The ratio of bleach to water is about 5-8 drops of regular, unscented bleach per gallon (none of that lemon crap, or forest fresh, or whatever - just
plain bleach).
You kinda have to play it by ear. The water should have a faint bleach scent when you're done. Then, you allow it to 'air out' for fifteen
minutes or so, and most of the bleach should evaporate, after having killed the nasties floating around.
2-3 drops/quart, 5-8 drops/gallon. If the water is disgusting, cloudy or dirty, you can double the amount of bleach added, and let it sit out longer,
to insure against sickness.
Drinking the water right after you put the bleach in is a very bad idea.
The answer to the question posed by this thread, in one word: yes.
Water should be rotated out after 6 months to a year. Just drink the oldest stuff you have stored, and keep adding to the stash.