TNAA-Travel Nurse Across America provided this article.
As you embark on your journey into the world of travel nursing, you’re probably already excited about all the fantastic experiences ahead—exploring new places, expanding your professional circle, and putting your nursing skills to work in diverse communities. One more reason to get excited? Earning bonuses!
Travel healthcare bonuses are a great way to increase your income. You can earn various bonuses on your travels. From sign-on bonuses to referral incentives, each type of bonus offers unique advantages for travel nurses embarking on travel assignments. Understanding the various bonuses available and how they impact overall income is crucial for maximizing your financial rewards.
4 Types of Travel Healthcare Bonuses
Sign-On Bonus
A sign-on bonus is a set amount that travel nurses receive when they sign a contract. These are distributed as either a lump sum (rare but not unheard of, especially for nurses with specialized skills or years of experience) or tiered payments throughout the assignment as certain milestones are reached. This may mean getting some of it at the beginning of your contract and then incrementally the rest of the assignment.
Completion Bonus
Completion bonuses are similar to sign-on bonuses. They are rewarded for successfully fulfilling the assignment terms, which means fully finishing your assignment before you receive your bonus.
Referral Bonus
Referral bonuses encourage travel nurses to refer qualified candidates to the agency or facility. Travel nurses can earn extra income by leveraging their network while helping expand their agency’s talent pool. These referral bonuses benefit travel nurses and agencies, making them a great way to boost the travel nurse industry and earn extra cash in your pocket. Some agencies cap how much you can earn through their referral bonuses, so talk to your recruiter or agency about your options. TNAA’s referral bonus is one example of a referral bonus program that allows you to earn recurring bonuses for every eligible referral, with no cap on how many referred travelers you can submit.
Retention or Loyalty Bonus
Retention bonuses are designed to encourage travel nurses to stay with the agency or facility. They are typically awarded at specific milestones, such as after completing a certain number of assignments, incentivizing loyalty, and fostering long-term relationships between travel nurses and agencies. Depending on what your agency offers, you can earn thousands of dollars just for continuing to travel with the same agency. TNAA is offering travel nurses up to a $10,000 bonus as part of their 25th anniversary this year, plus other cash prize giveaways.
Tips for Navigating Travel Healthcare Bonuses
No matter how enticing a bonus may seem, it’s essential to carefully review the terms and conditions before committing to a contract. Here are some common stipulations you should be aware of:
Duration
Many sign-on and completion bonuses require a specified assignment duration. If you decide to leave before completing this timeframe, you may forfeit the bonus entirely or be stuck paying back what you’ve already earned.
Retention and loyalty bonuses likely also have a certain duration or number of assignments you need to complete before you can earn them.
Taxes
It’s important to understand the tax implications of your bonus. Typically, bonuses are considered taxable income, meaning a portion of the bonus will be withheld for taxes. Check with a travel tax expert to see how bonuses affect you come tax time.
Eligibility Criteria
To qualify for any bonus, you may need to meet certain eligibility criteria. This could include achieving specific performance goals, completing a set number of assignments, or maintaining a minimum number of work hours per week.
Check With Your Agency
As you decide which agency to secure your next travel nurse assignment with, do some research to see what kind of bonuses they offer travel nurses. With the right agency, you could be earning multiple bonuses at the same time, helping you generate more revenue on your travels.
We hope you found this article on understanding travel healthcare bonuses helpful. If you have any questions or comments about travel healthcare bonuses, please comment below.
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