How much is the Verizon bill going up?
Verizon has announced that its bills will rise soon, but how much they will go up has been an issue of debate.
Verizon has recently revealed new information regarding the increase in phone, internet, and cable prices starting next year, 2023. This means more expensive monthly phone bills for many consumers who subscribe to Verizon’s services. The question is, how much more will you be paying? Below are the details of Verizon’s price increase and what this means to your bill.
Increasing the Prices of Wireless Plans
Wireless phone plans: Verizon has raised monthly costs by $1 to $3 per line depending on your particular plan. Therefore, for example, four lines on the Verizon Unlimited plan will cost approximately $4 to $12 more than a single line. Their entry-level and prepaid services are not experiencing an increase at the moment.
This is the justification that has been provided for the new wireless prices where Verizon explained that it faces high costs whenever its users transit to other carriers' data. Of course, the next thing that is evident is that such extra costs will be passed to consumers.
Verizon Announces New Price Increase for Home Internet and Fios TV
Verizon Fios customers in the US will also see home internet and TV prices increase by $3 to $6 per month as most packages will be hiked by around $5 per month. It may not sound like a lot. But it does become a problem over time, particularly when it is compounded by the additional charges on wireless plans for Fios customers.
Verizon has been increasing the prices of its plans for various reasons as mentioned in the following sections.
The latest round of price increases is in line with Verizon’s tradition of making annual increases to its users. They have raised their fees almost every year due to increased operational costs for their institutions.
But this time, Verizon is also attempting to increase revenues, while the subscriber figure is steadily declining. In 2022, Verizon recorded a 2.7% drop in their total subscribers making it the first time the company has witnessed a decline in subscribers. The company is unable to attract customers to subscribe to its services in the current over-saturated wireless industry. They will probably think that this move will yield better revenues on the back of increased prices, although this may also lead to more users defecting to cheaper services in the longer run.
How Much More Will Your Monthly Bill Be?
Of course, the exact hikes will depend on your particular Verizon services. But here is how much extra you can expect to pay.
- 1 Line Wireless – Additional $1 to $3 per month
- 2 Lines Wireless – $2 to $6 more in a month
- 3 Lines Wireless – Additional $3 – $9 per month
- 4 Lines Wireless – $4 to $12 more per month
Fios Internet – $5 more per month
Fios TV $3.00-$6.00 more per month
So for example, if you have two phone lines and Fios internet with TV.
- Current bill - $140
- Two phone lines – $4 increase in price
- Fios internet – $5 raise
- Fios TV – $5 increase
New monthly bill = Basic monthly bill + Local calls charges + Long distance charges + Night calls charges = $140 + $4 + $5 + $5 = $154
At this rate, they have hiked their prices by more than 10% compared to Verizon within the year! They are not cheap but if you consider the incremental hikes over several years, it is not a bad deal.
Should You Cancel Verizon?
Should you be troubled by these increasing costs, you might be inclined to cut Verizon altogether. In general, some less expensive offers can be taken for wireless service especially. Companies such as Visible, Boost, and Mint sell Verizon plans at cheaper prices as Mobile Virtual Network Operators.
However, changing providers of home internet and TV is usually more cumbersome because it may involve the installation of new hardware. However, when the choices are limited, consumers might achieve some savings by opting for cable company Xfinity or satellite provider DIRECTV.
Before doing so, I recommend that you precisely determine how much money you will be saving when you opt out of Verizon. You will want to include any balance remaining on the device payment plan you have and any new customer offers from the other carrier. While switching to another Verizon might cost less every month, it will not if you still owe the company $500 for an iPhone, for instance.
For now, Verizon remains unique in the market in providing the greatest coverage and the highest speeds, and to some customers, it may make more sense to remain tethered if the price increase isn’t enough to be a deal breaker. However, it is quite certain that cost-wise consumers have a lot to ponder as the cost of utilities keeps on rising from one year to another.
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