Millenicom offers a $70 a month plan with 20gb of LTE or 3g data over Verizon's network, which is $20 a month cheaper than what Verizon wants for 20gb of LTE data. You'll get equal to or better coverage with the MiFi Millenicom offers, so you would be likely fine if your VZ iPhone 5 gets LTE coverage.
That's not much of a step up over the tethered iphone. The cost per GB isn't an issue here; I just want permanency.
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