Travel Nurse Salary and Benefits (2024)

FAQs

Travel Nurse Salary and Benefits? ›

Travel nurses can earn $100,000 or more per year. PayScale, for example, reports that the median salary for an emergency room nurse is $30.99 per hour. By comparison, an ER nurse on a short-term travel assignment can earn from $23.20 per hour to as high as $60.00 per hour.

Travel nurses receive benefit packages that may include competitive pay, healthcare, dental, and life insurance, free housing or tax-free housing stipends, travel and license reimbursem*nt, and access to a travel recruiter to find their assignments and support them throughout their contracts.

The benefits of nursing include the ability to make a difference, growth opportunities, good salary, an in-demand career, and schedule flexibility. The cons of nursing include stress, grief, and infection exposure. When considering which career path is right for you, it's important to have all the facts.

Now, most travel nursing agencies provide their travelers with a stipend to cover their travel costs. Stipends put travelers in control of their own money - they get to choose what suits them best. Though are we not seeing the high rates of 2021, travel nurse (RN) pay has stabilized at around an average of $2,600/week.

It all comes down to one thing: flexibility. Travel nurses are willing to accept short-term assignments that may end in as little as a few weeks. Some travel nurses also take assignments in multiple states throughout the year, making them eligible for housing stipends and sign-on bonuses.

You can have a 401(k) as a travel nurse. Many travel nurse agencies offer traditional 401(k) plans. The contributions to this plan are tax-deferred. You will only pay tax when it is time to withdraw your funds for retirement.

While you may hear terms like “standard sign-on bonus,” travel nursing bonuses can come in many different forms. The most common types of signing bonuses are: Lump-sum bonus: Rare but highly sought after, these bonuses offer a one-time payment for accepting a contract.

Depending on your employer, you may have access to retirement benefits such as a 401(K), 457(b), 401(a) or another fund. It's never too early in your career to take time to understand the retirement plan options available to you through your employer or union. Learn more about How Nurses Can Save for Retirement here.

So, is nursing school worth it? Yes, it is, especially for students who aim to have a career with a favorable outlook. In addition to vast job opportunities and career stability, having a degree in nursing allows students to earn at least $48,000 annually.

Is travel nursing worth it anymore? ›

So, is travel nursing worth it? Yes! With more money, flexibility, career options, travel perks, and personal growth, it's still one of the most exciting nursing opportunities in 2024. If you're thinking of level up in your nursing career now, travel nursing jobs might just be the adventure you're looking for.

Many nurses can take advantage of travel nurse stipends, which is tax-free money meant to cover travel nurse living expenses. These stipends cover living expenses, such as transportation, housing, and meals while working away from your regular tax home or a place of residence.

Given the current nursing shortage and increased demand for healthcare professionals, travel nurses are in a strong bargaining position. On average, they can earn between $25 to $100 per hour, depending on their specialty, location, and level of experience.

Travelers also come without a long-term financial commitment, and will go places other RNs might not want to work. Hiring travel nurses can also offset other major costs for hospitals and other facilities. For instance, they can help employers cut down on overtime.

Social security contributions are also calculated off of taxable income. They calculate your benefit based on your 35 highest earning years. This will only effect you if you travel nurse for many years. However, you should still be aware of the ramifications.

Typically, travel nursing agencies do not offer paid time off, so beware if one makes it seem like they do. For example, an agency might say you can have “X” number of days off and still get paid; however, that's already worked into your pay package and not considered to be true PTO.

As a travel nurse, you have the freedom to choose where and when you want to work. Unlike full-time nurses who are bound to a specific healthcare facility, travel nurses have the freedom to select their assignments from a wide range of opportunities across different cities, states, or even countries.