Family Apple Music Plan with Verizon

My wife and I have been sharing the same iTunes account for years.

Apple intends that Apple IDs are individual and not to be shared.

we both cannot [listen] to apple music at the same time.

An Apple Music Individual subscription allows playback on one device at a time.

If she logs into Apple Music with her Apple ID she can listen to anything in apple music but our iTunes library and play lists are gone.

Apple Music can be used without the iCloud Music Library, which is the record of your cloud-based library and playlists, but is advertised to be used together. To use the iCloud Music Library on all your devices, turn it on in Settings/Preferences.

Is there a way to share my iTunes library with her? Or is there a way to convert our two individual plans into a family plan without paying more?

An Apple Music Family subscription costs 150% of an Individual subscription, thus 25% discount compared to two Individual subscriptions, and even more discount with up to 6 group members total. Then each group member can use the service independent of the other member (individual libraries), including playback at the same time as the others.

Family Sharing - Apple Support

Set up Family Sharing - Apple Support

Get an Apple Music Family subscription - Apple Support

Verizon only bundles the Individual subscriptions, not the Family type!