How much does a traveling nurse make? Here is a breakdown of the average salary rates.
Many RNs, particularly those with an adventurous spirit and a desire for a more fluid schedule, choose to pursue careers as travel nurses.
To be a travel nurse is to enjoy the benefits of working in other places, interacting with new people, and learning about new medical fields.
The financial rewards of travel nursing are a significant draw for many nurses. How much more do travel nurses get paid than their full-time counterparts?
The answer is that it depends on geography, infrastructure, and prior knowledge. The typical income, perks, and taxes, as well as prospects for professional growth for travel nurses, are discussed in this article.
Average Travel Nursing Salary
Some travel nurses make more than $70 to $80 per hour, while the average income is closer to $60. In dollars, this amounts to a weekly wage of between $6,500 and $9,500, or $104,000 to $125,000 annually.
It’s important to remember that compensation can shift based on factors, including workplace setting and employer.
For instance, those who work as travel nurses in high-demand destinations like California, Hawaii, and New York can expect to earn more than their counterparts in lower-demand regions.
Benefits
Many perks come with becoming a travel nurse that can help make up for the higher salary and the hassle of moving.
When a nurse works for a company that provides an accommodation or a housing stipend, she can avoid spending hundreds or even thousands of dollars on lodging for each assignment.
Insurance, pensions, and vacation time are standard perks. Travel nursing is a growing industry; some firms even provide referral incentives.
Travel nurses earn not only increased compensation but also a variety of bonuses that can ease the financial burden of moving.
With the help of accommodation or housing stipends provided by many travel nursing organizations, nurses may save thousands of dollars with each assignment.
Since housing prices may make a significant dent in a nurse’s salary, this is paramount for those relocating to a new place. As a rule, the agency’s home is reliable, pleasant, and completely equipped, which helps ease the stress of moving.
They also often provide perks, including paid sick and vacation time, as well as retirement and health insurance programs.
Nurses are more likely to suffer from injuries and illnesses than other professions, making health insurance all the more crucial.
A 401(k) or pension plan can help nurses save for retirement and provide them peace of mind about their financial future. A nurse’s ability to take time off to relax and recharge is enhanced by paid vacation.
A bonus can be earned by introducing friends or coworkers to work as travel nurses with some agencies. It’s a win-win situation where you help other nurses and make some additional cash.
Taxes
Many tax breaks exist for travel nurses to ease the financial burden of frequent moves. The costs of getting there, staying there, and eating while on the clock can all be written off.
The payments involved with being licensed or certified can be deducted, as can the price of furthering one’s education. While on assignment, travel nurses may also deduct the cost of short-term lodgings like hotels and apartments.
After the assignment, they may also be entitled to write off housing-related moving costs.
To take advantage of these deductions, travel nurses must keep meticulous records and receipts of all expenses linked to their employment.
Career Development
Nurses who want to engage in travel nursing have a fantastic opportunity to broaden their professional horizons by working in various healthcare facilities and specializing in different areas.
Due to the vital need for nurses in some regions, travel nurses are frequently assigned to institutions at the bleeding edge of healthcare delivery and technology.
Thanks to this, they can improve their abilities and advance in their chosen fields.
Factors Affecting the Salaries of Travel Nurses
The income that travel nurses get depends on a variety of variables.
Factors include proximity, availability, competence, expertise, agency, and schedule. Let’s take a quick look at each of these aspects of the compensation scale to get a better feel for how they work together:
i. Location
It’s common for travel nurses to make more money in states with a higher demand for their services, such as California, Hawaii, and New York than those with a lesser demand.
This is because hospitals and other healthcare institutions in certain areas may be more ready to pay a premium to attract and retain nurses in such fields.
ii. Facility
Medical institutions and hospitals with solid affiliations to major research universities and colleges are more likely to pay competitive rates to travel nurses than their less prominent counterparts in rural areas.
iii. Experience
Having more years of experience in the field usually results in a higher salary for a nurse.
Hospitals and other medical centers place a higher value on experienced nurses since they tend to possess more specialized knowledge and skills.
Travel nurses with further education and certification in a specialty field, such as critical care or emergency nursing, should expect to earn more than their less-trained counterparts.
The nursing agency the nurse is employed by is another variable in compensation. v. There’s a chance that one agency pays more than the rest.
vi. Shift
Those prepared to put in extra time outside regular business hours, such as nights, weekends, and holidays, can earn more as a travel nurse.
Nurses must compare the salary and benefits given by several agencies before taking an assignment, as compensation varies depending on location, facility, and agency.
Nurses aware of these considerations and the existing salary scale may make more educated decisions about taking travel nursing positions and can be confident that they will be adequately paid in exchange for their expertise.
In sum, RNs who engage in travel nursing will find it very satisfying and financially lucrative. On average, many travel nurses make $50 to $60 per hour, which translates to $104,000 to $125,000 per year.
Many travel nursing jobs include lodging or housing stipends, medical insurance, retirement savings programs, and vacation time.
In addition, they may be able to deduct some of their moving and transportation expenses from their taxes.
They can get ahead in their professions by taking advantage of opportunities to obtain expertise in various fields and roles. Nurses must compare the pay and benefits of several agencies before accepting an assignment.
The amount they’ll make will depend on factors including the assignment’s location, institution, and the agency hiring them.
If you are a registered nurse seeking a profession that allows you to travel and earn a good salary, consider becoming a travel nurse.