A travel nurse’s earning potential depends on many factors. One is choosing the right agency to work with.
Negotiate Your Salary
The first thing you should do when choosing an agency is look at their pay packages. This will show you how much the company values its nurses. You should also find out if the company offers a housing allowance, travel reimbursement, insurance benefits, etc. The best way to do this is to check out online review sites, which have employee reviews and ratings for agencies in the travel nursing industry.
Once you’ve found the best travel nurse agency that offers the type of assignments you want, ask to see which ones have the best reputations and recruiters. Often, travel nurses will recommend an agency they like working with.
When you begin negotiations, remember to stay calm and professional. Arguing with your recruiter or hospital over every little detail could be more helpful. It’s important to remember why you became a travel nurse — for the flexibility, higher pay, and unlimited time off — and to keep that in mind throughout your contract negotiation.
Your recruiter can help you negotiate your salary and benefits package. They know the market rates and what hospitals are willing to pay. They can help you maximize your earning potential by negotiating for a higher overtime rate, per diem, or bonus.
Work Overtime
Travel nursing is a great option for nurses who want to make money and experience new places. However, it’s important to research and find the best agency that offers competitive pay, housing, and specialty assignments. You also want to find an agency with a strong reputation and excellent employee reviews.
It’s not uncommon for travel nurses to earn overtime pay during their assignments. This can significantly increase your pay rate, especially if you work in a specialty that is in high demand. When looking for a travel nurse agency, ask about overtime pay and per diem rates. It would help if you also inquired about available perks and bonuses, such as travel reimbursement and health insurance.
Another way to maximize your earnings is to seek a travel nurse agency offering a tax-free stipend. This is especially beneficial for nurses who don’t receive a significant amount of overtime or have to pay taxes on their income.
Take the Tax-Free Stipend
Travel nurses are often hired on a blended rate that includes tax-free stipends and taxable hourly wages. The stipend is not taxed and can cover housing expenses, meals, and other costs associated with working away from home. It can increase a travel nurse’s overall pay package considerably. Travel nurses should know what their contracts say about the stipend and taxes before they accept an assignment. It is also good to apply with at least three travel nursing agencies to compare their salaries and benefits packages.
Travel nursing is an exciting career choice for many healthcare professionals, but it can be confusing when understanding the pay structure and navigating taxes. Deciphering the different rules, including tax-free stipends, overtime fees, and housing/per diem reimbursements, can be challenging for new travelers. However, maximizing a travel nurse’s salary and making smart decisions can help you make the most of your money.
Travel nurses need to understand the impact of their salary and stipend on their taxes, as it may affect the future of their earnings and their ability to borrow. For example, a travel nurse’s annual taxable income determines the amount of money contributed to their Social Security retirement benefit and workers’ compensation. In addition, a travel nurse’s taxable income determines their eligibility to receive a loan or credit card.
Look for Housing
Housing is one of the biggest factors affecting your travel nurse’s salary. If you can find an affordable place and below your tax-free stipend, you can save more money, increasing your take-home pay. This is why choosing the right agency for you is important — one that can provide you with housing options that fit your needs and budget.
Some agencies will even search for housing for their nurses before they start an assignment, allowing them to choose a house or apartment that fits their lifestyle. If you’re uncomfortable with a certain location or neighborhood, ask your recruiter if they can help you find a roommate willing to split the cost of housing with you. This is a great way to save money and meet people on an assignment.
If you’re not happy with the housing your agency offers, you can always use a rental application like Hotpads or Padmapper, which are specialized searches for apartments and homes to rent. Some websites are made specifically for travelers, where you can enter the city and your maximum rental budget to see available temporary rentals that match your criteria. They also offer additional resources, like a blog and more housing tips.