If you purchase a Professional or Academic license, then the purchase automatically includes one year of Software Maintenance Service (SMS). I think the same is true for Home license but I am not completely sure.
If you purchase a Student Version license, then you have the option of paying a bit more for a year of SMS.
SMS can be renewed yearly, for a fee that depends on the kind of license you have and the toolboxes you have licensed.
During the time you are on SMS, you are entitled to any new versions of MATLAB that are released.
There are no free versions of MATLAB (except by winning contests.) There is just renewable paid coverage during which time you get the updates if you want them.
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