If you don't want to buy health insurance and you pay the Gov. fine does that make you insured?

Obama states that it will be mandatory that everyone buys health insurance. This would be approx. $350 a month/$4200 a year. From what I've read, and I could be mistaken, the penalty for not buying the insurance would be $750. So if you pay the penalty does that mean that you are now insured?
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And liberals say we aren't being forced into this... LOL!
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