When I first made the switch from staff to travel nurse, my main motivation was the chance to see the country. I daydreamed about exploring new cities and adventures between my shifts. Little did I know that this career change would also have so many financial travel nurse benefits that went beyond my expectations.
I remember being pleasantly surprised when my first paycheck rolled in from an assignment in Colorado. Thanks to the higher pay rates for travel nurses, it was way more than I made as a staff nurse in Chicago. I hadn’t realized the range of financial travel nurse benefits available. From generous housing stipends to tax deductions and bonuses. If you’re a staff nurse considering travel nursing, it’s not just about the adventure—it’s a chance to significantly improve your financial situation. So, below I’ve listed the eight financial perks that make travel nursing so enticing.
Key Takeaways
Increased Earnings: Travel nurses benefit from significantly higher pay than staff nurses, with competitive hourly rates and the option of non-taxed housing and meal stipends, allowing them to maximize their take-home earnings while exploring new locations.
Tax Benefits: Unique tax deductions for travel expenses and temporary housing costs help travel nurses reduce their taxable income, enabling them to keep more cash. Understanding the tax regulations around these benefits is crucial for optimizing income and avoiding potential pitfalls.
Financial Perks: In addition to higher pay and tax benefits, travel nurses enjoy various financial perks such as reimbursements for travel-related expenses, weekly payment options, and bonuses, all of which contribute to greater financial stability and flexibility throughout their assignments.
1. Higher Hourly Pay
One of the most obvious financial perks of travel nursing is the higher hourly pay. Unlike staff nurses, travel nurses often receive substantially higher rates due to the demand to fill short-staffed units. For instance, travel nurses will have a higher hourly pay rate during a high-demand period or in areas dealing with severe staffing shortages.
Another reason travel nurses are paid a much higher rate is because you are expected to hit the ground running. This means that you should already be confident in your nursing practice. A good example of this is during the pandemic. Nurses were getting paid boatloads because nursing shortages skyrocketed due to the amount of people getting sick in the country.
2. Company Reimbursements
Travel nursing agencies offer a variety of reimbursements that increase your income even more while on assignment through…
Covered Parking Costs
One surprising benefit was learning that some contracts cover parking costs. This also means that if you choose alternative modes of transportation, like public transit or biking, you can pocket the cash intended for parking and save even more.
Meal Stipends
Travel nurse companies offer meal stipends, which help cover living expenses in high-cost areas. Whether it’s enjoying the local cuisine in San Francisco or savoring seafood on the East Coast, these stipends allowed for a more comfortable lifestyle without financial strain.
Housing Benefits
Travel nursing often comes with housing benefits, which can include company-provided housing or housing stipends. With company housing, you have one less expense to worry about, while the stipends offer flexibility to choose your accommodation. In my experience, finding my own housing has been cheaper than my allowed housing stipends, which helped me to save extra money.
Coverage for Gas and Travel Expenses
One of the annoying things I dealt with as a staff nurse was the cost of commuting. But on the bright side, as a travel nurse, I’ve enjoyed reimbursements for fuel and travel-related expenses when going from assignment to assignment. This reduces the financial hassle of moving between assignments and allows more freedom to explore new destinations.
Licenses and Certifications Reimbursement
Keeping up with your professional licenses and certifications can be pricey. Fortunately, many travel nursing companies offer financial support for renewals and provide free resources for continuing education. This not only ensures you stay up to date with your CEUs but also helps reduce the financial pressure of maintaining our professional credentials.3. weekly payment options
3. Weekly Pay
One of my favorite financial advantages of travel nursing is the option to get paid weekly! Yes, it’s technically the same amount if you were to get paid biweekly, but there’s something about weekly payments that makes budgeting and expense tracking more manageable.
4. Medical, Dental, and Retirement
Like staff nursing, travel nursing offers comprehensive health insurance plans. Most travel agencies also offer company retirement plans. My last agency even offered a 401(k) match, which is unheard of in the travel nurse world. Having peace of mind with solid travel nurse benefits is invaluable.
5. Referral and assignment completion bonuses
On top of everything, travel nurses can earn additional income through referrals and assignment completion bonuses. I once referred a fellow nurse to my agency and received a $500 bonus. It’s a nice added perk and a good incentive to help others join this rewarding field.
6. Special Perks and Discounts
Travel nursing comes with access to exclusive perks that staff nursing doesn’t. Like discounts for travel, entertainment, food, and more. Whether it’s a discounted gym membership or reduced hotel rates, these perks add up to even bigger savings over time.
7. Tax Advantages
Ok, this is a tricky one. Travel nurses can take advantage of unique tax deductions, like travel expenses and temporary housing costs, which can greatly increase take-home pay. In my opinion, one of the main reasons travel nurses earn higher salaries is these tax benefits. When you take a travel nursing assignment, you typically have two pay options: an increased hourly rate that is fully taxed or lower hourly pay with non-taxed housing and meal stipends. If you opt for the non-taxed stipends, you’ll only be taxed on your hourly rate.
For example, if you’re working three 12-hour shifts in a week at a taxed rate of $25/hour, combined with a $1,600 weekly housing stipend, means you would earn $2,500. However, since the $1,600 is not taxed, your taxable income would only be $900, resulting in lower taxes and more take-home pay.
Here’s the catch: To qualify for non-taxed housing and meal stipends, you must have a different tax home and be duplicating your living expenses. Additionally, you can’t travel nurse in the same area for more than one year within two years. I recommend checking out the IRS website for more detailed information on these requirements. They clearly outline the regulations and examples for non-taxed stipends. Following these rules is crucial; failing to do so could result in large fines or even legal issues.
8. Scholarship Programs
Furthering your education or specializing in a niche area of nursing is made easier with scholarships offered by some agencies, allowing for career advancement without the burden of financial debt.
Bottom Line
Travel nursing offers tons of financial travel nurse benefits, making it a compelling career choice for those looking to improve their finances while enjoying the adventure of new places and experiences. By taking advantage of these financial perks, I’ve been able to travel while paying off debt and maintaining a solid financial foundation.
Have you considered travel nursing or are curious about it? I’d love to hear your thoughts or any experiences you’ve had! Feel free to leave a comment or ask any questions about the financial benefits of travel nursing. And if you want more tips and insights, don’t forget to stay updated with Greener Scrubs’ latest posts!