Every host in this comparison discounts harder for a longer commitment. The question is whether locking in three years is worth the lower monthly-equivalent price -- not a promise that it is.
The term tradeoff, quantified
Bluehost Starter is $4.99/mo (For 12 month term). The same plan drops to $3.99/mo (For 36 month term) -- a lower monthly-equivalent price, paid for by three years of upfront commitment instead of one.
What the shorter term buys back
A one-year term costs more per month but lets you reassess after one year, before the renewal rate (renews at $11.99/mo) applies. If you're not confident this host or this site survives three years, the shorter term's flexibility is worth its higher sticker price. Compare the full rate table in the shared hosting cost worksheet before you decide.
When the longer term is NOT worth it
For a stable, long-lived brochure site, the three-year term's lower price is defensible -- you already know you'll keep the site. For a new or unproven venture, it is not: the shorter term in Bluehost pricing plans avoids locking in three years before you know if the site earns its keep.
Decision rule: buy the long term only for a site you would bet stays live past the term; for anything you are still testing, take the one-year term and re-decide at renewal. Certainty, not the discount, is what makes the longer commitment the right call.