What's the cheapest way to use a cell phone overseas?

I'm going to China with my family this month. We're on a family plan with Verizon for our cell phones. It's $2 per minute to call each other in China and 50 cents to send texts. That's too expensive. From what my dad understood when speaking to a Verizon rep, even if you use a calling card, Verizon still charges/deducts minutes. So what's the least expensive way to call each other? We want to be able to use our cell phones in case we get seperated from each other, for emergencies, etc.

Is it best to just buy a prepaid cell phone when we get to China?
 
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