Horse help?

ok, I have alot of questions, but first I don't own a horse, and I probably wont for another few years, maybe even longer, but I am just wondering: can you keep a horse in pasture all year round with shelter? If you keep a horse out in pasture don't you feed it hay as well? and is Timothy hay good, if its horse quality? and is 10 dollars a bale a good price? and how much does a normal horse eat, if you ride it about everyother day, not heavy riding just riding on trails, not much running if any? I used to know a couple that had a horse, and they kept it out to pasture year round with shelter is had gr, and always had hay in the shelter, but that was it, the horse was healthy and very nice, with a nice shiny coat,they only rode it about every other day or so, he had very strong hoofs and never had shoes, it lived to be 26 years old. thanks!