses
- Bonuses
- Reimbursement for licensing and certification costs
What will actually be in your pay package will depend on factors like your specialty, the location of the job, your experience, and the travel nursing agency you’re working with. One of the first things you want to know is what your taxable base rate is.
This is the core of the nursing pay package. It refers to the hourly rate that is taxable. These base rates can vary between travel nursing agencies, so you have to compare them when deciding between two companies.
There are a few types of pay rates for travel nurses. The most common one is standard rates. Specialized rates offer slightly higher pay for medical specializations that a facility might see as crucial.
You also have to pay attention to the contract time variables, which tell you the number of contracted hours per week as well as the number of weeks in the contract.
Travel nursing stipends
A part of your pay package is tax-free stipends. For example, your pay package includes coverage for meal allowances and incidental expenses, which aren’t taxable. The agency will cover these expenses while you travel to your next job.
Along with these stipends, you also get help with travel expenses. The agency provides stipends for flights, train rides, and other travel options.
Health benefits
Travel nurses typically have the choice of getting health coverage from the agency through which they work or getting their own insurance with agency reimbursement. The easiest option is probably to accept the agency insurance if it’s comprehensive. It will usually be the cheaper option, too.
Bonuses and incentives
Your pay package can also include bonuses and other incentives, such as extension or completion bonuses. Some agencies provide referral bonuses as well. Because these incentives can significantly increase the value of your pay package, you want to consider them before making a choice.
Certification and licensing reimbursements
If you need to get a license to work as a travel nurse in a particular state or if you need additional certification to take on a job, the pay package includes the reimbursement of these expenses. It’s an important consideration when negotiating your contract, especially if you’re looking to work in states that aren’t part of the nurse licensure compact.
Housing
Housing stipends are crucial because they allow you to stay in a location without the added expense of paying for housing out of your own pocket. Keep in mind that for the housing stipend to be tax-free, you must have a legal residence somewhere else.
You have to prove you have a taxable home. Your tax home is either the place where you work or, in the case of a travel nurse, where you’re being taxed. That’s your permanent home or the place where you spend the most time between job contracts.
For the housing stipend to not be taxable, you have to show that you’re duplicating expenses. This means that you’re spending money to maintain a permanent residence by paying a mortgage, rent, or residential taxes while also paying rent for a residence at your place of work.
If you travel for work and don’t have a tax home, you could end up paying significantly more federal and state taxes. You also want to remember that you don’t work for more than 12 months at one location as a travel nurse. The IRS could see that residence as your new tax home, making the housing stipend taxable.
Prolink offers best-in-class benefits for travel nurses, like free mental health resources and day-one 401k contributions. Click here to learn more.
Comparing pay packages in travel nursing
It’s always a good idea to compare pay packages to know which agency to work with. One crucial thing to remember is to look beyond estimated take-home pay. Look at all of the factors in the pay package, including the stipends and even tax rates.
The benefits one agency offers have to be substantial to make it the right choice. Look for agencies that provide paid sick leave so you don’t end up missing shifts without getting paid. Some sick leave also applies for family health reasons, too.
Take your time looking at the health insurance options the various pay packages offer. You need to have comprehensive medical insurance, including coverage for dental and vision.
Look for retirement planning, as well. The right agency will offer 401k enrollment right from the start.
Choose Prolink for your next travel assignment
Travel nursing is one of the most exciting healthcare options. It gives you the chance to help areas of the country that really need healthcare professionals while allowing you to get better pay and work in a variety of locations. To ensure that you get all of the benefits, however, you need to choose the right agency to work with.
At Prolink, we get to know you first. That’s how we help you find the travel nursing job that best suits your skills and experience. Want to explore a dream destination, or simply maximize your earnings? We’ll get you where you want to go.
With expert Prolink recruiters available to answer all of your questions, finding your next nursing position has never been easier. Connect with a recruiter today to get started.
