How do iPhone upgrades work?

I have an iPhone 4S with Verizon, and I'd like to start planning for when the 5 comes out. I know there's a way to get an upgrade "approved" so that you can upgrade to the newest iPhone for the 2 year contract price ($199). How does this work? How do I get an upgrade approved/find out if I'm eligible?

Call Verizon. Or go to a Verizon store. Or hit their website at http://www.Verizon.com

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