AppleCare+ previously covered iOS and Apple Watch devices for a total of two years.

Now second option exist (first one will be closed soon!) - pay each month , and each month this sum can rise.

For Monthly Plans, your Plan Term is one (1) month. Your Plan will automatically renew each month unless cancelled as set forth in the “Cancellation” Section 9 below, including in the event that Apple is no longer able to service your Covered Equipment due to the unavailability of service parts, in which case Apple will provide you with thirty (30) days’ prior written notice of cancellation, or as otherwise required by law.

It’s also good to keep in mind that compared to the normal two-year terms (three years for Apple Watch Hermés and Edition), Apple charges more for the monthly subscription compared to the upfront price. For example, two years of coverage for the iPhone 11 or XR will run $191 if paid monthly versus $149 upfront. The monthly subscription is also in effect for AppleCare+ plans with theft and loss coverage.

https://www.apple.com/legal/sales-support/applecare/applecareplus/docs/applecareplusnaen.html

Again, same long term plan that will have third party services almost fully eliminated in the end.