Yes, you DO want to INSPECT these every year, two years minimum and you will likely need to replace it between 5 to 10 years depending on your environment. I was inspecting mine every two to three and then this last year it went from OK to YIKES - see photo.
Sears gets only 3 stars because the website was horrible. I had entered all of my heater information and "blindly" accepted the anode rod the web-site presented me. Unfortunately it was for the 40 gallon tank and I have the 50 gallon - a difference of 12" in the rod length. I hope that that only means this one will need to be replaced sooner and not that the lower end of my tank will corrode.
If it is your first time replacing the rod be sure to have a 27mm 1/2" drive socket AND an Impact Drill with a socket attachment to fit. These anode rods are tight from the factory and you will rip your heater off your plumbing if you use a standard wrench where the Impact Drill will break it loose without the stresses of wrench leverage.
Also, turn off the heater, turn off the supply valve and have a bucket and hose attached to the heater drain valve to remove a few gallons - or more, before removing the old rod.
If it's been more than 5 years since installation or inspection do yourself a favor and order the rod first.
