If they’re willing to sacrifice pension and insurance benefits for the long term Travel nurses can easily quadruple or double their income.
Does the expense to be financially independent worth the cost?
Hospitals are losing staff these days. Some believe it’s due to post-COVID declines; some like NPR recently said, believe it’s due to the fact that experienced nurses are taking on better-paying jobs in travel nursing.
The US Department of Health and Human Services has predicted an increase in the number of nurses needed from 2017. However, because of nursing’s medical version of the gig economy, which is called travel nursing, the shortage has turned into a cash prize for licensed practical nurses as well as registered nurses.
Nurses working as travel nurses are employed in hospitals and clinics for a short period of time, rather than being in one place for a prolonged period. Hospital hopping across the country to address shortages of nurses and cruise ship employment or taking care of private patients that require medical attention is a possibility. While traveling nurses can be able to double their normal pay, there are some negative financial implications to take note of.
As per TravelNursing.org, “travel nurses earn 30 percent more than nurses working in the staff department on the average” claims Bryan Cannon the CEO and chief financial analyst for Cannon Advisors. “In addition, based where you live there’s a myriad of additional benefits available, such as bonuses, compensation for expenses for travel (hotel mileage, air travel reimbursements), and monthly meals and housing stipends that can quickly add to.”
Travel nurses On the other hand typically are paid as independent contractors. That means they are paid 1099s rather than W2s at tax time. Their accounting processes must be similar to those employed by freelancers. They could be required to pay annual estimated taxes as well as set up payroll and create a company to manage income and expenses as per Cannon.
What are the disadvantages of having a large cash flow?
Employee benefits like retirement plans, health insurance, or life insurance disability insurance are often discarded by nurses on the road.
The benefits of intangibles, as stated by experienced nurses They comprise: “A travel nursing contract will cost twice as much to triple the amount an RN could earn as a nurse on staff,” states Jenna Liphart Rhoads, Ph.D. of Nursetogether.com which is a resource for education for nurses. “In in addition to receiving a more lucrative income, nurses working with contracts for travel have a lower chance of being caught up in workplace drama,” Rhoads adds. Actually, their abilities can provide a much-needed external perspective and their presence may help existing employees to avoid burnout.
Rhoads has observed that some nurses who work as travel nurses are happier in their work since they’re paid efficiently. “I’ve even seen nurses who sign trips within their own city to ensure that they don’t have to travel away from their families,” she says.
The decreasing number of nurses leaving in the midst of the pandemic according to Alice Benjamin, chief nursing officer and reporter for Nurse.org which is an information and job site. is causing a major disruption in patient care and hospitals as per Health. Nurses are hardworking, but they’re not appreciated. People who choose to work in alternative routes can choose which days and times they work. They also have the ability to get the financial freedom that allows them to enjoy real work-life balance as well as an extended career in the field they love.
“Travel nursing jobs are fantastic for short-term gains or tax write-offs,” Benjamin continues, “but the reality is that a nurse who has many years of experience or someone who is pursuing their education will be better off financially working in a permanent position.” “Those with between two and 5 years experience can benefit from working in travel nurseries.”
Since nurses working in travel are expected to get to work quickly and depart discreetly with no commitments to stay for long periods nursing staff with less knowledge could build a name for themselves and use these brief assignments to network opportunities in the near future.
At present, the travel nurses must concentrate on areas such as Texas, Georgia, Alabama, North Carolina, Maryland, Florida, and Tennessee where they are likely to be among the nation’s most severe nursing shortages.