Microsoft has said more than once that it wants to move to a subscription based model for its software. Someday rather than buying a Microsoft OS at the store or online you may instead pay a yearly fee to license the OS and get updates for free.

The first software package from Microsoft to use a subscription model was announced today and is called Microsoft Equipt. Equipt is a combination that includes Microsoft Office Home and Student and Microsoft Live OneCare.

Live OneCare is a suite of software that allows for all-in-one security and PC management. Included applications in Live OneCare are Windows Live Mail, Live Messenger and Live Photo Gallery. Office Home and Student features Word, Excel, PowerPoint and OneNote. One notable application missing from the version of Office here is Outlook.

The yearly subscription fee for Microsoft Equipt is $69.99 and for the price users can install the suite on up to three computers in a home. If updates and new versions of the applications are released during the subscription period users are upgraded free of charge. Microsoft Equipt will be sold in Circuit City stores starting in mid-July.

Microsoft