How Much Do Travel Nurses Make?

How Much Do Travel Nurses Make?

Travel nursing is a unique and exciting career choice that offers healthcare professionals the opportunity to explore different parts of the country while earning a competitive salary. 

One of the most common questions for those considering travel nursing as a career is how much they can expect to earn. The answer to this question is not straightforward, as travel nurse pay can vary based on various factors.

Factors that can impact travel nurse pay include location, specialty, experience, and the travel nursing agency a nurse is working with. Generally speaking, travel nurses can expect to earn more than staff nurses due to the temporary nature of their assignments and the need for their specialized skills. However, the amount a travel nurse can expect to earn can vary widely depending on the factors mentioned above. 

In this post, we will take an in-depth look at these factors to give a clearer picture of how much travel nurses make.

Average Salary of Travel Nurses

One of the biggest advantages of this profession is the potential to earn a higher salary than a traditional staff nurse. As an intending travel nurse or a new travel nurse, this part of the article sheds light on the average salary or wage earned by a travel nurse both hourly and annually.

Hourly and Annual Wages

According to the Bureau of Labor Statistics (BLS), the median hourly wage for registered nurses (RNs) was $36.22 as of May 2020. However, travel nurses typically earn higher wages due to their unique work arrangement. The average hourly wage for a travel nurse ranges from $35 to $45 per hour, depending on their specialty, experience, and location. On an annual basis, travel nurses can expect to earn between $70,000 to $100,000 or more, including benefits and bonuses.

Overtime Pay

Travel nurses have the opportunity to earn overtime pay, which can significantly increase their earnings. Most travel nursing agencies offer overtime pay for hours worked over 40 hours per week, with rates ranging from 1.5 to 2 times the regular hourly rate. Some hospitals and facilities may also offer additional bonuses for working overtime or on holidays.

Specialization Pay Differences

Travel nurses who specialize in certain areas of healthcare may earn higher wages than those in general nursing positions. For example, travel nurses who work in critical care, emergency rooms, or labor and delivery units may earn higher wages due to the specialized skills and knowledge required for these positions. 

Similarly, travel nurses who work in rural or remote areas may earn higher wages due to the shortage of healthcare professionals in these locations.

Factors Influencing Travel Nurse Salaries

As earlier mentioned, Travel nursing can be a lucrative career option for RNs who are willing to travel and work in different locations. The average salary for travel nurses is influenced by several factors, including specialty, experience, and location. Other factors that may add up include the potential for overtime pay and bonuses.

Geographical Location

One of the most significant factors that affect travel nurse salaries is the geographical location of the healthcare facility. 

In general, travel nurses who work in high-cost-of-living areas such as California, New York, and Hawaii tend to earn higher salaries than those who work in less expensive areas. Additionally, travel nurses who work in rural areas or areas with a shortage of healthcare professionals may receive higher pay rates due to the high demand for their services.

Healthcare Facility Type

Another factor that can influence travel nurse salaries is the type of healthcare facility in which they work. Travel nurses who work in specialized facilities such as intensive care units or emergency rooms may receive higher pay rates than those who work in general medical-surgical units. 

Additionally, travel nurses who work in larger hospitals or healthcare systems may receive higher salaries due to the higher patient volume and demand for their services.

Experience and Education Level

Travel nurse salaries can also be influenced by the nurse’s experience and education level. Generally, travel nurses with more experience and higher levels of education such as a Bachelor of Science in Nursing (BSN) or a Master of Science in Nursing (MSN) degree can command higher pay rates than those with less experience or education. 

Additionally, travel nurses who specialize in certain areas such as oncology or critical care may also earn higher salaries due to the specialized nature of their work.

Benefits and Allowances

There are various types of bonuses or allowances available for travel nurses and below are some of the most common ones;

Housing Stipends

One of the most significant benefits of being a travel nurse is the housing stipend. This stipend is provided to cover the cost of housing while on assignment. 

The amount of the stipend varies based on the location of the assignment, but it typically ranges from $500 to $2,500 per month. Travel nurses can use this stipend to rent a furnished apartment or stay in a hotel that is near their assignment location.

Travel Reimbursements

Travel nurses also receive travel reimbursements to cover the cost of travel to and from their assignment location. This includes the cost of airfare, gas, and other transportation expenses. 

The amount of the reimbursement varies based on the distance of the assignment location from the nurse’s home and the mode of transportation used. Travel nurses can also receive reimbursement for other travel-related expenses, such as rental cars and tolls.

Health Insurance and Retirement Plans

Travel nurses are typically offered health insurance and retirement plans. The specifics of these plans vary based on the travel nursing agency and the assignment location. Some agencies offer comprehensive health insurance plans that cover medical, dental, and vision expenses. 

Retirement plans may include a 401(k) or other type of investment plan. Travel nurses should carefully review the details of these plans before accepting an assignment to ensure they meet their needs.

Contract Types and Length

Travel nursing contracts come in different lengths and types, and each has its unique compensation package. It is essential to understand the different types of contracts available to make an informed decision.

Short-Term vs Long-Term Assignments

Short-term travel nursing assignments typically last 4 to 13 weeks and are ideal for those who prefer a more flexible work schedule. They offer a higher hourly pay rate than long-term assignments, but they may not provide benefits such as housing and health insurance.

Long-term travel nursing assignments, on the other hand, typically last for 6 to 12 months, and they offer a more stable work schedule. They provide benefits such as housing and health insurance, and the hourly pay rate is slightly lower than that of short-term assignments.

Crisis Contracts

Crisis contracts are short-term assignments that are usually offered in response to a crisis, such as a natural disaster or a pandemic. These contracts can last from a few weeks to several months, and they offer a higher hourly pay rate than regular short-term assignments. They also provide benefits such as housing and health insurance.

It is important to note that the compensation package for travel nursing contracts varies depending on factors such as location, specialty, and experience. It is advisable to research the average pay rates for your specialty and location before accepting a contract.

Comparing Travel Nurse Pay to Staff Nurse Pay

One of the most significant differences between travel nurses and staff nurses is their pay. Travel nurses typically earn more than staff nurses due to the nature of their work. Travel nurses are often required to work in high-demand areas, which can lead to higher pay rates.

According to a survey conducted by the Bureau of Labor Statistics, the median annual salary for registered nurses was $75,330 in 2020. However, travel nurses can earn significantly more than this amount. Travel nurses typically earn between $40 and $60 per hour, which can add up to an annual salary of $80,000 to $120,000 or more.

In addition to higher pay rates, travel nurses may also receive other benefits such as housing allowances, travel reimbursement, and health insurance. These benefits can further increase their total compensation package.

Despite the higher pay rates, travel nursing may not be for everyone. Travel nurses often work long hours and may be required to work in different locations. They may also face challenges such as being away from their families for extended periods.

Overall, travel nursing can be a lucrative career choice for those who are willing to work in high-demand areas and are comfortable with the challenges that come with the job.