OKC Medical Staffing | Understanding Your Travel Nurse Pay Package Part 2

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You are listening to Trinity, employment’s a player matchmaker podcast, starring your host and the co-founder of Trinity employment specialists, Cory Minter. Hello,

Welcome back to the, a player matchmakers, where we’re always trying to find different ways to add value to job seekers and employers. And this particular podcast is for employees specifically travel nurses when it comes to OKC Medical Staffing. And if you listen to our first part of the podcast here, you will recognize that I did not even say the title of this. So I’m going to say the title first, this time to ourselves. Okay. Is that, that worked for you? Okay. Understanding your travel nurse pay package and taxes. We already went through, um, the non-taxable travel nurse pay, and we spent a little bit more time on that. Then the rest we’re going to be able to fly through these other action items a much faster in this. We have a three or four different action items we’re going to talk about, but before we always start out with, uh, some stats to get us thinking about the right thing, and this first statistic here, um, nursing is the nascent is the nation’s largest healthcare profession with more than 3.8 million registered nurses, all of all license Ahrens, 84.5% are employed in nursing.

That is a much, much higher than, than average a number that comes from the journal of nursing regulation. Um, the second stat is the federal government projects that more than 200,000 new registered nurse positions will be created each year from 2016, 2026. Part of that is because the affordable care act through a lot of people, a lot of new people who could afford healthcare, uh, who, or who were eligible for healthcare. And then also we also have the baby boomers that are getting older. Um, one thing that we know for sure to ourselves is that we do not have enough medical personnel to handle the amount of people that are going to it’s just a guarantee be put into the system. So one of the, one of the avenues that hospitals have put into place is travel nursing, which is what we are talking about today.

Travel nursing is going to get to be more and more of a staple in our every day, uh, encounters with healthcare facilities, primarily hospitals, but it’s also going to begin to seep into some of the medical clinics as well. We’re starting to see that Trinity now is a travel nursing for OKC Medical Staffing, um, uh, agency and we staff all over the United States and our sell it. The great, great Marcel is, is the head mastermind of, of this entire project. And so, uh, Darcell we’re, we’re so glad to have you here today. Thank you for joining us. And, um, we want to pick up right where we left off. Like I said earlier, um, we, we left off with non-taxable travel nurse pay, um, and thank goodness Darcell was here, so she could explain that to everyone. And, um, we’re gonna, we’re going to hit now travel nurse over time. There are some travel contracts that offer overtime. It seems like it’s almost half a majority of all,

Most of them. And what we call that is platinum overtime versus uptime and a half platinum platinum overtime. We give them more for picking up over time. Got it, where you would get a time and a half on your regular job when you need OKC Medical Staffing. We pay you a little bit more and we call that platinum got it can make anywhere from $30 to $45 an hour.

So for example, some agencies will ask you if you want to work four days a week, instead of three days a week overtime by law has to be paid Tom and a half of your taxable base rate. So if you make $20 an hour, then your overtime pay will be $30 an hour. And in the world of nursing, $30 an hour, really isn’t that much extra money for an extra shift. However, over the long run, it really, really adds up. Um, and so if this is something that you’re considering, uh, doing, uh, make sure that you, that you considered talking about, um, what the taxable rate is going to be for a non-taxable stipends, which we just discussed. And if possible for the best OKC Medical Staffing, that you might really get more bang for your buck, um, depending on how you look at it. Um, T talk to me just real quick about your version of not your version, but your experience with travel nurse over time. How do people use this? How does it, how does it work?

It’s an advantage to the nurse. The nurses are not making, like you just stated. There are so many nurses they’re not paying the hospitals are not paying them their due diligence of work. The workload that they have. So nurses do travel nursing because they, again, we mentioned this earlier in the podcast, they go to a 13 week contract, make almost 24,000, $30,000. Within that 30 13 weeks, they could take a couple of weeks off. You can’t do that on a regular job. You only get a week vacation after a year, the advantages of travel nursing. You could take a week off after that 13 week and go back after that and extend your contract.

Know, you know, I was talking to a friend, I went trout fishing. Was it last week that I went, do you remember this? Yes. Okay. I’m sorry. My brain is obviously not, not cooking on all cylinders here. So I went trout fishing. One of my buddies there, he owns a financial services business and he, he was, um, he was really great friends with a guy who worked three months out of the year. Okay. Let me tell you how this worked. It was, have I told you the story? It’s, it’s pretty nuts. So there is a place in Alaska that is very far North. Okay. And it’s one of the farthest North places that you can go and this hospital, like you, it, there it’s there because there are people there. But I mean, it is so cold that, um, you’re not going to even get in and out. They don’t have people come in and out. So this guy goes up there and I can’t remember the exact details on why he’s a nurse. And he goes up there, he works three months a year with us and get the best OKC Medical Staffing, and he gets paid a little over a hundred thousand dollars a year. He has been doing this for several years and he’d comes right back to, uh, North America, the mainland, and he lives for nine months, but he goes up there and I mean, it is cold and miserable and not a lot of people can handle that kind of.

Right. But a lot of, a lot of nurses go to Alaska. They like it for that very reason. Really? Yes. When they get there’s no planes going, they have to have a little crop plane, take them to the destination.

Yeah. We did a trip out there and we had, we had to fly in and out. Well, that’s exactly what it is. It’s a prop plane that takes you out there. And literally you land on the snow with skis.

Yes. Yes. Cause it’s IC. So anyway, I just completely diverted that entire conversation, but I thought that was interesting to get a better OKC Medical Staffing. Very interesting. Very interesting. So, um, so do you have, do you have anything else that you want to share with the nurses about overtime, how to use it, how it works, any kind of good advice for them

As a nurse? Um, most of the nurses, when they asked me about a travel con, they always say, it’s their overtime, nurses love overtime. So I would just say, when you go to pick up a travel contract with OKC Medical Staffing, be it for entity, which we Opie well or someone else always ask is overtime available. Even as the manager, when you’re doing your interview, because they like to hear that and that’ll seal the deal for you

Because they really want you to be open to it. Well, I would imagine if you’re traveling, you’ve got to want it.

Yes, absolutely. They do. And they ask for it

Right. Well, our next action item is disadvantages of non-taxable stipend pay. These are some things I just want you to pay attention to, um, the allure of low taxable income and high non taxable income sounds really appealing. Basically all this non-taxable stipend pay at that. That is going to sound really good because no one wants to pay taxes. Let’s just be honest. We’re all trying to not have to pay taxes. And when we see our tax bill, none of us really ever lock it. Especially if you make a decent amount of money, I guess there are some people, if you don’t make any money, maybe you do like at the end of the year, but we’re just going to assume that our nurses probably don’t like the tax bill,

They don’t use OKC Medical Staffing. And if they have children, they might make too much money. They can’t put their children in college. That’s another thing.

Right? So let’s hit this first one. Okay. The first disadvantage, um, of non-taxable stipend pay comes into play when you are attempting to get a loan, uh, Oh, it’s not that big a deal, but you can, you need to know about

It. Okay. That happened to several nurses.

Yeah. And so most banks do not take into consideration stipends in reimbursements when it comes to giving out money, they’re going to look only at the salary. So if you’re trying to qualify for a loan, it looks like you only earned $30,000 a year instead of the 60,000, or actually that’s very, very low. If you’re working, full-time it’s going to be 80 minimum. Correct. Um, so you might want to keep that in mind. Um, and, and just try to put, what are some things that maybe people do to get around this? Or do you have any ideas?

I would tell a travel nurses, if you’re traveling in your state, um, you do 36 hour shifts. That’s mainly a nurse work, 30 hours, 36 hours a week to receive this, the pay that they get 2100. Okay. Okay now OKC Medical Staffing. So what I tell them is pick up a PRN shift here and there. Okay. Cause they getting paid hourly. If they do PRN and most of them do, they can’t pick up overtime. They go do PRN shifts for different hospital.

Okay. All right. Our second thing to consider to consider is retirement. Now I know that many of you are not really thinking about, Oh, what’s my social security check going to be right now. That, that wasn’t on my mind today. I’ll just tell you that. Was that on your mind today? Darcel? Not at all. Okay. Let’s just assume that people aren’t thinking about what they’re going to get for social security. Right. Um, but it’s important to take in consideration though, that social security payments are based on 35 of your highest income earning years, non-taxable money is not considered income. Correct. So you’ll want to take this in consideration as well. So also, well, I mean, go, go ahead. You have something to say right now.

Most travelers, I know this is a good point, but most travelers only do it. They might pick up one year, six months out of a year and do a travel contract. They’ll take time off. They, they travel. Nurses have got this down to a science where they don’t meet these IRS hiccups. They will travel take OKC Medical Staffing seriously, go back to their regular job. Then they’ll wait a couple months and travel again. They do it in intervals. Right? Okay. That’s the smart way

You can rack up those 35 months. Got it. Okay. Last thing here. And again, we’re going long. I’m gonna have to wrap this up. We’re gonna have to make a third segment of this, but let me, let me knock out this, this last thing here. Um, this is the last but not least for this, for this particular podcast. If you get injured on the job, you only receive two thirds of your hourly taxable base rate. These are some scenarios to take into consideration when you’re thinking about travel nursing pay package. And so we’re going to, we’re going to move next into travel, nursing, pay things to consider and we’re listen. I feel like we’re not just wasting our time here in making this a three part series. So hang in there with us. We’re really trying to make sure and do this due diligence due diligence. We’re trying to be diligent. Okay. Um, if Trinity can help you in any way, especially with travel nursing, we would love to speak with you. I would love for you to be able to speak with ourselves. I’m telling you this lady cares about people and I loved that so much in you. And I’m so excited for the way that people are going to be treated underneath your supervision. So, um, listen, please give Darcel a call. Anytime you can call us here at (918) 622-2588, or you can visit us online@trinityemployment.com.