Verizon Wireless will be making some big changes in both its device data plans and its smartphone purchase options, starting on August 13. On that date, Verizon will offer four data plans, with no more separate single-line or family plan options. The carrier will also do away with two-year contracts and their smartphone subsidies, with customers now offered the option of either paying for the entire retail price upfront or paying via a monthly installment plan.

With these new monthly plans, each smartphone line will cost $20 a month, with tablet and Jetpack hotspot products costing $10 per month, and other connected devices like smartwatches priced at $5 a month. Here are the four new data plans Verizon will offer on August 13:

  • Small: $30/month for 1GB of shareable data
  • Medium: $45/month for 3GB of shareable data
  • Large: $60/month for 6GB of shareable data
  • X-Large: $80/month for 12GB of shareable data

All of these new plans can share their data among up to 10 devices. Verizon adds:

New Verizon customers who want to take advantage of the new plan may do so by buying a new smartphone using Verizon's device payment option, formerly known as Verizon Edge, or by paying the retail price. Current customers can keep their existing plan or move to the new plan, with some restrictions.

Finally, the company announced that it will give customers "a simpler and more streamlined bill, making it easier to see and understand monthly charges."

Source: Verizon Wireless