Verizon is about to increase the price of your unlimited data plan, assuming you have held onto it for all these years. According to sources of ours, your unlimited data plan will see a jump in price of $20 per month in November, which essentially makes it $49.99 per month instead of $29.99.

If you are still hanging on to unlimited data, expect notification from Verizon via bill insert or notification at some point this month (October). Depending on your contract status, you should then have 60 days to decide if you want to accept the increase or change to another plan. If you aren’t in a contract, then your $20 increase may start as early as November 15. And in case you were wondering, Verizon’s customer agreement does indeed say that they can “change prices or any other term of your Service or this agreement at any time, but we’ll provide notice first, including written notice if you have Postpay Service.”

According to at least one source, this new price hike does have one added bonus, which is the option to take advantage of Verizon’s device installment plan without losing your unlimited data. The idea here is that if you are willing to pay the extra $20 per month on your unlimited data plan, that you can then upgrade and keep your plan.

We’ll reach out to Verizon for comment and update this post if they respond.

Update: Here is Verizon’s statement.

As data use continues to grow, we continuously evaluate the price of our plans and service. This change will allow Verizon to continue to maintain the highest network performance for all our customers, while still providing great value for access to the nation’s reliable wireless service. That value is underpinned by our $100 billion+ network investment since 2000, which powers the reliability of a Verizon customer’s experience.

You tell us – is a $20 increase in your unlimited data plan still worth it?

Update 2: Here are some additional details about who it impacts and when.

Edit: Looks like The Verge was in a few minutes before us.