Yes, this is possible, you can set it to be used once at any time to expire a year after the purchase date. You can follow these steps to enable this option.
Go to the event then click on Event Settings
On the Event Settings page click on the Check-in tab
In the Check-in tab scroll down toTicket Type Settings, put a check on Check-in is allowed at any time, put 1 on Entrance/check-in limit then put a check on This ticket expires after a certain number of days. OnExpires in days after purchase put 365 days.