How Do You Read and Compare Travel Nurse Pay Packages?
What this post will cover
The exact line items every package should have (and the ones recruiters “forget”).
How to normalize two offers from different agencies down to one apples-to-apples number.
Hidden cost categories: licensing, compliance, travel reimbursement, missed-shift penalties.
A real side-by-side comparison of two MS/Tele contracts I was offered for the same hospital.
How pay packages are presented
As of now, you have to be good at multitasking and speaking with multiple recruiters to find the best pay. Each pay package will usually present itself with the name of the hospital, the hours per week, and the pay range. The lower end of this pay range is usually your weekly gross income before taxes and with insurance deducted. The upper end of this pay range is the gross weekly pay if you do not elect the agency's insurance. I found private continuous health insurance for only $250 a month. Thankfully, I am healthy and do not regularly see a doctor. The best medicine is diet and exercise. If you are looking for affordable and continuous health plans that do not stop coverage between assignments, reach out — I have a guy for that as well.
Finding the highest-paying contracts and making agencies compete
Lately I have been going on Vivian to find the highest-paying contracts in the nation. NurseScout.ai will also find all available contracts, but it includes key information on housing and cost of living with your search. Once I find a contract that looks like it is paying well above average, I reach out to the highest-paying agency to inquire further. I then send their pay package to all the other agencies to see if they can match it. If they are able to match it, my decision simply comes down to which recruiter I like more and how they operate.
Contract terms worth checking before you sign
I never sign a contract that commits me to 48 hours per week. I found out that if you just sign a 36-hour contract, the hospital will usually have hours available to pick up for overtime, and it is your own decision whether to do so. If you are applying for a job in a new state, some agencies will reimburse you regardless of which state you applied in and where you take your next assignment. Most agencies will require you to take an assignment in the state where you applied for a license in order to get that license reimbursed. Most agencies will pay you for onboarding and pre-start-date training, but at a lower rate. I find that as long as you do not call in more than twice in a three-month contract, you are mostly golden. Back in the COVID days, with a sick call-in you would still get your stipend. Now you will most likely just get your hourly rate.
A real side-by-side comparison
I recently had two different offers from two different agencies for the same job. Agency A's weekly gross pay was $2,850 per week and Agency B's was $2,600 per week. It turned out that the higher-paying one had a higher hourly rate and a lower stipend. After deducting what I expected to come out in taxes, I found Agency A's take-home pay was maybe $50 more per week — not much, but it's a luxury gym membership for the month. Always look at the pay breakdown of each contract. You want high stipends and the lowest possible hourly rate. If you are comparing contracts, take this into consideration.