Our CMM is checked daily against a two-sphere wishbone artifact. The check consists of measuring the spheres with each tip on the stylus in several different index positions of the head. Not EVERY position of course, just a few of the common ones in order to check for gross error. If the daily check shows an error, the tips are all visually checked for damage and the calibration program for that arrangement is performed. This checks and compensates every tip and index position in the arrangement.
I haven't ever seen us use a ring gage check.
Wear has never been an issue for us, as we don't typically use the scanning function and the machine isn't subject to 24/7 usage.
An outside calibration of the CMM itself, including laser alignment and some other stuff more complicated than I ever got into, is performed at a set interval (one or more years apart.)
Remember though, that your checking and calibration requirements will be different than mine. We're typically inspecting components for use in industrial products that rarely, if ever, are in life-critical applications. Further, any government-related work with more stringent quality requirements prompts a more thorough CMM inspection and qualification prior to part inspection. If your product has very tight requirements or is used in more critical applications, then the functional requirements of your CMM are different and require a different inspection/qualification routine. You will have to, through experience, determine the minimum level of machine inspection/maintenance required to assure manufacture of parts that consistently meet your approval criteria. You may find that your procedure needs to be modified after some time.
I hope this was helpful.