iPhone 4S 16GB on sale for $149.99 or the iPhone 5 16 GB for $249.99. Shipping and activation are free but purchase of a $45 prepaid plan PIN is required.
The $45 plan includes unlimited voice minutes, unlimited text and picture messaging and 1 GB of data. For more data add a "Bridge" data package: $5 for 500 MB good for 30 days, $10 for 1 GB good for 90 days or $20 for 3 GB good for 90 days
Because they are sold as a prepaid phones, the bargain iPhones won't work on Verizon MVNOs like PagePlus or Selectel. Verizon policy prohibits MVNOs from activating Verizon prepaid devices.
Related: Prepaid Operator Profile: Verizon