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If you are referring to host profiles then I do not believe that they check the patch version but for your other question you can setup Update Manager to email you notifications for all patches that are released for your hosts:
There is some information here for 5.1, will be similar for the other versions too. (See the bold and underlined section below)
Hope this helps! :
Prerequisites
To configure notification checks, make sure that the machine on which Update Manager is installed has Internet access.
Connect the vSphere Client to a vCenter Server system with which Update Manager is registered, and on the Home page, click Update Manager under Solutions and Applications. If your vCenter Server system is part of a connected group in vCenter Linked Mode, you must specify the Update Manager instance to use, by selecting the name of the corresponding vCenter Server system in the navigation bar.
Procedure
1
On the Configuration tab under Settings click Notification Check Schedule.
2
Make sure that the Enable scheduled download check box is selected.
Note
If you deselect the check box, the scheduled task that checks for notifications is disabled. However, you can still force a check and download notifications by clicking the Check Notifications link on the Notifications tab or the Download Now button in Download Settings on the Configuration tab.
3
Click Edit Notifications on the upper right.
The Schedule Notification wizard appears.
4
Specify a task name and, optionally, a description, or keep the defaults.
5
Specify the Frequency, Start Time, and Interval of the task, and click Next.
6
(Optional) Specify one or more email addresses where notifications about patch recalls or email alerts are sent, and click Next.
You must configure mail settings for the vCenter Server system to enable this option.
7
On the Ready to Complete page, click Finish.
The task runs according to the time you specified.
VMware vSphere 5.1
Graham | User Moderator | https://virtualg.uk
