What are some benefits of a travel nurse housing Allowance?
Travel nursing is a thrilling career choice that not just allows travel but also offers a rewarding salary with several compensation benefits. One of the many benefits of being a travel nurse is the travel nursing allowance. These allowances are typically received as part of their compensation package. These housing stipends are generally used to pay for lodging while one is on a travel assignment at a location away from their place. However, one must understand the different components of a travel nursing stipend while choosing to opt for it.
Through this article, we answer some frequently asked questions about travel nurse housing stipends, including what they consist of, and provide a list of some of the highest-paying cities for travel nurses.
What is a travel nurse housing allowance?
Travel nurses need to stay in a safe, comfortable place while they are away on their assignment. A travel nurse housing stipend, or housing reimbursement, helps nurses afford temporary homes while away from their regular residences. Stipends may also cover the cost of a nurse’s transportation to the location of their assignment and any necessary living expenses. Nurses who desire improvements from the services their housing stipend provides, such as more rooms or appliances, may be allowed to pay for them separately.
Travel nurses often receive non-taxable stipends from their hospital employers. This can include housing, food, and loan repayment covering travel expenses on the way to assignments. One advantage that travel nurses receive as part of their compensation package is these reimbursements, which their agency may include in a blended salary model.
Generally, housing stipends are not taxable and one can save taxes while showing this stipend as your housing allowance.
What distinguishes a per diem from a housing stipend for travel nurses?
A travel nurse housing stipend and per diem are two key pieces of compensation for travel nurses. However, they vary in frequency, with the former providing financial assistance while traveling and the latter helping cover daily expenses when on assignment.
The travel nurse housing stipend enables an independent nurse or a traveling companion to live in the area, while a per diem compensation package is intended to cover food, lodging, and other living expenses in addition to transportation and other costs that accompany their nursing assignment.
A stipend is a fixed sum that an employer pays nurses directly. It is normally either weekly or biweekly. Many travel nurses receive them because of the length of their assignments, which can last more than a few days. Agencies quote housing reimbursements as a monthly figure.
In the case of travelers, these two packages serve different purposes although they both are forms of compensation that can make a huge difference on a temporary assignment.
What are some advantages of a housing stipend for traveling nurses?
A travel nurse housing stipend benefits professionals because it helps them find housing and fulfill rent payments. They may be able to start an assignment in a new location without wasting time or other resources by doing this.
A housing stipend provides travel nurses with the most flexibility when it comes to finding an apartment. They can choose accommodations with or without amenities, depending on their preferences, and because they have complete discretion over these decisions, travel nurses often can choose when to move.
Travel nurses can gain access to a housing stipend that helps them quickly find accommodations and fulfill their rent payments, which may save them time and other resources when beginning an assignment in a new location.
With the GSA rates being so low, nurses are incentivized to claim as much money as possible. The housing stipend can also cover their hotel stay expenses, just in case a hospital provides a higher amount. If it’s cheaper than the stipend, nurses often can pocket the difference and obtain some extra cash.
How much can you receive from a travel nurse housing stipend?
Typically, the travel nurse housing stipend will be based on the bill rate. This is the hourly rate that a hospital agrees to pay an agency for an hour of your work.
The other factor that affects your pay is location. Depending on the location in which you move, the cost of living may be different during certain seasons of the year. For instance, many people travel to warmer climates during the winter to reap a higher average rent when living there.
To increase your marketability, think about working in a niche industry or picking up a speciality. You might also live with family, friends, or locate a roommate.
What are the requirements to earn a travel nurse housing stipend?
You may receive housing stipend benefits if you travel for temporary staffing assignments with your employer. Besides traveling you can earn these benefits by maintaining the status of a temporary employee, or by being employed by a company that provides such benefits through an agreement with a hospital on which it places nurses for temporary assignments
What criteria must you meet to qualify for a housing stipend for travel nurses?
Nurses who work at travel nursing agencies need housing to live near their assignments. Off-site lodging is an option, but you may have to pay more for it and there’s no guarantee it will be available on the date of your arrival. Another potential drawback with staying in an off-site housing facility is that you may have more commute time than you’re used to. If you choose this option, make sure that your employer has a good option nearby so you won’t have to drive far before going to work.
Take control over your expenses by opting for a travel nurse housing allowance. Apart from having control in choosing the type of house and its location, you can also opt to choose a house at a lesser rent so that you can save some tax-free money. If you are unsure about choosing a nursing agency try Voysta which helps you find personalized travel nursing jobs.